Winning any auction is simple. Just bid more money. However, if you want to not only win an auction but make sure you get the best deal, then we’ve got you covered. More people than ever are turning to online car auctions to find their next car. With a chip shortage, global supply chain delays, and a lack of inventory, many people can’t get a car at the dealer anymore. People are spending as much on a used car as they would on a brand new car. Those who buy a brand new car end up waiting months for their car to arrive, if it even arrives at all. This perfect storm makes the online car auction booming with first-time buyers. However, there are some reasons why you should avoid an online car auction all together.
Online Car Auctions Take Time
If you think you can save yourself time with an online car auction, you may be disappointed. Sure, you can go online right now, click bid on an auction ending today, and pick up your car tomorrow. However, the auction scene is something to be wary of. Most, if not all, of these cars are fixer-uppers. They don’t go through inspections and, more often than not, are actually unfit to be sold on a dealer’s lot. Worst of all, the online nature of it means you can’t test drive it or even kick the tires. You’re going to want to take some time to research. However, the right auction can get you a great deal for pennies on the dollar. With all that money you save, you can have a mechanic service the car, and even recarpet the upholstery, and still save more money than if you bought the same car at a dealer. The key is to know what the experts do.
The first thing you need to do is figure out what kind of car you want. In a dealership, you could go in wanting a Honda but end up driving home in a Ford. That’s a little more dangerous in an auction. This is because you’re going to want to know as much as possible about the car. You don’t need to be a certified mechanic, but you should know the common issues that arise with a particular car. Things like how often the car requires general maintenance, common issues that a car may have, and how much these repairs cost So when you go into the auction, you already have a general idea of how much it will cost to bring the car to like-new status. Once you decide the make and model, you’ll then need to research the individual car you want to bid on. Take the VIN and get a CARFAX report and a vehicle history report. Is it a salvaged vehicle? Can you drive it safely after the proper repairs? You’re going to want to take a trip to the mechanic and get a price list for these things. Then do a quick check to see how much this particular car would cost at a dealership. This way, you know you’re still getting a deal.
Set Your Max Bid
You know how much this car would cost and the repairs would cost, so you’re ready to set a max bid. Your max bid is the most you’re willing to spend on this car. The most important thing is to stick to this max bid. Car auctions can get intense, and it’s easy to get swept away in the fun. However, don’t let things get out of control. There are some great deals in an auction, and what started as a steal turned into buying the car above cost. You don’t want to overpay in this setting because there is always a risk. You want to be comfortable flipping the car in a worst-case scenario. Also, you don’t want to go broke buying a car. A car should make your life easier, not harder.
Learn How Online Car Auctions Work
So you know about the car, you know what you want to spend, and you’re ready to bid, right? Unfortunately, online car auctions have a whole new set of rules. Some auctions require you to create an account or even pay to become a member. Additionally, the experience is much different than anything else. Watch some auctions take place from the sidelines. See where the bid starts and how much it goes up. How fast does it go up? Find out when the majority of the bids go in and at what intervals they go up. For instance, you can expect most of the bids to go in the last few minutes of the auction. However, some cars bid differently than others. Some may only go up a few dollars with each bid, while others may go up hundreds of dollars. See if you can spot bids that are only there to raise the minimum bid for others. Also, try to develop a strategy. Bidding round numbers may easily be outbid by a single dollar by someone who bids odd numbers.
Getting Your Dream Car is Easy at an Online Car Auction
Congratulations on your new car. The last thing to worry about is getting it home. Most cars are not going to be just down the street. The final expense of a car auction is figuring out how to get it home. If it’s close enough, you may want to travel and drive it back. However, most of the time, you’ll need to get a quality shipping company to help. Car Transport Depot is a fantastic option. You can go online and get an instant quote. This way, you can get a shipping quote before you bid to help set your budget. They offer door-to-door shipping and include industry-leading insurance right there in the quote. This way, you don’t need to worry about registration until you get your car home.