Auto auctions can provide great memories or bad headaches, all depending on thousands of unique factors. Let’s be clear, auto auctions are not for everyone. If you have nerves of steel and are willing to outlast opposition at all cost, you’ll do great. If you’re an emotional wreck and can’t even outlast the local used car dealerships in negotiations, you probably should stay away. Today, we’ll speak about some of the more obvious pros and cons to give you the tools to be a successful bidder at auctions and not get taken for a ride.
Pro: Auctions allow you to buy cars for dirt cheap prices. I must say, this is true and one of my favorite pros. Any time you attend an auction, you’ll notice that bidding starts very, very low and slowly rises. If you’re in the market for an inexpensive car, you could strike a major coup by winning the low bid price.
Con: Auctions are very competitive. Depending on the vehicle in question, auctions can get hot and heavy. People want what they want and are willing to pay top dollar for it. Just remember, don’t let emotion get the best of you. If the bidding rises out your price range, move on. You’ll find you chance if you’re patient.
Pro–Auction Frequency: If you’re located in a large city such as Houston or Los Angele,, you’ll have plenty of auction opportunities. Large cities usually run actions bi-weekly and have more cars available than they can give away.
Con: Auctions sell lemons too. If you don’t do your due diligence when choosing vehicles, you can ride away with a time bomb waiting to explode. I always suggest taking a family mechanic or a friend who’s more knowledgeable about cars than you are. This way you protect yourself against hidden defects and less than obvious problems.
I hope these suggestions have been informative. Just remember, when you enter an auction, to keep your emotions in check. As someone put it, “Never get too high, never get too low, but stay even keeled.”