Auto auctions are a great place to get a fantastic deal on buying used cars if you can get past the initial confusion, Although It may seem daunting It can be a load of fun, And well worth your time.
Before you go to an auto auction get a copy of the Nada blue book i don’t suggest any consumer blue book, You should be able to borrow a copy from your bank they get them every month so they may loan you one, Try to get the wholesale book which is black this is what a lot of dealers use in dealer auctions. just remember right now is a buyers market take your time and be prepared to walk from the auction with nothing.
I would also like to note you should go to any auction you plan to attend at least once before you plan to buy to get used to the process.
Tip # 1 Locate Auto auctions near you by looking on the Internet or local phone book under auctions or ask your local bank where they send out they’re repossessions to.Remember that you will be looking for an open to the public auto auction so bear that in mind, Dealer only auto auctions require a license and can not be accessed by the average person.
Tip # 2 Make sure you have a pen and paper to list the cars out in the lot that you might be interested in, Generally speaking at an auto auction they will have the cars in a secure area for viewing prior to the auction start, Some auto auctions have the keys left in them so you can start and listen to the engine and check the cars systems. (which i suggest strongly that you do!)
Tip # 3 Most auto auctions have a sign in the car window telling you which lane it will go through and a number, The number is the order in which it should go through the auction, For example if it says B-13 then it should go to the B lane in 13th place this will help you keep track of the cars you may want to bid on, Best way to do it is to write the lane and number down on your paper and then a description of the car and any notes, This is a good time as well to pull out your blue book to figure value and consider what it might be worth to you.
Tip # 4 OK so now we have a list of cars and our notes on each one, Time to enter the auction and enjoy the show. You are going to want to get close to the auctioneer and keep an eye out for who is representing the car as it comes up, This Will help you determine if it is a dealer car , a repossession, or being personally sold, Warning don’t start to bid until you know for sure that it has reached its lowest point listen car fully, The auto auction is designed to make money as well and the person representing the car wants to get as much as he can, So that being said they wont start from the lowest price this is of course to confuse you and get you to bid before any real bids have been made.using your notes bid to the price you have set for yourself and don’t get caught up in the trap of its only a few more dollars, Stick to your guns and you may just get the best deal on a used car that you ever have.