There are a lot of car buyers who prefer to buy the cars either from the dealership, online or the auction. Every sort of buying has its own advantages and downsides. Also, there are some precautions that buyers have to take in order to get the most out of the cars at affordable rates.
The auto auction is considered as the best way to get the car at a comparatively less price as opposed to other buying alternatives. However, there are a few things that must be kept in mind and done right at the live auto auction to gain positive experience.
Here, we have rounded up all the mistakes that the customers planning to buy the car from the auto auction should not make and get prepared to avoid the worst consequences of the trivial mistakes.
- Not coming in the event at the time
Make sure that all the auctions are not very large wherein thousands of the new or used vehicles came for the sale. Just the way in the online auto auction, you did the research before the auction actually starts, similarly in the offline auto auction you have to arrive at the event at the time.
As the auto auction doesn’t mean just coming into the event, placing a bid and then buying a vehicle, while it’s more than that. If possible, you should arrive early, view and assess the vehicles in which you are interested in because it helps you getting aware of the nitty-gritty of the car. Also, you can easily determine it’s worth buying the vehicle or not.
- Remember the extra fees the auction will charge
Not even the wholesale car auctions allow you to get an entry in the auction without paying for the registration fees, then how the offline auctions can. Depending upon the type of the auction, the auction fees vary. Additionally, in some of the USA states, at the point of vehicle purchase, the buyers have to pay the tax as well.
When you place a bid for a specific car, make sure the auction fees and tax will also get added to final payment which you have to pay.
- Lemon law applies to used cars- the biggest myth!
The federal lemon law applies to the newly purchased assets such as vehicles, SUVs or trucks where the purchasers of the vehicle get compensated if the vehicle won’t perform to its quality and standards. But, it won’t necessarily cover the used cars or leased cars.
However, there are some sellers in the auction who provide the third-party warranty, so make sure it is offered or not.
- Don’t forget to keep the amount to pay for the car purchase ready
It’s no-brainer to say that when you are about to bid in the auction, it means you are going to have the sufficient amount to pay for the vehicle ready in the pocket. But, sometimes a few mistakes lead to a total disaster.
At times, the buyers are not aware of that their credit won’t have the limit to pay for the car or it’s already flagged. Moreover, the auctions are generally held on the weekends when the banks are closed so, at the end, the buyers are left with no option and get disappointed as well.
- Title transfer in a day
The buyers going in the auction in the hope to buy a car at the best rates, sometimes unaware of the fact that even after winning the bid, they will not get the title of the car owner on the same day. Instead, the title transfer and all the document are handed over to the bid winner after three to four weeks.
Ensure that you may win the bid in the auction on the same day, but will become the real owner of the vehicle only 3-4 weeks later.
Wrapping it up
The mistakes made at an auto auction prove to be costly to the novice buyers who are about to bid in the auction firstly. To convert the auto auction experience truly rewarding and result-driven, it’s better to take care of the things and avoid the mistakes. There are a lot of car dealer solutions available, which help you learn what things matters the most during auctions. So, get set for bidding and buying the car at the auto auction using intelligent tactics.