Home > Buying at Auction > How to Avoid Buying a Wreck at a Car Auction

How to Avoid Buying a Wreck at a Car Auction

By: Chris Nickson - Updated: 18 Oct 2017 | comments*Discuss
 
Auction Car Auction Vehicle Condition

You might have heard from someone who knows someone who met a man who got a great deal at a car auction. Yes it can happen, and a number of people have done it. But before you rush off to try and find a bargain, be aware that you really need to know a good amount about cars – or take a friend who’s a good mechanic – before you start bidding, or that bargain could easily turn into a lemon. Cars are sold as is, with no warranty of any kind.

How to Find a Reputable Car Auction

There are big car auction companies, several with a number of venues around the country. Before you go in, however, make sure the auctioneers are members of the Retail Motor Industry Federation, (Society of Motor Auctions); they have an established code of practice and work with the Office of Fair Trading, which offers you protection as a consumer.

Very carefully inspect any vehicle you might be interested in bidding on. Many will have faults, ranging from flood damage to having been in crashes. You really need to know what you’re looking for to be able to assess the vehicles properly, which is why you need an experienced mechanic. Many faults won’t be readily visible, and the seller is under no obligation to inform you of them.

You’ll need to pay cash or have a loan in place for purchasing the vehicle, since auction houses don’t arrange financing for you. The important thing to constantly keep in your mind is that once you’ve bought the car, it’s yours, and you can’t return it or ask for any compensation. If there are problems, they become your responsibility, and they can become costly.

What to Do At a Car Auction

Usually, you’ll need to register at the auction in order to bid. The auctions open to the public generally don’t have the same quality of vehicle as those opened to car dealers. However, the only way you’ll get into those is if you have a friend who’s a car dealer. But if you can manage it, you’ll find some excellent bargains.

Be careful bidding at a public auction, and you’d be advised never to offer the first bid – you might well find yourself bidding on something no one else wants. Remember, a lot of the other bidders will be dealers and professionals. You’ll have to pay before you can drive the vehicle away (assuming it’s driveable, of course!).

Collectible And Classic Car Auctions

The high-end market runs somewhat differently. Often, the auctions will be run by a major auction house. Not only will you need to register, you’ll have to show proof of financing, such as a line of credit, a loan, or, of course, cash.

In one of these auctions, you will at least be sure of the condition of the vehicle, which will have been carefully maintained or restored. Wonderful as the vehicles are to see, the prices can go very high for rare specimens, so be prepared to pay big money.

As a general rule, car auctions of any type can be real traps for the novice or the unwary. Be alert, be very cautious, but above all, know what you’re buying.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Hi Everyone I bought my very first car from Copart UK. I bought it as "Run & Drive". I was browsing for cars for a long time to get the right one (At least I thought that is possible). I've ended up winning a Vauxhall Astra 2010 in Run & Drive category. I went to the Sandy branch as I was told I have to pay cash the first time. When I arrived I went to the office where I have been told I have to pay then I can get my car! I paid then I was waiting 2 hours in a queue when my car was arrived finally on a bloody forklift!!! I started the car then I realized the engine managemnet light is on which wasn't on the picteres! I wanted to goback to the office but I have been told I have to move the car as I blocking the forklift's way. So I moved the car roughly 100 yards when the automatic gearbox stopped working and I couldn't move the car anymore!!!! I walked back to the office when I have been told that I have paid so there car is mine and nothing I can do!???? They told me they can deliver it to my address for £85 + VAT. So now I stock with a car wich can't be driven, I can not even sell it like this. I tried to call Copart Management, but when I finally received a call back he was reading the terms and conditions to me and said nothing they willing to do!!! There is must be a legal protection for missrepresentation or anything else I can sue this company!???? If anybody have any advice please, please HELP ME! I won't let it go for 100% sure! I read about many cases, and it CANNOT HAPPENED ALL OVER AGAIN. DO NOT USE THIS COMPANY IF YOU WANT TO BUY ANYTHING ELSE BUT USELESS METAL WASTE!!!! Gabor
Rexike - 18-Oct-17 @ 2:33 PM
Share Your Story, Join the Discussion or Seek Advice...
Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Topics
Latest Comments
  • rigamortice
    Re: Auction House Commissions
    After a family bereavement I have a very lot of goods to sell. Thank you for the outrageous information about tax payable on second…
    29 November 2018
  • ExploreAuctions
    Re: Consumer Law and Auction Goods
    Gwendo - Your Question:What are my options on dealing with this matter.Our Response:You would ha
    3 September 2018
  • Gwendo
    Re: Consumer Law and Auction Goods
    What are my options on dealing with this matter.
    31 August 2018
  • Gwendo
    Re: Consumer Law and Auction Goods
    I just won a 6×3m gazebo on an online auction and it was advertised as "6×3m garden gazebo in black. But when I unpacked it was…
    31 August 2018
  • Geoff
    Re: How to Bid at an Auction
    I left AutoBids on the Saleroom with a UK auctioneer both of which were sold in the room at the value of the bids that I submitted. The…
    30 August 2018
  • Petetheheat
    Re: Consumer Law and Auction Goods
    Won an auction for a caravan on well known auction site, but seller refused to honour sale and sold to a third party who had not…
    21 August 2018
  • Lar
    Re: Auction House Commissions
    Recently went to an auction at an auctioneers, I won the bid. The bid was £20 how much should the bill be? Bearing in mind the…
    1 August 2018
  • Krony
    Re: Consumer Law and Auction Goods
    Put a bid in for a van at auction. Received confirmation of bid. Auction was Saturday at 2. Van apparently van did not go…
    30 July 2018
  • Taylor Hothersall
    Re: Selling Collectibles
    I have an The lord of the rings series 4 The fellowship of the ring The two towers The return of the king Original 35mm filmcel Triple…
    18 July 2018
  • Bronko
    Re: Auction House Commissions
    I've got a few brand new watches in boxes and 5 year's guarantee I've never been to auction and can't work out the percentage of the…
    26 June 2018