So here’s the question: how much money can I save at an auto auction? The answer: plenty! Unlike normal car dealerships where you must haggle and negotiate to save money, the auto auction places the power in your hands. When attending the auction, you’ll notice a bevy of low priced cars ready to sell. It’s all up to you and the other buyers on how much you’ll pay for one of them. For example, at a recent auto auction in Houston, Texas, a new model car sold for $10,000 less than standard retail. You cannot get this kinds of deal anywhere else.
How much you actually save depends on a few factors and how well you’re able to capitalize on them. First, you must determine how much you’re willing to spend and not budge on that amount. This will eliminate a slew of cars and temper your focus down only to the ones within your range.
Second, you must know the vehicle’s condition. This is where having a willing family mechanic or having knowledge of how cars operate may come in handy. For example, the auction house may crank the car and you could hear screeching or see smoke among other things. A seasoned mechanic will know exactly what needs to be fixed and how much it will cost, while a normal buyer may have no idea. This provides for less people bidding on that particular model and increases the savings.
Lastly, you must know a car’s worth in its current condition. For example, take any car at the auction, and look up the Kelley blue book value. If you have a Smartphone, you can download the KBB app. This provides you with an opportunity to determine what the value is and know where you have slack for bidding.
Auto auctions are a great place to find killer deals on a car; don’t let a great deal slip through your fingers.