Whether you want to save money, make a few bucks or just enjoy having a different car every few months, there is but one option: An auto auction. If you have never been, the first time is thrilling! Cars being bought and sold in seconds right before your eyes. You can feel the tension in the air as the cars roll through the line and with a simple nod of a head, someone commits to a car unless they are outbid. To complicate it further, there are monitors behind the auctioneer where you can keep track of internet bidding (real time) so you are bidding against people unseen as well.
Before you ever step foot in an auction house with money in hand, you need to go at least once to get your bearings and see how it all works. Furthermore, going prior to your buy day will acclimate you to the environment so that you will be less prone to making a rookie mistake and getting caught up in the moment of a bidding war; only to find out you over paid for your car. You need to know your states limit laws as far as buying and selling cars, you need to know the upfront and per purchase costs of the auction you are planning on attending, you need to research the cars you are interested in and if the auction house allows it, go there the day before or a couple hours prior to the auction to check out the cars and find a few that you are interested in. Once you have that down you need to have a general idea of how to check out a used car. There are tons of articles out on the web on this topic, so we'll just mention here that you need to be familiar with the process.
The likelihood that you will get any records with the car is slim to none, so you are quite literally shooting in the dark. With that, know what you are willing to spend on a particular vehicle BEFORE you start bidding on it. This takes us back to getting to the auction early to look the cars over. Looking them over to check for a few things will help you determine the price you are willing to pay. Know how to check the tires (Do you need new ones?), are there any bumps, bruises or scratches that will need repair (factor that in), do all electrical components work? Any leaks? Does the transmission seem to shift between gears as it should? Does the motor idle normally? All of these questions need to be considered as you get an idea of your low, medium, and high bid amounts.
So you get to the buy day. You are there a couple hours early to look through the cars that will be running through the "open to the public" lane. You pick out a couple to bid on and as the first one comes through the line, you raise your hand as the bidding begins and notice that 3 other individuals do the same. From there on the auctioneer has eye contact with you increase your bid with a simple nod of the head. Price jumps up a grand, then another thousand. It's down to you and another bidder. With a level head you recall your top price willing to pay. With 4 more bids you will be at that max. Another bid, another, and the auctioneer is asking for more takers...within seconds you are the winning bidder! Before you blink your car is gone and another has taken its place, with bidding beginning before you figure out what to do next. It always comes down to dollars and cents, so here it is. From my experiences and those of other average joe buyers, factoring in all costs (auction house cost, cost of vehicle itself, buy cost, taxes, and maintenance for known issues such as tires timing belt, tune up, etc, it is not uncommon to sell the vehicle and at least break even, if not make a little extra cash. Auctions are fun! Enjoy the experience as much as the vehicle and you will come back again and again.
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