There are certain things you must do to ensure you win at Goverment Auto Auctions and avoid costly mistakes..
1). Mindset
Your mindset has a lot to do with achieving either success or failure when buying a car. Successful car buyers have the attitude: “I can win at this game. I can learn enough about the cars that are available, educate myself about the workings of the auto auction business, understand how the financing works, and take control of the process so that I can save myself money.”
2). Differentiate Between Your Needs & Wants
This one trips up a lot of people. It is so important to identify your needs first, then look at your wants. For instance; Station wagon or Minivan, 4 Doors, Automatic, Air Conditioning, Child Safety
Seats are all examples of NEEDS. Whereas Spoilers, Sun Roof, Multi Disc CD Player, Sports Wheels are all just WANTS.!
Do up a list of what you absolutely must have (NEEDS) in a vehicle from a government auction and that will become your reference point. This will be the minimum you will settle for. Add the wants to a wish list and if you get any of those in the autos you bid on, then that is a bonus.
3). Do Your Research Before Hand
Unless you are already in the Auto business, it will be ego or some macho drive that will prevent you from seeking information and advice. If you don’t know what the street value of a vehicle is, how can you possibly know when the bidding has gone too high.? Ok, so you will have a budget; but the whole idea of attending Government Auto Auctions is to get a bargain and save money - not blow the whole budget..!! Be nice to drive away with money left over, right.??
4). Get The Financing Sorted Out
Before you get there, and not just half an hour before, know how you are going to finance the purchase. Check with the government auction organizers which options are available. If you do need to finance it get that in place well before hand. Some auctions allow you to pay with credit card, cashiers check, or debit card. Make sure your funds are all squared away first.
5). Insurance
Not everyone drives as safely as you do. So try and organize temporary insurance cover before the vehicle auctions. Check with your insurance company as they may provide this facility and as you are already a client it can be easier to arrange.
These are all commonsense points for someone who is used to buying at auction. But for most people it is a whole new experience. These points are all equally important.
The research part has now been made a lot easier since the internet has evolved and can save you a lot of time and running around. One good source for researching auction sale prices is provided on our site under "Research Toolkit".
Happy Bidding..!!
More coming soon from the Auto Auction Guy...
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