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Bidding For Repossessed Cars At Auction

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					When attending a car auction, there are certain techniques which can be implemented
to ensure you get the bargain repossessed car that you have been looking for:

1. Take a Trial Run
Bidding at auction is not necessarily straightforward for a first timer. We advise going
on a trial run by attending the auction to observe and see how it works. This will give
you an idea of how much time you have to view the cars, registering and getting the
catalogue and most importantly how the bidding process is carried out.

2. Look for Quiet Auctions
Auctions attended by a large number of people are often the hardest to pick up a
bargain. It doesn't take a genius to see a bargain and the more experienced car traders
will be looking to snap up those cars too. British Car Auctions and Manheim Car
Auctions are both well known auctions all over the UK selling repossessed cars, so
attending these would be the best option for the inexperienced. We would advise to
check the auction times and go for a weekday which will tend to be quieter. Buying
right at the end of the year is also recommended as car dealers tend to slow down on
their buying during this period, so the auctions tend to be quieter.

3. Check the Car
We advise taking a mechanic with you or someone who knows about cars. Check the
car you are interested in properly but remember that time is limited and you probably
won't get as good a chance to check the car as bca-auctionthoroughly as possible.
Look for any signs that the car has been in an accident, our guide for buying
repossessed cars at auction will help you. When they bring the car forward look for
any signs of smoke when the engine is started, or listen for any abnormal noises.

4. Look Like a Car Dealer
This may sound trivial but always remember that genuine car dealers are extremely
experienced and attend auctions regularly. They see the same faces and so can
recognise a new one. Often they can use tactics of bidding with no intention of buying
in order to get newcomers to keep increasing bids and end up paying more. There is
no need to attend dressed up looking like Del Boy but then its always important to
know that its rare to see a car dealer in an expensive suit either so try and find some
middle ground.

5. Bidding
This is the most important part of the process. We would advise standing in the trough
with the other car dealers, rather than the stand seats where the private buyers usually
sit. When bidding, raise your catalogue for your first bid to get the auctioneers
attention, a nod will be sufficient for further bids. If you attend the auction with
someone else, make sure you don't accidentally start bidding against each other, this
happens more often than you would imagine, so its best to decide on one person for
bidding.
6. Have a Maximum Price and Stick to it
When attending auctions, it is very easy to become interested in other cars and forget
the one you went for. Make sure you stick to the car you like and also stick to the
maximum price you set yourself. Anyone can win an auction, you just have to keep
bidding, the secret is knowing when to stop, after all there will be more auctions so
don't feel upset if you are outbid, the nxt auction is only a few days away.

7. Fees
Remember that when you buy any repossession car, auctioneer fees will also need to
be added to the price. These are usually set at 3% of the sale value and are payable
upon purchase. Car auctioneers usually don't accept credit cards but debit cards are
allowed. Inform your bank beforehand that a large payment may be leaving your
account on that particular day. This will save you hassle while the bank authorises the
transaction. Cash is the preferred method of payment but there is usually a cash limit
of around £10,000 due to money laundering laws.

8. Remember There Are No Refunds
Its important to remember when buying repossessed cars at auction, that there are no
comebacks if there is a problem, so although you may be able to pick up a bargain, its
important to follow these steps and not end up buying a lemon.

For further free information on repossessed cars and car repossession visit
Repossessed Cars

				
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posted:1/16/2011
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