In the fast-paced world of automotive enthusiasts and bargain hunters, the allure of car auctions is undeniable. Imagine the excitement of bidding on your dream car or stumbling upon a rare gem at a fraction of its market value. Are you considering buying your next car at an auction? Let Autozen help you decide if this is the way to go!
Advantages of Buying a Car at an Auction
Auctions are a popular way to buy cars in Canada, and there are a few reasons that people keep coming back. Let’s look at the pros of buying a used car at an auction!
Selection
One of the most enchanting aspects of car auctions is the possibility of discovering hidden gems among the vehicles sourced from various auctions. Skilled buyers and enthusiasts often find unique or rare models that may not be readily available in the traditional car market. Because the inventory is constantly changing in car auctions, you may need to be patient until a car you’re interested in pops up. But that’s part of the fun of car auctions! It's this element of surprise that adds an extra layer of excitement to the entire process, making every auction a treasure hunt for automotive enthusiasts.
Price
Depending on the day, you could end up getting a huge deal on a car at an auction, or find yourself being outbid by others as the price goes up. Don’t despair; if the car you wanted gets too expensive for you, simply move on to the next!
Disadvantages of Buying a Car at an Auction
Buying a car at an auction is not for everyone, however. There are a few reasons that this route to vehicle ownership can be a bumpy one!
No Guarantees: Buyer Beware!
Auction houses do not usually offer a guarantee of the car’s condition when they put a vehicle up for auction. If at all possible, you should take the time to visit the auction lot before bidding starts so that you can get a good sense of the car’s overall condition. If your knowledge of cars is limited, bring along a friend or mechanic to give it a look. Don’t expect to be able to take it for a test drive, though!
While some car auctions may have a garage to fix cars up (at your expense, of course) to pass a safety inspection after they’ve been sold, bringing your new car up to the minimum standards is your responsibility.
Limited Payment Options
Some car auctions may have ties to auto finance companies and thus be able to facilitate a car loan once you’ve made a winning bid, but it’s better to go into the bidding process with a clear idea of how you’re going to pay for your car, and fast. You usually have just a few days at most to pay the full price, with a 10 to 20% deposit due immediately after the auction closes.
If you don’t have that much cash on hand, it’s best to talk to loan companies ahead of time so that you know how much you will have to work with.
Auto Auctions: A Comprehensive Guide to Navigating the World of Vehicle Auctions
Even if you’re not an automobile expert, buying a car at a public auction can be a rewarding experience, but don’t stumble into this blindly. Otherwise, by the end of the process, you could find yourself with an expensive mistake sitting in your driveway or backyard. Let’s review some tips for success!
Do Your Homework
No matter how you’re planning to buy a car, never enter into this enterprise without doing some background research! Check out local used car lots and online listings not just for car auctions, but also used car dealerships and private sellers on sites like Kijiji, Facebook Marketplace, and AutoTrader. There’s no better way to get a feel for the current market for used cars in your region, both for available inventory and the prices being asked. This will help you determine a reasonable upper limit for your bids so that you’re not paying too much for that make and model year.
Visit Before You Bid
Spend some time hanging out on online auction sites to get a sense of how they operate before you start bidding. You’ll start to see patterns develop, especially in the timing of successful bids. Most serious bidders wait until the last minute to make a decisive move so that their competitors won’t have a chance to slip in with a higher bid.
Keep Your Cool Under Pressure
When you do decide to play for real in an online or in-person car auction, don’t get carried away with the excitement of this new experience. Know your bidding limit, and don’t be tempted to go beyond it. Don’t get too attached to any one vehicle, as the odds are good that someone else will want it just as much, and there are no guarantees that you’ll get it! Remember, there’s always going to be more cars up on the auction block soon enough.
Be Prepared to Close a Deal Quickly
Be ready to hand over your cash as soon as possible after the bidding has closed and your offer has been accepted. Not all auction companies are the same; some require payment in full that same day, whereas others may give you one or two days to complete the deal after depositing 10% or so right after the auction closes.
Photo by Antoni Shkraba from Pexels
Selling a Car in an Auction: Discover the Autozen Advantage!
Are you considering selling your current car? Autozen has the perfect solution for you! Operating in Vancouver, Calgary, Edmonton, and Toronto, we have dealers from across the country bidding on quality pre-owned vehicles. As the seller, all you have to do is clean up your car and get in touch with us. An Autozen expert will come to you, inspect and test-drive your car, and then add it to our next auction. Once you’ve accepted the highest bid, we come and pick up your car and pay you on the spot! It’s the quick and easy way to sell your car with no hassles!
