Used Car Auctions

These are the most common places to find used cars for sale, but there is another resource for buying used cars that is often overlooked, this is the used car auction.

Used car auctions are places where the title holder to the vehicle wants to sell it with as little effort as possible on their part. This are often repossessed vehicles that are taken back by banks or other lenders who aren’t in the business of selling used car and who don’t have the facilities to keep a stable of used cars in stock. With the unfortunate turn of events that has led to the downturn in the economy, more and more of these repossessed vehicles are showing up. The lending company will often have a deal set up with the repossession company to immediately put the vehicle up for auction.

What To Look For?

Used car auctions follow many of the same designs as any normal auction. The difference is that in a normal auction you may well be shopping for items that will sell for anywhere between a few and a few hundred dollars, the car auction will likely run into thousands of dollars. For this reason, you should understand as much about the process ahead of time as is possible. Some considerations you should be aware of are listed here.

Attractive

Used car auctions can be a very good way to get a used car. They have the advantage of only charging what the vehicle will sell for among those engaged in the auction. Sometimes there will be reserves on vehicles, but these reserves are usually set well below the retail value of the vehicle. Typically, you can test drive the vehicles prior to the auction to ensure they are in good running order. People can often get excellent deals by finding cars that are of little interest to the others involved in the auction. The fewer the people interested, the fewer to compete with your bids.

Negative

Anytime you are shopping at an auction, you have some issues that you should keep in mind as there are dangers not encountered in normal sales that you have to watch out for with used cars auctions. It is an auction, so often all sales are final. You cannot back out after the fact without a penalty of part of full value of the vehicle. While you may be able to test drive the vehicle ahead of time, you will likely be unable to get the car to a mechanic for a full inspection. You must also be aware of the problems with auctions themselves. Many people find that once they get into a bidding war; it is hard to stop bidding. You may then find yourself spending more on the auction.   

Who Should Consider Them?

Used car auctions should be considered by anyone who understands how an auction and is willing sit through the auction itself and bid against others to get the car they want. You should also have financing secured before you attend the auction as many require immediate payment at the end of the auction. Many people find the auctioneers banter to be hard to understand, but if you listen closely, you will likely be able to pick out the important data from the fluff.    

Where To Find More Information Online?

There are many good websites to find more information about used car auctions online as well as actually finding the auctions themselves. Some good places to start your search are listed below.

Auctions Direct USA

An Interesting site which offers used cars auctioned online is http://www.auctiondirectusa.com/. Their idea is that by offering an auction atmosphere, you can save money over retail. They offer a search for vehicles they have in stock as well as the ability to browse cars by brand. They also offer the ability to order a vehicle. You can tell them what you are looking for and how much you are willing to pay and they will find the car for you. From there, they offer a section about shipping the car to you. Their site offers information on the entire experience of purchasing the car. They have a sections devoted to getting financing and selling your used car as well.

Interstate Auto Auction

This site offers the ability to attend local auctions as well as being able to participate in the auctions online. They are held every Wednesday and Saturday at http://www.interstateautoauction.com/. They have hundreds of used cars available at these auctions. The online auction catalog features information on the specific vehicles as well as additional photos. The site offers a wealth of helpful information about buying vehicles at auction and how the vehicle auction process works. These include videos to make the process even easier to understand. They have links on the site to companies that can help ship the cars to your location should you win at the auction. You can even search their current vehicles available on the site. They have frequently asked questions and answers to further help with making you as comfortable as possible with the auction process.

Ibid Motors

One of the largest online car auction sites is http://www.ibidmotors.com/. They have hundreds of cars available for auction at any given time. They also have a buy it now features, so it is not a true auction, but a format that is common on the internet. Many of their cars are listed with reserves, so the current bid may be well below the reserve. This makes it somewhat confusing as the prices they list are not indicative of the actual minimum vehicle prices. Regardless, they do offer a large number of vehicles that can be purchased for less than their retail value if you are willing to follow the auction process.