In 2019 the car auction market is slowly moving to the online world, as are a lot of different sectors. That being said, it is still possible to visit a physical auction to purchase a car, as most auction houses have websites where you are able to view the cars online before seeing the on the day. Whether you decide to buy a car at an auction house or via an online auction is entirely up to personal preference, both carry their pros and cons and can be equally as useful for buying a used car at a good price.
Different types of car auction
Traditionally, cars have been sold at an auction house, where you can view a catalogue before the event, before viewing the car and making a bid on it. Most people assume that car auctions are held especially for classic cars, however this is not the case as a variety of different cars can be bought at auction for different sellers.
There are auction houses across the country, you’ll simply have to do your research to discover where the closest one is to you and make sure you have the time spare in advance as many auctions take place on a weekday. There are some trade only auctions, however many allow private buyers to purchase cars and mechanics who are looking to salvage vehicles for their parts.
Online car auctions are growing in popularity as they are simple and don’t require as much time and travel to be taken as visiting an auction house. When visiting a car auction site, you will have a multitude of choices when it comes to make and models of vehicles. Car.co.uk are an online car auction site that let you bid for cars from the comfort of your own home. By bidding online, you are able to do the research before bidding and check the market to see if there are better deals elsewhere.
Another benefit to online auctions are that you have the ability to bid on several cars at once. However, you have to make sure that you are weary and sticking to a budget.
How to prepare for a car auction
Whether you’re a seasoned bidder at an auction or this is your first time, the most essential thing is to be prepared. If you’re going to a physical auction, you should have the chance to see a catalogue of the vehicles before the day of the auction. Make sure you read up on the specific terms that will be used during the auction so you’re not left confused.
When you arrive at the car auction on the day, make sure to be early, as you’ll have the chance to see the cars of your choice before the auction happens. Here, you can ask any questions and if you have basically mechanical skills you can check things like the engine, oil and tyres. It’s good to know as much about the car as possible before putting a bid in.
If you’re opting for an online auction then you will most likely have to pre-register before doing any bidding. The downfall to bidding online is that you won’t be able to see the vehicle in real life before bidding on it, however you can request to have it inspected by a professional mechanic before the auction begins.
What happens during a car auction?
During an auction at an auction house, you will have the opportunity to take a look at the car before making a bid. During the auction, the vehicle will be driven into the bidding area and you can begin to bid on the vehicle. If you win then you will be asked to place a deposit between 10%-20% in order to confirm your purchase. You will then be taken to the office where you will fill out all of the paperwork and pay the rest of the money.
Ensure that before you drive off with the vehicle that you have the relevant insurance to cover your journey home. There are specialist insurance policies you can take out on the day to cover you for this.
If you’re bidding online then the process is simple, you just simply type in your bid as the bidding process goes on until it closes. With both methods, you have to ensure the vehicle is taxed and insured once bought as it is your responsibility.