Car auctions can be intimidating for those who aren’t familiar with the process. However, knowing how the auction process operates can help you make the most of the lower costs vehicles are typically sold in auctions. If you get familiar with how auctions for cars function, purchasing a car through this method can be enjoyable too.
In this complete guide , we’ll guide you through each stage of the auction procedure.
British auctions of cars are a great way to purchase a car at a bargain price?
It’s possible to get an affordable car for just around a hundred pounds. However, the prices at auction can vary between £100 to more than £50,000.
A typical auction for cars will feature everything from city runabouts to posh saloons. Certain cars auctioned are decades old , while others could be almost brand new.
Car auctions UK What makes them less expensive?
Auctions are a great way to buy a car. It is typically cheaper as you’re eliminating the middleman who is i.e. the dealer.
Auction cars on auction: Who purchases them?
In the majority (but in a few) instances anyone in the general public or business may make bids on auction vehicles to be sold. However, many buyers are dealers who want to sell their cars to earn profits. In general auction cars are approximately 20% less expensive than what they would cost in a dealer’s forecourt.
However that you are an individual citizen is nothing that can stop from going to auctions of cars and attempting to find a cheap car for yourself.
Do I have the right to attend an auction as an individual bidder?
No. Certain auction houses only sell to “trade buyers” that are in essence dealers (dealerships) of different types. For instance, BCA Auctions only allows trade buyers to establish buying accounts. Be aware that certain auctions for cars on the internet are available to both trade and public buyers, while others are exclusive to trade buyers.
Car auctions near me
If you are planning to auction and purchase an automobile online, but not see the vehicle in question or even seeing the place that the auctioneer is located will matter less (although receiving the vehicle could take longer if auctioneers are located a distance from the location).
However, if you would like to examine the car(s) prior to auctioning, locate an auctioneer near you through a search for ‘car auction near me’, or something similar.
Car auctioneers are found all over the UK of course, but often far from major cities due to the fact that they require a huge area of land for their operations.
Beforehand: Online car auction listings
Potential buyers shouldn’t, generally speaking, show up for an auction and place bids on a car , without having viewed the car first online.
Auction houses can list vehicles on the internet for a specified time, giving buyers an opportunity to think about the advantages and disadvantages of a particular car – or vehicle.
The outbreak saw a massive rise in online auction purchases, in contrast to buying from a physical store. But, even though Covid-19 may have boosted the online component of auctioneering for cars however, nothing beats having the ability to look at and hear – and smell a car before making a decision to bid.
Inspection prior to auction: be on time
Online viewing of listed vehicles prior to an auction is good but nothing beats the opportunity to view the vehicles in person. In order to do this, you’ll need to get to the auction house earlier, so that you can get a clear view. The majority of auction houses are have pre-auction inspections available before 9 am.
Although a car may appear great online, a inspection could reveal problems that are not listed in the advertisement or were not evident in the images.
Watch out for warning signs
From deflated tyres, to poor paintwork, these problems are likely to be obvious on auction day, but it’s important to arrive early so that you can get an opportunity to take a glimpse of the goods available. By arriving earlier, there will be less crowds which means you’ll be able conduct inspections of the vehicles at your own pace without bumping into other prospective buyers.
When it comes to purchasing vehicles at auction, you shouldn’t be able to make a bid on a car you’ve never met in person, or you could be in for some unpleasant surprises when you take the car at home (assuming it doesn’t crash in the process! ).
What should you be looking at during an in-person examination?
Panels that are not matched to the bodywork
This suggests that there has been some significant repairs on the vehicle and that it could have been involved in a crash.
Find paintwork that isn’t in alignment and unclean close lines.
Low-quality repaints
It’s probably an aesthetic matter, but some paint touches are applied to hide the rust.
Tyres that are deflated
It will be a challenge getting your car back with a tyre that is flat.
If in doubt, walk away
If you find a string of defects in a specific car, it’s likely to stay clear even if you’re not getting a good deal. Remember, there’ll be a myriad of other vehicles available from during auction day.
Grades for auction houses: Get to get to
Grading scales are utilized by British auction houses for cars to evaluate each car that goes to auction. It is important to know how they functions.
Cars are graded from one to 5. There’s also an unclassified class for cars with excessively large mileage or are old.
Grade 1
Grade 1 is given to vehicles in top condition, and may require minor repairs. e.g. minor dents with no paint damage or missing trim pieces.
Excludes:
Panels that require an update.
Grade 2
One medium-sized body shop repair , or the combination of a medium repair to the bodyshop as well as a few minor repairs.
A maximum of seven minor repairs allowed or a combination of minor repairs as well as small missing parts.
Excludes:
Any vehicle that has more than one medium-sized repair in the bodyshop.
Grade 3
May may have experienced up to four medium-sized bodyshop repairs.
It may require an upgrade to its bumper (but two bumpers are not appropriate for this level).
Three major bodyshop repairs are permissible in this class.
Grade 4
One major repair, paired with minor and medium repairs.
Excludes:
Repairs to major structural parts, e.g. roofing repair.
There are more than one significant repair.
Grade 5
Two major repair work, and the vehicle will be classified as Grade 5.
Excludes:
Five major repairs.
Two structural repair or more, or two other repairs.
A mixture of all the points above to reach 3500 points.
Unclassified
Older vehicles or ones that have extremely high mileage.
Check for HPI. HPI check
HPI tests are a standard method to ensure that a car isn’t shady.
“HPI” is the actual name for the organization which provides the service, however, it’s now so standard that it has become a general word used to describe the process of checking a vehicle’s past.
Other companies also conduct “HPI checks”.
Although the HPI inspection is costs, it will assist in ensuring you don’t buy an automobile that has significant flaws – and will not result in a total expense.
In contrast to the MOT check conducted by the government however, an HPI check can tell you the status of a car’s outstanding debt or has been taken. If it is stolen vehicles, police might locate it and remove it, leaving you with no money. It is crucial to get the information prior to parting of your money.
An HPI check will determine whether a car was cloned i.e. it’s VIN and registration has been changed to conceal the fact that the vehicle has been stolen.
If a vehicle is found to have been discarded and is subsequently seized, it is illegal to drive on public roads regardless of whether it appears to be in good working order.
If a vehicle is later discovered to be an insurance write off, finding insurance for it is challenging.
Some sellers also wind back or “clock” their Odometer in order to achieve the best price (low mileage cars typically are sold for higher prices).
HPI check information is sourced from the DVLA as well as from insurance companies or even from the police. HPI check providers provide up to PS30,000 of reimbursement if the data they provide turns out to be inaccurate.
Be aware that if the information is not divulged or disclosed or disclosed, it will not be included in an HPI report. A HPI test isn’t sure to find every problem that a car may have.
Keep an eye on your car when it enters auction
It’s impossible to perform mechanical tests, therefore the only opportunity to observe the car move is when it’s driven into an auction room.
Make sure that the engine note is quiet and there aren’t any alarming noises; also, examine the tyres.
This is yet another reason for going to an auction live is more appealing than bidding online.
How do you bid on an auto auction (in in person)?
Before you can make any bids, you have to sign up at the auction site as an individual bidder. You must be over 18 years of age and present a proof of identification.
Depositing a deposit
There is also the requirement to pay the deposit. It’s usually PS500 and can be returned in the event that you do not end up buying the car. If you do purchase an auction-listed car the deposit amount is deducted from the final cost of the car.
Sending out your bids
When your car is brought into the auction room (at the point where you need to be on the lookout for any faults like black smoke or engine noises etc) then it’s time to start the auction. You then have the chance to begin bidding.
If the auctioneer requests an amount higher than the vehicle , and you are tempted to make a bid, simply move your hand up or shake your head.
Be cautious when entering the auction room , as you don’t want make a bid on a vehicle you don’t would
