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You hear the ads and see the commercials on television. They all claim you can get a heck of a deal by buying seized cars at auctions and then using them or reselling them. The question is whether this is true or just another marketing slogan being spouted about on the airwaves?

The answer to this question is that you can get a steal of a deal on a car at an auction. That being said, you need to do some homework and keep your head. You need to know the value of cars both from a blue book perspective and from a practical resale perspective. For instance, a Pontiac might be on sale that is a great deal from a blue book perspective, but it is going to be hard to sell since GM has closed down the line!

So, what are we talking about when we say homework? Well, most people are going to lose money on cars they purchase at auctions if they rely on their emotions. A Jag for ,000 that is only four years old? What a deal! Umm, no. Actually, it is only worth ,000. You just lost ,000 plus the licensing fee. Congratulations on your clunker! Doing your homework helps you avoid this situation.

The first piece of homework you need to consider is the inventory list. Some auctions will provide it before hand. This makes life easy as you can create a high/low valuation for each car you are interested in. Unfortunately, most auctions don’t kick out these inventories. You just show up and see everything for the first time. In these situations, you must have a mobile phone that can search the web. Why? Head over to Kelly’s blue book site and pull up valuations on the spot for cars you are interested in! This will give you a huge advantage over your competitors, but don’t be surprised to see them staring at their phones as well!

Can you get a steal at a car auction? Absolutely. You can also get some really bad deals. The key to getting a steal is to be prepared, calm and do your homework!

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