Going to an auto auction in order to find the automobile that you need may be ideal if you're only looking to spend a certain amount on your car. Nevertheless, there are a few risks involved with this type of 'shopping'. There are certain rules that you'll want to keep in mind when you go to public auto auctions, and in this article I will list some things to look out for so help keep you from getting taken advantage of when you're selecting the auction cars that you want.
We all know that auctioneers are speaking rather fast. Nevertheless, remember to listen closely so that you'll know the conditions under which you're purchasing this automobile. Many of the autos will be sold 'as is', which means you will have to pay for the cost it takes to fix all current damages associated with the car. If the automobile is listed or described as 'buyers beware' this is actually a red flag telling you to be even more cautious.
What this phrase actually means is that the car could break down hours after you drive it away from the auction, and you don't have time to take the car to a mechanic for a diagnostic check before purchasing it. The deal for these vehicles is final; so unless the car title turns out to be fraudulent, you are stuck with what you pay for. Be aware that your case will probably not stand a chance in court, since lawyers are hesitant to waste their precious time with a used car case--especially a car that you bought at an auction.
Not all public auto auctions do car title checks; therefore you should make sure to take advantage of a car title check before you drive your new vehicle away from the auction site. These title checks may not be the most accurate, however, you can use the internet to get a thorough report of the vehicle's history, and to find out what you need to do in order to sign the title over into your name.
Regarding public auto auctions, you should also be aware that you will always pay more for the car than your original bid. The car buyer's premiums are attached to the car's price and in a majority of cases; this is only a small amount. A fairly common figure at many auctions is that the buyer has to pay five percent of the bid that wins.
Remember these key points when you're bidding, to make sure that the total cost of your purchase will still be within your budget. Don't get so focused on, "winning" that you go outside of your budget.
We all know that auctioneers are speaking rather fast. Nevertheless, remember to listen closely so that you'll know the conditions under which you're purchasing this automobile. Many of the autos will be sold 'as is', which means you will have to pay for the cost it takes to fix all current damages associated with the car. If the automobile is listed or described as 'buyers beware' this is actually a red flag telling you to be even more cautious.
What this phrase actually means is that the car could break down hours after you drive it away from the auction, and you don't have time to take the car to a mechanic for a diagnostic check before purchasing it. The deal for these vehicles is final; so unless the car title turns out to be fraudulent, you are stuck with what you pay for. Be aware that your case will probably not stand a chance in court, since lawyers are hesitant to waste their precious time with a used car case--especially a car that you bought at an auction.
Not all public auto auctions do car title checks; therefore you should make sure to take advantage of a car title check before you drive your new vehicle away from the auction site. These title checks may not be the most accurate, however, you can use the internet to get a thorough report of the vehicle's history, and to find out what you need to do in order to sign the title over into your name.
Regarding public auto auctions, you should also be aware that you will always pay more for the car than your original bid. The car buyer's premiums are attached to the car's price and in a majority of cases; this is only a small amount. A fairly common figure at many auctions is that the buyer has to pay five percent of the bid that wins.
Remember these key points when you're bidding, to make sure that the total cost of your purchase will still be within your budget. Don't get so focused on, "winning" that you go outside of your budget.
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