In Australia, auctions are Disneyland for private individuals and motor vehicle dealerships in search of quality cars to buy at low prices. In a nutshell, the price of the vehicle is basically up to your bidding skills. You could secure a deal for half the maximum amount you’re willing to pay if you play it right, according to Pickles Auctions. In addition, the volume of cars available at auctions is large. Even if you couldn’t find or fail to take home the vehicle you’d hope for, chances are, you’d see it again for sale the next time.
But the real key is to maximise the advantages of car auctions, is to know how they truly work. Most novice bidders fail because of their misguided assertions.
For starters, avoid making these rookie mistakes:
Only Lemons are Sold at Auctions
This is a ridiculous belief circulating around the world of auto auctions. Just because the prices of vehicles sold in this trade are incredibly affordable doesn’t mean they’re defective.
Most cars sold by premier auctioneers are repossessed. At government car auctions in Perth, Sydney, Canberra and other major cities, you can bid on the surplus assets states want to liquidate.
While a few lemons still find their way in this business occasionally, the key is to take part of auctions hosted by organisations with a solid reputation.
Best Vehicles Attract the Most Attention
True, most participants have an eye for the so-called ‘best buys’ at auctions, but there are always gems that get undervalued. Also, the best cars are relative; what others find impressive may not necessarily meet your needs.
Backing Out is an Option for Winners
To think that you can withdraw from the deal after bidding and winning is a cardinal sin. The moment you shout the winning bid makes you legally obligated to pay for the item. This is why you have to bid carefully, wisely and realistically for this financial commitment is irreversible.
Auctions are only a friendly place for those who know the rules. Learn the ins and outs of this trade before participating, make clever decisions and finish the day without regrets.