Auto Auction Pros and Cons
By Charles Hopkins
Published 11/30/2007 | Auto and Trucks
An auto auction is a great opportunity for finding amazing car deals. In an auto auction, you get the chance of buying a car for much lower than its market price. Aside from the opportunity to find bargains, however, an auto auction also provides a much more exciting way of shopping for a new car. After all, bidding can make car shopping much more exhilarating,
Auto Auction: As Is Basis
The types of cars sold in an auto auction vary. There are auctions for brand new cars, refurbished cars and second-hand cars. Whatever type of car is being sold, however, theres generally one set rule in any car auction: buyers get the car on an as is basis. That is, you dont get any guarantees as to the fitness of the automobile you are buying.
What does this mean? This means that you have to make snap judgments on the cars on sale during the auction. This also means that if you arent skilled enough to judge which car is roadworthy and which car is worth the money youre willing to pay for it, youre just as likely to go home with a dud as with a prize. Yes, there are cases when auctioneers will give you some time to ascertain the roadworthiness of a car you purchased, but this usually comes with extra fees and/or stringent conditions.
Auto Auction Dangers
The as is condition attached to auto auction purchases is specifically disadvantageous if you are cheated out of your hard earned money by unscrupulous auctioneers. There have been instances when cars sold in auctions are actually damaged cars that are on its last legs or more appropriately, on its last wheeze.
Thus, it is crucial that you should take all necessary precautions before you get involved in an auto auction. This means brushing up on your auto basics and, if at all possible, bringing an experienced mechanic with you. You should also run a check on the automobiles that you are considering bidding on.
Auto Auction Advantage
That being said, as long as you have the requisite skills and knowledge to make sound judgments, you will definitely find an auto auction worth your money and time. If you choose wisely, you can go home with a car thats a few thousand dollars worth more than its auction sales price. Since other bidders may base their decision to buy solely on how a car looks actually and on paper you may have less competition for cars that do not look as good but have absolutely enormous potential.