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Must-Know Things about Car Auctions
By Ferry Suwantoro
It is a smart move to buy a car at an auction. But you need to do extreme care because public car auctions have inherent risks and benefits.
First, although the cars at auction are generally sold at lower prices, however the car suffer mechanical condition. Some car auction won`t let the buyers have a viewing time, so we won`t know if the car has mechanical defects or if the paint is still original or not. It means that any potential buyers are not sure if the deal they are facing on is good or bad.
The other thing you need to know, that all car that has been auctioned will be sold as-is. If the car has problem in it, then you will buy the problem along with the car. Almost all auction organizers won`t fix the car before they auction them.
Second, the extra charges. Many buyers paying extra cash for some fees that they were not prepared for could spoil the deal. Paying the buyer’s premium, a fee charged to the person with the highest bid, could sometimes cost a couple of hundred dollars.
Third, the type of car auctions. There are several types of car auctions and these provide features that may not be had from other types. For example, there are auctions specializing only on second-hand cars, there are those that sell vintage cars and there are others that attract people wanting to buy salvaged cars.
Fourth, knowing where to look for auctions. Different auction houses have different mediums for relaying their activities to the public. Advertisements are commonly found in radio announcements, local TV networks and car sale magazines.
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