How To Buy A Car At Auction
FREQUENTLY ASKED QUESTIONS
Are classic vehicle auctions the best option?
Sure, you can buy a classic car from a number of places: online marketplaces, dealerships, or private sellers. But if you want to have an enjoyable experience, and the possibility of getting a bargain, auctions are hard to beat.
How can I avoid overbidding at an auction?
To avoid overbidding, set a realistic budget in advance and stick to it. Keep your emotions in check. Bid confidently but resist the temptation to exceed your predetermined limit. It's also helpful to do thorough research on the car's value beforehand.
What if I win an auction but change my mind afterwards?
Winning a bid at an auction is legally binding, so be clear about whether you want the vehicle before bidding. If you get buyer’s remorse and decide to change your mind, there may be penalties. For example, you might lose your deposit. Always read and understand the auction house's terms and conditions before attending.
Are there financing options available for auction purchases?
Some auction houses offer financing options, but they vary widely. Check in advance to see if financing is available and what terms and interest rates apply.
Can I inspect the car before bidding?
Yes, most auctions offer preview days where you can inspect the vehicles up for auction. Take advantage of this opportunity to examine the car and its documentation carefully. Ask if you can start the engine. This inspection can help you make an informed bidding decision.
What happens if I encounter issues after buying the car?
Review the auction house's policy on this before buying. If problems arise, contact them promptly. In some cases, there may be recourse.
Are there any specific insurance considerations for auction purchases?
Yes, you should update your insurance immediately after purchasing. Ensure you have proper coverage, including liability, comprehensive, and collision insurance. Work with your insurance provider to adequately protect your new investment.
What if I can’t physically attend the auction?
You can take part in many classic vehicle auctions online. Some also offer absentee bidding. Online bidding means that you can take part and follow the auction in real time from the comfort of your home. If this is not an option, ask if the company has an absentee bidding policy. This allows buyers to nominate the company as their proxy. They will then bid on your behalf. Be aware, though, that the company will usually require a pre-paid deposit for this.
How do I find classic vehicle auctions near me?
To find reputable classic car auctions, you can search online, read reviews, or ask fellow enthusiasts like us for recommendations. Ensure the auction house specializes in the type of vehicles you're interested in and has a track record of fair dealings.
What should I do if I'm unsure about a specific car's value?
That’s easy: consult the experts. We’ll be happy to advise you. Online forums dedicated to classic cars and collectors can also help. It’s also worth going to a few auctions as an observer. All of these can help you improve your understanding of market values.
Buying a classic car at auction is a fun and rewarding experience. If you're a vintage vehicle enthusiast, check out the auctions in your area and if you have any doubts, get in touch with us.
Buying any car at auction can be fun, but classic vehicle auctions are unique. They combine the thrill of the hunt with a rewarding hobby. For the first-time buyer though, the prospect of navigating these alone can feel daunting. Fear not! In this guide, we’ll explain how to get the most out of a classic vehicle auction, from preparation to bidding and beyond.