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How do public car auctions work?
17th June 2010
So I plan to go to a car public auction this week or next week. I will be going to the South Chicago Auto Auction of Harvey in Harvey,IL. This is my first time going there and to a car auction. Im interested in a 07 Chrysler 300 and other cadillac cars I saw on online. What can I expect and how do I deal? Is it good to buy cars from auctions?
Posted in: Auction FAQ | | Comments (3)
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Ok well it’s not that safe because you DONT know whAt you are buying there are no test drives and you could get a deal on the car but on your way home you will fond out the car runs like crap and the title might be salvaged or it could be a flood car you just never know but there’s always that chance that you get a great deal on a great car
Comment by 2005g35 guy — June 17, 2010 @ 1:49 pm
So you have accurate information…Flood cars (like those from Katrina) are not sold at auctions to be put back on the road. There is a lot of "homework" to be done before going to an auction. make sure you know the real value of the vehicles you intend to bid on. If you aren’t a car savvy person, take along a friend who is. Remember there is a buyers premium added to the bid price. It’s a set percentage that helps pay the opetrating expenses of the auction house. Don’t get caught in a "bidding war". Set a limit on how much you will bid and don’t exceed it. I have picked up some good deals. You just need to be smart about how you bid and what you bid on. Good luck and have fun.
Comment by Otto — June 17, 2010 @ 1:49 pm
Due to the nature of an auction, it is highly advisable that you research the cars before you show up. If you have access to the VIN numbers, then run a carfax report on the car that you’re interested in. If you cannot get access to the number, then there are services online that will provide you with everything you need. The most popular service is located at http://ga.buyimpoundedcars.com – they will give you all the information you need to research the cars and describe the auction process in detail.
Comment by aaclarke99 — June 17, 2010 @ 1:49 pm