4 Reasons Why You Should Buy a Used Car at a Public Auto Auction Trying to get a good deal on a used car can be very tricky. You may run around for days, or even weeks, just looking around at cars for sale and maybe not even come up with anything. These days, with websites like Craigslist, it has become a little bit easier to seek out vehicles that are for sale by private owners. However, even with Craigslist, you can still end up wasting your time looking at overpriced or under-performing cars. Or even worse, you could fall victim to one of the countless Craigslist scams out there. So what is a potential used car buyer to do? These days, you might be surprised at just how much money you can save at a public car auction. What may surprise you even more is how easy buying a used car or truck at an auction can be. In the past, auto auctions were mostly open exclusively to used car dealers. In order to save money at an auction, you had to pay a dealer a fee to go to an auction and purchase a car for you. With the many public auto auctions around these days, you no longer have to pay an extra to a dealer. Now you can completely cut the dealer out of the equation. #1 – To Save Money! Duh! This one is pretty obvious. Most cars sold at an auto auction are priced at “wholesale” value. This is lower than private party value, and much lower than retail value. Basically, the wholesale value is what one dealer would sell it to another dealer for. This means that if you buy a reliable used car at an auction, you can pay what a car dealer would have paid for it. Most dealers would buy the car, spend a little bit of money on it, and then sell it for a lot more. Instead, you can buy the car at an auction, and then invest what you need into it and keep the rest. Again, you are cutting the dealer out of the process. Why pay a middle-man to save money on buying a car? #2 – Get lots of cars to choose from. Most auto auctions will have hundreds, if not thousands, of used cars and trucks in their inventory. In the past, to get access to an inventory that size, you had to visit a dealer and pay retail prices. At an auction, you can choose from lots of vehicles for sale and save some money in the process. This is your win/win scenario. #3 – Buyer’s remorse? Resell your car at the same auction. Many public auctions will allow anyone with a car title to sell their vehicle. If you buy one at an auction, but decide you do not want to keep it, you can then just put that car back into the sale and try to get your money back. You may even get lucky and sell it for more than what you paid. Be careful though, this can get addicting! Buying and reselling cars at an auction for profit can be a fun way to make some extra money. However, some states may have laws that limit this activity. In these states, you can only register so many cars in your name in a given year. #4 – It’s fun! Trust me. Check this video of a car auction. Some are very fast paced, but most public auctions will move a little slower to accommodate buyers who may not have attended an auction before. Most new buyers enjoy the process and find it to be exciting. Some people may choose to just stand back and observe a few auctions before they decide to buy a car from one. So, what are you waiting for? If you just visit a public auto auction, you have nothing to lose. You may even enjoy yourself in the process. Auto auctions are also a great way for selling a car.
Published on Dec 28, 2013
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