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Steps to Make Auto Auction Work for You
by: fvinc
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If you are running on a budget, or looking for a good buy at of course, the least cost for you, or maybe just scouting for your first car, the best place to look for great bargain finds is at auto auctions. Don't let the word scare you.
It is relatively easy to get started on your first auto auction bid. The following are helpful tips to make your first purchase a lot easier:
1 Determine and Keep a Budget
Begin your auto purchase process by figuring out exactly how much money you have and you want to spend. Keep this budget in mind when you visit with your bank or bring your credit card and most importantly when you go and preview your car at the auto auction.
Bear in mind that on top of the car's price, you still have to pay taxes, auction fee and prep fee, buyer's premium, etc. Check with the auto auction venue.
2 Obtain Financial Backing
Once you know how much to spend, find out where to get a loan to add to your budget. Auto Auction firms sometimes offer a pre-approved loan for you. You may also go to your nearest bank and try to negotiate a loan.
Bear in mind that you should choose one that fits your budget. Remember that you still have to pay that loan back so do not avail an amount that is more than you can handle.
3 Preview Auto Auction Inventory
This is your time to locate one or two vehicle options. Look carefully at each vehicle too, as they are sold as is, where is. You will be able to start the vehicle and try all mechanical options such as air conditioners and power windows.
Be sure to thoroughly inspect the vehicles. It would be helpful to bring your trusted mechanic along. Or run a CARFAX on your vehicle so you are sure that your car was not wrecked prior to your purchase.
4 Register
You have the option to register for bidding on before the auction. Registration fee at the auction varies depending on the auction firm and site. You may still need to fill out a simple registration card.
5 Place Your Bid and Buy
Each car will run by the auction block one at a time. When the car you want to purchase comes through, listen carefully to the auctioneer. He will begin bidding at a random price.
Raise your card when you accept the amount announced. Another interested party or two may follow your bid. Continue to bid on your vehicle until either the bidding has gone beyond your budget or you've won or lost the bid.
6 Proceed to the Cashier
Once you've purchased a car, an Auction representative will escort you to the cashier's desk where you will be required to place a non-refundable deposit on your vehicle. You may also pay for the entire balance at that time as well.
If you need to leave to visit your bank or if you want to enjoy the remainder of the auction, you can check-out anytime that day before the office closes
7 You may now Drive off with your Car
When you are ready to check-out, return to the cashier and pay the remainder of the balance. At that time you will sign DMV forms and a sales contract.
While all the paperwork is being handled, When you are ready to go, show your sales receipt to the check-out staff on the lot and the car will be brought around after completion of the auction. There will be no check out of vehicles during the auction. Everybody gets to check out the car only after they have paid and did all the paper work.
About the Author
Cordel Dietzig is a long time auto auctions attendee, you can get more information at: http://www.usautoreview.com
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