Auto auctions are becoming increasing popular as the best place to find cars at bargain prices but understanding auto auction prices and how to go about bidding is something that leaves a lot of people feeling very confused. Unlike new or second hand retail sale, there is no sticker price –yes, car prices are negotiable, but at least the sticker gives you a starting point. In the case of an auto auction, there is no sticker price or any other point of reference – the price car is sold will depend on the interest it evokes among the bidders. Probably the only fixed point on auto auction prices is the price at which the auction opens and even this may be lowered if there are no takers for the opening price.
Learning how auto auction prices work is important if you want to be successful in your bidding and the best way to learn is to spend time at auctions watching how the bidding is done. Look out for how the bidding progresses for different categories of cars, which makes get the highest prices and the impact a car’s age has on its selling price. Doing this will give you an idea of how the bidding progresses and what kinds of cars command what kinds of prices at the auctions. While visiting the auctions as a student, pay special attention to how the bidding progresses for the cars you would like to buy.
To get a broader picture and better understanding of auto auction prices, spend some time visiting websites and magazines devoted to the subject and see what the price trends are. Now that you know the kind of prices the types of cars you would like to bid for are commanding, you need to set yourself a budget. Keep in mind that there are no certainties in any auction and if you get caught amongst bidders who are determined to have the car you are also bidding for, the price can sky rocket. Keep your budget as flexible as you can so that you have some elbow room in your bidding, but never, whatever be the temptation, exceed your budget, because once you bid beyond your limits, it can be difficult to stop.
During the course of your bidding if you come across others who seem to be very interested in the same car as you are, step back and let them fight it out – at the end of the fight, if the price is still within your range, you can start bidding again.
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