ALT-1 Pros and Cons of Buying a Car at an Auction
Cars are no longer a status symbol or a preserve of the economically astute. Over the years, the car has steadily become a necessity thanks to the fast-paced, dynamic world people call home. Due to the aggressive and competitive nature of the car industry, consumers have benefited from numerous car-selling outlets offering products specially designed to suit their needs.
Auctions have gained immense popularity and this has attracted numerous prospective buyers to their areas of operation. The ultimate advantage the auctions have over retail dealerships is pricing. For instance, it is possible to get an astronomical deal on an automobile that could be worth a quarter of the retail price just by submitting a bid and the fall of a hammer. Searching for avintage or Classic carcan be a frustrating and arduous proposition especially, the rare kinds that are still in tip-top condition.
It is only in auctions where these machines are readily available. To maintain their reliable reputation among their clients, the auctioneers usually go a long way in ensuring that the vehicles are mechanically sound with uncompromising quality. Moreover, vehicle histories are presented upon the buyer’s request detailingthe specificssuch as vehicle identification number (VIN), engine number and accident history just to mention a few.
Time has also played a considerable part in catapulting the auction business. In this modern era, time in itself, is a valuable resource and time saved is time gained. Potential buyers shun the activity of moving from one dealer to another in search of that perfect car. They prefer auctions where the volume of cars gives them a variety of choice. It is also possible for one to get a better car than what they had already planned for without going over the budget.
In spite of their impressive advantages, auctions also have niggling drawbacks. One of the main reasons is that the cars do not have any warranties or insurance attached to them as compared to those in the dealerships. This in essence means that if you purchase an automobile, you can run the risk of total loss in case of a disaster or you incur additional fees when insuring the car.
The majority of products sold by auctioneers are those that have been repossessed or confiscated by the government. It means therefore, some of them are not in good conditions. With a nice paint job, they are made to appear spectacularly beautiful giving credence to the old adage, all that glitters is not gold, but might be rust if not inspected thoroughly. The possibility of acquiring a stolen vehicle is also a pitfall that one must consider before hurriedly placing a bid. The merchandise might be illegally shipped from another country into your hands. This calls for proper verification of the printed documents of the car.
Before purchasing a car from any auction, there are crucial aspects to consider, one of them includes arming yourself with requisitebasic mechanical skillsto use in a car that you desire. Try to ascertain the correct market value of a commodity and do not bid any higher than that. Be aware of the terms and conditions and the auction rules governing the entire parties (particularly you as a buyer) .In conclusion, make an effort of visiting an auction as a spectator to get accustomed with the environment. Better be safe than sorry.
