Process and steps in car auction?

Question

Hi, i was planning on buying a car from the car auctions, never been to a car auction. So i wanted to ask what is the process and steps to bid and buy the car. If my bid was accepted do i have to pay upfront at the moment or can i come back another day? do the cars have car fax, and all the details and history of the car? will i be able to test drive the car? and when i do buy the car, do the representative walk you through the paperwork etc?

Thanks

Answer 1

1. If your bid was accepted you are given a certain time frame within which you need to buy if we are talking about online auctions at http://www.manheimremarketing.co.uk But if you are asking about live auctions then i am sure you are ought to hand over the cash the same day you won the bid if im not wrong.

2. Every car will have all its paper work in place, the registration papers, its servicing documents and any other documents that it has gone through over the specified years; Added to this, you will get the manufacturer's guarantee or seller's warrantee

3. Of course you will be if you are attending their live auctions but certainly not if you are doing it online

4. When you are buying the car, the representative will take care of everything you need to do so just relax and good luck with your buy!

Answer 2

Most auctions open to the public demand payment right away...as in they usher you to the payment window right away before you can change your mind.



If you don't know what you are doing, you may be screwed.(Unless you are a mechanic) Most cars at public auction have none or 1 real bidder, Its just the auctioneer looking for idiots and if you bid, he will try to get you to keep bidding until he reaches the sellers price or there is no sale and the auction doesn't make any money.



Very few "good" cars are sold on the auction block at public auctions.



While there may be a few good cars there, the sellers are usually dealers who are looking for a nice profit and simply wont sell it if someone doesn't pay that amount.



The dealers that do work public auctions tend to do so for "leads". That is, the people will tend to come back the next day or the next week and buy it or something else because they were disillusioned with the auction process and feel better paying UP for a good car.



Most cars that SELL on the block at public auction's are cars that LOOK good but have hidden problems and are sold as-is.



After you pay for it, you can find out what problems you bought.



I was a dealer for many years. Most times, my cars brought more at dealer only auctions than public auctions.



At dealer only auctions, there is MONEY there. At public auctions, there may be 60 cars & 6 buyers with money.

Answer 3

Auctions allow preview of the vehicles and most will let you run them but not take them for a "test drive". Be prepared to pay up front in full at the time of the auction. Keep in mind the extra fees added (buyers premium of at least 10% and any state taxes and license fees). They don't provide carfax reports ( a waste of time anyway). You are gambling that it will be a good deal. This is why it is SO important to research values before you bid. They type of auction makes a huge difference as well. Some are impound vehicles, most of which do not run. IRS and drug impound vehicles (be careful here as friends of previous owners watch where the cars go and you don't want them at your door). The terms of each auction are explained in detail before the auction begins and copies are available so you know exactly what is going on and the process involved. They do not provide any details about the car nor any information on it's history. You are flying blind here. I have bought several cars at different type auctions and have done well. You can too if you are smart and cautious.

Answer 4

car auctions vary a bit as to buying, some require a 10 % down on auction day, and give you 3 days to pick it up, others may require payment in full on auction day, (and there may be a auction fee on top of purchase, as to paperwork, most times you may just get an auction slip. it depends. CAR DEALERS use auctions like this to get rid of cars (CHEAP) THAT do not sell for one reason or another (im most cases, dealers dump problem cars that have major electrical or mechanical issues. About all you can bid on is the way the car looks, you almost never can start it up, let alone test drive it. (but all auctions are different, so ask questions. I am really good at finding good cars, but the only way I can find one, is to test drive it for a while. I do not buy cars I cannot test drive. Even guys who go to auctions, and are good mechanics have no clue, you often times somebody may bid or buy 3 to 5 cars, and hope that one was good enough to resell (and make enough profit) to send the culls back through the auction house . The only cars I would consider buying at auction would be drug dealer siezures. Anything else, you are taking a big gamble that for 2 or 6 or 10 grand, you are getting a vehicle in good sound, mechanical conditions. It may take longer, but buying a car off of a private party sale at least gives you the opportunity to take it to your mechanic first if you have any questions. With auction cars, you take it to your mechanic AFTER YOU BUY, and that can be an expensive way to get a car with expensive problems.

Answer 5

if you pay a $2000 down payment then you will owe 2,500 and you will pay a monthly payment that is a portion of that plus interest. The longer amount of time you finance for the lower your payments will be, but you will have to pay more in interest.