It is not uncommon to know someone who has scored a great deal at a car auction.
However, you may still wonder: “Are car auctions worth it?” There is so much more to buying a used car than just going into an auto store. You may be nervous about attending an auction, especially if there are other car buyers fighting for the same vehicle as you.
So, it is best to get a better understanding of what car auctions are and their many benefits.
What Are the Different Types of Car Auctions?
The first thing we should discuss are the different types of car auctions. Buying a car at auction may seem overwhelming for the average buyer, but we will guide you through the process.
In-Person Auctions
In-person auctions are still being held across the country. You may be able to benefit from in-person auctions if there is an auction house nearby.
In-person auctions usually allow you to come in and physically inspect any vehicles that you are interested in before the sale, which is one of the best things about them. Getting to see as much of the vehicle as possible is a great benefit and will allow you to gain a better understanding of the vehicle’s condition.
In-person auctions also have the benefit of creating a positive atmosphere. The thrill of bidding on a vehicle at a live auction is indescribable. However, if you tend to get overexcited and overspend when making a new purchase, then that atmosphere may be a bit of a drawback.
Online Auctions
All of the major auctioneers have begun conducting online auctions in response to the recent global pandemic. As well as reducing sickness risks, online auctions have other benefits as well.
One of the biggest benefits is the ability to view and bid on vehicles located far away. For example, while there may not be a local auction that has your coveted Porsche, there is probably an online auction that has what you want.
Plus, online auctions have the added advantage of allowing you to purchase from anywhere in the world and in any state of dress you choose.
Salvage Car Auctions
Vehicles can be found at salvage car auctions at great prices. A salvage vehicle is a car that has been in an accident and the cost to repair the vehicle exceeds its value. Because of that, it has been declared “non-repairable” by the insurance company. Sometimes, the damage to the car is very minor and can be easily repaired, while other times the car’s value is found in its parts.
In comparison with new and used cars, salvage car auctions offer the biggest savings, but they also have some drawbacks. A branded title will be attached to the car you purchase. Driving or selling the car may be restricted as a result. In addition, you will be required to repair the damage to the car yourself or through a shop before you can drive it.
Used Car Auctions
Salvage cars require more work than used cars, which can be found at used car auctions. There may still be some repair work needed, but not as much as with a salvaged vehicle. In most cases, these are cars that were traded into a dealership and are not being held on their lot to be sold. Some of these auctions require dealers’ licenses.
Where to Buy Cars at Auction
Having discovered more information and decided that buying a vehicle at auction is worthwhile, where can you buy one? Here are some of the best auctions:
Fairway Auto Auction
If you are located in the upper Midwest, Fairway Auto Auction is conveniently located in Edgerton, WI. Online or in-person auctions are held weekly. The auctions can only be accessed by dealers with a dealer’s license.
A Better Bid
More than 300,000 vehicles are being auctioned off at A Better Bid; so, there’s bound to be something that interests you. Besides saving you money, they provide access to salvaged, wrecked, and repairable cars, trucks, and SUVs at a low price since they are Copart registered broker.
Dealers Auto Auction of the Southwest
This Phoenix auto auction is an independent, locally owned auto auction that has everything you need from research to transportation to ensure that you are satisfied with your purchase. Dealer’s licenses are required to participate in the auction.
Car-Tech Auto Auction
Located in New Jersey, Car-Tech Auto Auction holds weekly dealer auto auctions where customers can bid in person or online. If you wish to buy a car from Car-Tech, you will need a dealer’s license, but a broker may be able to assist you without it. A variety of auctions are held there, including those for rental companies, charities, and more.
Conclusion
Auto auctions are worth it for most consumers. While you won’t have the convenience of walking into a car lot and walking out with a new car, you can save a lot of money.
