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How to Purchase a Vehicle at Luxury Car Auctions: Plus 3 Money Saving Tips
If you are looking to buy an expensive luxury car, auctions are one of the best methods of buying cheap cars. Buying a car at an auction is really not that difficult if you know how. So, here is a handy guide that will show you the basics of buying a car and saving money at an auction.
What You Will Need
- A computer with Internet access
- Good research skills
- Some patience
Step 1 – Find Auctions in Your Area
Although you won’t be able to attend dealer auctions unless you have a valid car dealer’s license, there still may be other types of options auctions in your area that you can take part in. If you visit the US General Services Administration website, you can view upcoming government auctions where vehicles that have been seized by the US government are sold to the general public. On this webpage, simply click on the state that you live in to see upcoming auctions in your area.
The government also now allows car shoppers to bid for certain vehicles online. GSA Auctions often has many luxury vehicles listed for sale and is open to anyone, provided you successfully register and have a valid credit card for verification purposes.
Step 2 – Visit Online Auction Sites
In your search for cheap luxury cars, you should always visit sites like eBay Motors where there are thousands of high-end sedans listed for sale every day. It’s very easy to register to bid on auctions at eBay, and you can complete the registration process in about five minutes. Once you’re registered, you can place bids for luxury cars that interest you.
Step 3 – Use These Tips for Bidding at Auctions
Whether you attend a live government auction, or bid at an auction online, there are a few bidding guidelines that you should always follow. Use these 3 tips to help save money:
- 1.) Always purchase a vehicle history report on any vehicle you are seriously considering. Used the VIN number of the vehicle listed in the auction to find out if vehicle has a clean title or has been involved in a major car accident. Carfax is a site that provides inexpensive vehicle history reports.
- 2.) Set a price budget for the vehicle and stick with it. Sometimes, it is easy to get caught up in the thrill of bidding at an auction. However, you should know exactly how much you are willing to spend on the vehicle and never bid more than that amount. If you’re not careful, you may actually wind up spending more money at an auction that you should.
- 3.) Be patient. Sometimes, finding the right luxury car at an auction can take weeks or even months. Therefore, take your time and don’t feel like you need to bid on every luxury car that is being offered. Patience is a virtue and will also help you save money by waiting for the right car.
Step 4 – Pay for the Car You Win at Auction
When you do find the luxury car that is just right for you, and place the winning bid at auction, you should be prepared to pay for the vehicle immediately. Therefore, make sure you have financing prearranged and are able to deliver a check to the auction house or seller as quickly as possible. Generally speaking, you’ll have between 24 and 72 hours to provide the seller with a deposit or payment for the car.
Step 5 – Arrange for Delivery of the Vehicle
After you’ve paid for the car, you’ll need to arrange to have the car delivered to you or drive the vehicle home yourself. It’s a vehicle is located far away, you may need to contract with a car transport company to assist you with the delivery.
