Buying a car at a car auction?

[wiredspider]

I finally somewhat convinced my parents to let me buy a car! Well, at least I can get them to go look at some with me... Anyway, I noticed we have a car auction place nearby, wondering if it might be a good idea to purchase a car from them. How do the car auction places work? Also, how much of difference is there in insurance cost between a 4 door and a 2 door car? And, is there any difference in insurance cost between an automatic and a manual? Thanks

 

[MacBaine]

I got my car at a police auction, don't know how a regular car auction would work though. Just make sure you bring somebody who knows cars along to give them an inspection.

 

[radioouman]

Originally posted by: wiredspider
I finally somewhat convinced my parents to let me buy a car! Well, at least I can get them to go look at some with me... Anyway, I noticed we have a car auction place nearby, wondering if it might be a good idea to purchase a car from them. How do the car auction places work? Also, how much of difference is there in insurance cost between a 4 door and a 2 door car? And, is there any difference in insurance cost between an automatic and a manual? Thanks

Car auctions are not all bad. Many cars there are repo's. Some cars are just higher than average mileage cars that dealers won't be able to sell.
If you go there, it would be best to research the car beforehand if you are looking at a fairly decent car. If you have the means, check the VIN and make sure that it isn't a salvaged title, etc. (It would be good to take someone who knows something about cars also, but that may not be possible...) Research the price of the particular car so you don't get ripped off. (don't pay a higher price at the auction than what you could buy one for from a private party or a dealer!)

Insurance is usually higher for a 2 door car, but insurance costs are determined much more by the car than the trim line. Same with auto and manual.

 

[cchen]

Also remember that you usually have to pay cash, money order, or cashier's check when buying from an auction

 

[toph99]

make sure you get it THOROUGHLY looked over. i checked my car as much as i could while it was on the ground, but once it was on the hoist after i bought it i saw that i had an oil pan that was about to bust through, and the car had been in an accident before(everything from engine forward was welded on) so be VERY careful. Also, go to a few before you decide to bid, to get the idea of how they work things. on the nicer cars they will artificially bump the price up by saying they had a bid when no one actually bid. they keep it fast paced to try to confuse you. Do not pay more than what you think the car is worth, because if it's at an auction, it's there for a reason(like mine was accidented, and they conveniently 'forgot' to tell the auctioneers that

)

 

[DeafeningSilence]

It's more risky to buy at auction, but you're almost certain to get a much better price than you would though a dealership or private sale.

I don't think there's a difference in insurance for manual vs. automatic (for the same make and model of car, that is).

 

[xSauronx]

ahhhh

ive been to car auctions several times, my father, being a dealer, goes almost weekly

-first, go once or twice without trying to buy anything to get the hang of how it works, its worth your time.
-second, show up as early as you can, here if you show up an hour or two before they auction starts, you have enough time to walk around the lot and take a look at cars your interested in, drive them around, look under the hood and see how it sounds/runs, inside the auction lanes its too loud to discern anything except the most obvious problems. check the enginer for rattling, all the power buttons, radio, ac, see if the tires are in decent shape etc. oh, check for signs of body work or a paint job.
-third, get a nada book or black book, you want a wholesale price, not retail...here the auctioneers start at retail, then when no one bids, they go very low and wind up at a decent wholesale price, in most cases. sometimes someone who DIDNT spend time learning how it works will end up paying the retail price for a car, when they could have saved a couple grand EASILY
-if you are interested in a car, and several people take a look at it and just walk away suddenly....do the same, theyre probably regulars who see something you didnt, like new paint or some strange problem, and theyre walking away for a good reason


also be familiar with the auctions rules (selling fees, limits, etc)

oh, take a notepad/pen/pencil, you may see several cars youre interested in, so write em down, with a whole-sale price youd consider paying, so you dont have to flip through the nada/black book in the middle of the auction to know when to stop bidding

ive gotten 4 of my last cars at an auction, the last thing i got was a mitsubishi galant i paid 2500 bucks for, worth a little better than 4k, only problem is this drivers power lock button doesnt work (can get one from a salvage yard cheap enough) and i needed a new alternator belt, gonna check on the lock button first thing monday. anyway, its nice, clean, should be able to get rid of it easy with people getting refund checks now; in fact, my dad said hed seen several people recently at an auction paying retail for some cars as soon as bidding started, obvious that they didnt take time to learn how it works

great thing is, i can buy a car at auction, drive it a couple months putting very little money into it (in most cases) and make a few hundred bucks when i get rid of it alot of used car dealers (like my father) around here do this, buy something in dcent condition at an auction, detail it, change the tires or do a couple little things, and make quite a nice sale on them

 

[waggy]

Originally posted by: xSauronx
ahhhh

ive been to car auctions several times, my father, being a dealer, goes almost weekly

-first, go once or twice without trying to buy anything to get the hang of how it works, its worth your time.
-second, show up as early as you can, here if you show up an hour or two before they auction starts, you have enough time to walk around the lot and take a look at cars your interested in, drive them around, look under the hood and see how it sounds/runs, inside the auction lanes its too loud to discern anything except the most obvious problems. check the enginer for rattling, all the power buttons, radio, ac, see if the tires are in decent shape etc. oh, check for signs of body work or a paint job.
-third, get a nada book or black book, you want a wholesale price, not retail...here the auctioneers start at retail, then when no one bids, they go very low and wind up at a decent wholesale price, in most cases. sometimes someone who DIDNT spend time learning how it works will end up paying the retail price for a car, when they could have saved a couple grand EASILY
-if you are interested in a car, and several people take a look at it and just walk away suddenly....do the same, theyre probably regulars who see something you didnt, like new paint or some strange problem, and theyre walking away for a good reason


also be familiar with the auctions rules (selling fees, limits, etc)

oh, take a notepad/pen/pencil, you may see several cars youre interested in, so write em down, with a whole-sale price youd consider paying, so you dont have to flip through the nada/black book in the middle of the auction to know when to stop bidding

ive gotten 4 of my last cars at an auction, the last thing i got was a mitsubishi galant i paid 2500 bucks for, worth a little better than 4k, only problem is this drivers power lock button doesnt work (can get one from a salvage yard cheap enough) and i needed a new alternator belt, gonna check on the lock button first thing monday. anyway, its nice, clean, should be able to get rid of it easy with people getting refund checks now; in fact, my dad said hed seen several people recently at an auction paying retail for some cars as soon as bidding started, obvious that they didnt take time to learn how it works

great thing is, i can buy a car at auction, drive it a couple months putting very little money into it (in most cases) and make a few hundred bucks when i get rid of it alot of used car dealers (like my father) around here do this, buy something in dcent condition at an auction, detail it, change the tires or do a couple little things, and make quite a nice sale on them

my father owns a car lot aslo. i love going to auctions.
i have gotten a few great cars and a few bad ones. in fact the first car i bought on my own was a 1982 honda accord i got for $25 (this was in 89) i had the car a year and never changed the oil and sold it for $300 to a couple of mexicans. i took that money and got another honda accord.

the last car i got was a 02 taurus with 12k miles for $9500 (which is wholesale price). the only bad part about doing auctions is you do have to pay upfront and there are some fees.

If you can get to a dealer auction then that is the way to go. But do a little research before you bid!

 

[wiredspider]

Where would I find a nada or black book? When would be the best time of the year/month to go to an auction? Are all/most cars at an auction usually salvage or cars that have been in serious accidents? Thanks

 

[RossMAN]

Originally posted by: wiredspider
Where would I find a nada or black book?

Call your local bank or credit union, preferrably wherever you hold an account ... they usually have these at their branches.