Auto auctions are a great place to sell your vehicle if you’re looking to off-load your car. It can also be a painful experience if you don’t complete your homework regarding the full process. Here, we’ll address about some of the pros and cons of selling a car by auction.
Pro: Quick way to sell: If you’re looking for a way to sell your vehicle for cash, there’s none better than an auto auction. As long as your vehicle is in decent condition and has all the criteria to operate properly, you’re going to be able to sell the car fairly quickly. One thing to remember is that a buyer usually comes to the auto auction with cash in hand, ready to spend.
Con: Commissions paid to the auction house: Remember, the auction house must be paid, and you’re the person making the payment. Usually, they require you to pay a percentage of the sale price for selling your car at their auction. This is considered a disadvantage because you could sell your car directly, if you wanted too. You really don’t need them to sell it.
Pro: Experts to help with the process: Most auction houses have professionals on hand to help with the process of offering your vehicle. They’ll walk you through some of the more essential steps of the process. Otherwise, you’d be left with the responsibility to complete this all by yourself, which could deprive you of profits.
Con: Loss of control over sale price: The overall downfall of the auto auction is that you don’t have the last say in what your car is sold for. Once it’s listed, that’s it. The people who are bidding on your car are the deciding parties. They determine the final price for buying the car. The exception to this rule is eBay. Ebay allows you to set a reserve price which must be met before your car can sell. If you have reservations about what you want to make, I would advise using eBay to have some control over what your car eventually sells for.