With e-retail sales surpassing trillions of dollars every year, almost every imaginable product or service is now available online, with little or no exceptions. Understandably, people increasingly resort to online car auctions to get reliable cars at low prices. Online auto auctions are a great way to get a good deal on a car. In places like CrankyApe’s online auto auctions, you can find a previously owned car for a great price, and exclusive offers are available for almost everyone.
Although buying a vehicle from the comfort of your own home saves a considerable amount of time and energy, buyers are reluctant because they lack access to adequate information about the dos and don’ts of online auto auctions. This is the reason people are often skeptical about buying automobiles online. Here are the top three tips to follow before participating in an online auto auction.
Learn About Autos
Learning more about autos is an effective way to prepare for an auto auction. This suggestion does not mean that you should be able to disassemble and reassemble an automobile while blindfolded. First, however, you need to have a basic understanding of terms like mileage, fair market value, etc. If you have a colleague or family member who recently bought any vehicle from an auto auction, schedule a discussion with them and strike up a conversation to gather as much information as you need.
Have Money For Auto Repairs
If you do your homework and check the car thoroughly before bidding, there is a good chance that you will get a good auto. However, it does not mean every car for sale in an auction will be in perfect shape; therefore, you should keep extra money for any repairs that may be required. Potential repair costs are included in the bids of experienced bidders. So, for example, if you are willing to spend $10,000 for a car but feel that it will take $2,000 to repair it to get it on the road, you can set your limit at $8,000.
Your vehicle knowledge should also include the cost of repairing certain vehicles. Imported or outdated automobile components can be more difficult to find. If the car is not in working order, you may need to take it to your home or repair facility, which is an additional cost you should include in your estimate.
Consider The Buyer’s Premium
Remember that the buyer’s premium is often applied to the final bidding price. The price of this premium varies, but you can expect to spend anything from a few hundred dollars to ten percent of your final offer. The buyer’s premium is listed on the auction site, so keep this factor in mind while placing your bids to avoid paying more than the market price.
It is also important to keep in mind that you cannot get possession of an automobile on the day of your purchase. Therefore, you should consider how many days it will take you to get your contract, and this information is useful when making travel arrangements for the car.
If you want to try your luck at an online automobile auction, CrankyApe is the perfect place to start bidding in an online auto auction. Check out their automobile inventory and online car auction calendar for more details.
