Car auction, dealer, or private?

Question

I am an 18 year old boy that has been trying to buy a car well over 2 years now. I have looked on craigslist, dealerships, and some private owned cars. I am still debating rather I should go next week to visit an auction to buy a car. I have a couple questions about it, hopefully you could help me.

1) Where should I buy my car? At an auction, dealer, or private?
2) I like any car that is a Honda, Acura, Nissan, BMW, or Volkswagen. What are the ups and downs about each of these cars?
3) Lets say I go to the auction with $5,000, what is my range of options in what car I will be buying?
4) How much cheaper are cars at the auction than anywhere else?
5) What type of car could I get with $8,000?
6) Should I finance a car?
7) How does the auction work? Is it on thursday or friday? Am I allowed to enter the auction with someone that is licenced? (New Jersey)
8) Is it smart to buy from a car auction?
Please help me by answering these questions. Thank you.

Answer 1

Remember one thing above all else... Cars are auctions are unwanted for a reason.

Answer 2

Cars are run through auctions because they have serious problems and people don't want to fix them or take up lot space. If you are willing to spend several thousands to $10,000 on a car from an auction, go for it.

1.) Dealer cars are always more expensive than private sales. You might meet a nice salesman at a car dealership.

2.) Jap cars sound and look funny.

3.) You could probably get just about anything. If it a Ferrarri for $5000, you can expect to put a lot of money into it to get it running. It might even be more then athe $10,000 listed above.

4.) The initial price is much lower, but remember it is much cheaper to buy a decent car than fix up a junker.

5.) A decent one.

6.) If your need for a car is stronger than your bank account, you will probably have to finance it.

7.) Auction dates vary by location.

8.) See above. If you have a lot of money to fix up a junker, or need a couple of parts from the car in the auction, they can be a real money pit or money saver.

Answer 3

Estate lawyers usually have a line on some pretty cool cars for less than you will get anywhere else.



Bank repos are another option.



My friend just bought a super nice 2001 Cadillac for $800 off of an estate lawyer. The person had died and the car was not in the will, so it needed to be sold so the cash could be split. Though the car was in the Kelly Blue Book for $4,200 he got it for $800 because he offered the lawyer that for it and the lawyer wasn't going to have to wait for a sale.

Answer 4

You cant get in dealer only auctions and public auctions are mostly lower priced cars.



Stick with private parties.

Answer 5

Auctions are a terrible option for buying a car.