Mar
8
If Your Searching For a Great Low Cost Price On a Car You Should Try Public Auto Auctions
Filed Under General
There’s really no great mystery about why people get excited when they find a way to save money on items that they need or want. And, with big ticket items like cars, even saving only 5 percent off the ticket price can mean saving several hundred dollars. One of the best ways to enjoy huge savings, in the realm of 20% to 50%, is to attend a public auto auction where you can get a steal of a deal on seized or repossessed cars.
However, if you are thinking about going to a car auto auction for the first time to get a new vehicle for the family, then you do not want to go to the event without the proper knowledge and preparation. Without understanding the process and being properly prepared before going to motor car auctions, you could actually end up getting yourself into a bad deal and spending more money than if you had just shopped at a traditional car dealership.
By following a few tips from experienced public auto auction buyers, you can reduce your chances of getting burned at your first used car auction. Those who will heed the following advice will stand a much better chance of driving home with a good vehicle at an even better price.
First of all, people need to understand some of the basic facts relating to public car auction proceedings. Most of these motor car auctions have vehicles that were seized by a government agency, such as the police, DEA or IRS, or that have been repossessed by a bank or financial institution. All of these used vehicles are sold 100% “as is” and they do not carry any kind of warranty or guarantee. Therefore, any problems with the car simply have to be dealt with by the winning bidder, who will have no recourse with the seller.
Also, if you get the winning bid, you cannot return the car as all sales are absolutely final. Some people have tried to get a reimbursement for a vehicle that turns out to be a “lemon,” yet this is extremely difficult to do because the car auction houses expect that bidders know exactly what they are getting themselves into before placing a bid.
Anyone who bids at public auto auctions also needs to keep in mind that you don’t only pay the amount of the winning bid. On top of the bid price, the winner must also pay a buyer’s premium that will equal anywhere from five to ten percent of the amount of the bid. This additional money pays for the services of the auction house and auctioneer. In most states, you will also need to pay for a license, registration and transfer fee.
Another thing that can be very helpful to people who are considering buying a vehicle at a public auto auction is to take along someone who can give you an good assessment of the vehicle, if mechanics is not your strong point. There is a brief amount of time before used car auctions to inspect the car you are interested in bidding on and the more you, or your companion, know about cars, the better choice you will make. If you have a clear understanding of the auction process and you take the time to properly check out the vehicles, then you might be able to grab a super bargain at the next car auto auction you attend.
Buying a car is always a big responsibility. But making that choice on where to buy your car is a huge decision that needs to be thought through carefully. There are many choices on where you can buy your next automobile. You may buy it from a car lot or even off of EBay but have you considered local auto auctions as a place to get your next used car? Auto auctions are becoming quite popular. However there are some factors that you should certainly take into consideration prior to completing such a significant purchase from an auction. Are you getting the best deal for your money? You have to ask yourself what happens if anything goes wrong? These are the type of questions that you need to consider in terms of your new purchase. The rest of this article we will focus on what care auctions actually are and in what ways they can either be a benefit or a disadvantage in your quest for a new care.
Are auto auctions open to the public?
Most auto auctions are open to the public. This is especially true of vehicles that are being auctioned off on online websites. You may be required to register with the auction house before you begin bidding though. They will verify your identity and verify that you have a way to pay for the automobile after you have won the auction. There are some auctions, though, that are closed to the public. These auctions are only open to car dealers. The best way to find out if an auction is open to the public is to call the auction house and ask.
What forms of payment are accepted at auto auctions?
Each auction company has different rules about forms of payment. Some will accept a local check while others out of the area may not. Cash is always a good idea to have when you go to one of these auto auctions. If you buy your car from an online auto auction you may be able to pay with PayPal and then bring the rest in cash or a certified check when you go to pick up the vehicle. If you are unsure of what form of money to bring you can always call the auction company to see what forms of payment they accept.
Where do auto auctions get their cars??
Auto auctions obtain their automobiles from various different sources. The automobiles might be from repossessions that are foreclosed by the lender or even the bank. There are some automobiles that originate from private owners who are looking to seel their auto in auction type of environement instead of through a newspaper. EBay has turned into a popular auto auction site with many dealerships selling their inventory through the website.
Is the seller obliged to state any defects on the car?
There is a huge difference between what a seller should do and what they actually do. This is where ethics comes into play. If the seller knows that the engine is knocking or that the car has been wrecked they should disclose this knowledge to the public before bidding commences. Many states require that if a seller knows about a particular problem and does not disclose it, they can be held liable if the car breaks down after purchase. Basically it is the seller committing fraud against the buyer and fraud in all states is illegal.
To learn more go to GSA Auctions also Government Car Auction and at Property Auctions
