ANSWERS: 1
  • It all depends on what auction company is in charge, but here's some general tips: 1. Set a firm maximum price you are willing to pay, and do NOT go over that price - not even by a dollar. Auctions happen very fast and it is not unheard of for people to pay thousands more than they originally planned. Pick a price, set it, and stick to it. Set this price by looking at how much you are able to spend after paying bills, house payments, groceries, etc. Don't drain your account and try not to go into debt. 2. Have a good, close look at what you will be bidding on. Normally they give you time before the auction to check out the cars on the lot and then you bid on them. If you have to check out the cars on the same day as the auction, buy a carfax unlimited VIN check package for a month ($25 or something) and have someone sit at a computer. Then you go, look at cars that interest you, and read out the VIN to that person over the phone. Then you will know if there's any hidden problems in it's history. 3. If you aren't sure, don't bid. If you see a nice car but didn't get a chance to fully check it out, don't bid (unless it's less than $500). It may look nice on the outside, but it may be a salvage vehicle, have been driven hard, high mileage, hidden damage, etc. You will regret the decision to bid if you end up getting a problem car. Remember - once you win the auction it's yours - there's no return policy and no warranty. 4. Bring a notepad and pen, and write down everything. Don't try to remember information - you won't. 5. Keep a level head. When the bidding starts, if you've never been to an auction, it happens VERY fast. The price can go up $4000 within 10 seconds easily. That's why I gave you tip #1 - you will be amazed how fast you can get carried away. If you really want that car, be ready to go up to your max price but don't go beyond it - it's not worth it. If you go over your max price by even a dollar, your mind will say "you're already over the max, just 1000 more! You can do it!". That's a path to financial regret. 6. Check to see what fees the auction charges. I know one here charges a 15% auction fee on TOP of taxes - a $400 purchase can be $550 before you know it. Check, double check, and write down the info. Keep this in mind when calculating your max bid and as you bid. Hope this helps, Good luck

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