Getting a Car From the Auction

Share

camaro-339169_1280A few weeks ago I discussed four places that you find a used car. Another place that you can get a used car from is the auto auction. There are several things that you can do to make sure that you get a working car. Below are five tips that you can use when getting a car from the auction.

Be prepared

The first thing that you should do is to be prepared. You should know what kind of car that you want to buy. You should find out what similar models of the car are going for on the private market. Also, check the cars value. The last thing that you want to do is overpay for it. Kelly Blue book is one of the best resources for using when it comes to researching a used car. You can enter the mileage, location, as well as other options and Kelly Blue book, will give you a price that you can expect to pay at a dealership.

Inspect the car vehicle

The next thing that you should do is to inspect the vehicle. Like most auctions, you can check the vehicle before you make a bid on it. Look at the car carefully. Examine the mileage and the paint job. If you’re like me and don’t know that much about cars, bring a mechanic with you. I’m lucky to have a dependable mechanic that has been able to fix issues that I’ve had with my vehicles over the years. Having a mechanic come to the auction with you is a great move.  They are trained to see issues that the average Joe will overlook, especially problems with engines. You mechanic will be able to see if something has leaked in the engine or if one of the hoses has too much wear and tear. I know for a fact, I wouldn’t know what to look for. Having a mechanic with you could be the difference in purchasing a good car or a lemon.

Check the VIN

The next thing on the list is to check the VIN. A VIN is a car’s vehicle identification. It serves as the cars fingerprint. It is the vehicles unique identifier. No two cars have the same VIN. You will want to check the places where the VIN appears on the car such as the door and the windshield. If the numbers are different, the car may have been in a wreck and rebuilt. You should steer clear away from these types of vehicles. They could have numerous issues. You don’t want to spend thousands of dollars trying to get it fixed. If that’s the case you might as well go to the dealership and get something new.

Bidding

Bidding is one of the best parts of car auctions. It can also be very nerve-wracking if you let it be. It’s good to go to a few auctions before you participate so that you can match the bidders. You can see how they act and what their actions may be.

You can get carried away during the bidding process if you’re not careful. You should have a set amount that you want to spend. Don’t go over it. Know what you are willing to spend in advance. If you are outbid, be prepared to walk away. There will be other auctions and other cars.

Join our newsletter

Screen_shot_2017-04-25_at_1.05.57_pm

Subscribe to get the latest "Engineer Your Finances" content via email.

Powered by ConvertKit
About the author


ModestMoney.com Top Finance Blogs

Archives