When it comes to hunting for used cars, auctions are some of the best places to go to, as they can provide you with several options.
Participating in auto auctions in Sydney can also be challenging, especially for first time bidders. Here are some useful tips to guide you when placing your bids.
Know what you are getting into
It would be a good idea to know exactly what car or cars you want to go after even before you sign up for the auction. This way, you can look up the current market price of each model and will help you gauge an appropriate bid price depending on the condition of the car you are targeting. It is common for novice bidders to pay more than what they should due to lack of knowledge, but at least you can try to avoid it.
Also, don’t dive in immediately the moment you arrive. Instead, observe a few auctions and get a feel for the whole process and see how much potential competitors are willing to bid. The latter will help you set the budget you are willing to go with.
Do a thorough inspection
One of the tricky bits about used car auctions is that you are only allowed to inspect the items visually. But you can make use of this to your advantage if you know what to look for. For instance, paint oversprays are telltale signs that the vehicle has been repaired while scored brake discs are a bad sign that the ride has been in a state of disrepair.
Another way to assess the car is by noting the Vehicle Identification Number (VIN). Take note of it and see the other sections of the car where it should appear. If the VIN’s don’t match here, it is an indication that the whole vehicle has undergone major repairs (usually due to accidents).
Control your bidding
Often, when you find the car that you think is best, you would be tempted to go all out to get it. Don’t. Keep your budget in mind and make sure that you don’t go over it. And even if you are still a long way off from your maximum budget, know when you should back off a more determined buyer. This can also potentially save you from ending with a money pit later on.
Do note that these are just the tip of the iceberg when it comes to auctions. And once you get to participate in many of them, you will be able to get knowledge that is more useful and earn better deals.