A car auction Nottingham tends to be a very fast-paced environment with major auctions selling thousands of cars each day.
Most auctions can finish up in a matter of seconds, so knowing the main things to look out for as well as what to do and not to do, can be the difference between having a positive or negative auction experience.
Consequently, we have compiled a list of strategies to prevent making any unnecessary mistakes at auction.
Here at SVS Cars, we have bought hundreds of cars at auction over the last 20+ years. Due to being highly experienced in this arena, we feel as though we have the best advice to give when it comes to buying a car at auction.
1. Get a consultant
A consultant is someone who has extensive experience with physically buying vehicles at a car auction Nottingham for the purpose of selling them for a profit.
By doing this, they have already learned from all the mistakes they made in the past so you don’t have to. Paying a consultant a fee to guide you through the process will pay for itself many times over by getting you the right car the first time round.
2. Do your research
Doing all the necessary research and checks prior to bidding at a car auction Nottingham is the easiest and best way to prevent you from buying the wrong car.
Additionally, there is a lot of information available to buyers nowadays which when used and read correctly, can help give a very good picture of a vehicle’s condition and history.
It’s crucial that you check things like MOT history, service history and the general condition of the car to make a decision on whether it is the right one to go for or not.
3. Set your limit
Before bidding on a car, it is always good practice to decide your max bid limit and not to go over that limit during the auction. Even if the adrenaline starts pumping, you have to remain strict and don’t get caught up in a bidding war which will mean you will most likely overpay for a certain car.
By paying more than you need to for a car, you are cutting into profits if resale is the purpose of buying. Alternatively, if the car is for yourself, then overpaying for a car will leave less money leftover for any potential unexpected expenditure.
4. Check financial details
Most auction houses charge a hammer price fee which is to be paid on top of the sale price of the car.
Furthermore, these fees vary between auction companies and also between different levels of buyers. The more a trader buys, the lower their buyer fees will be compared to another trader.
Be sure to check the relevant fees with the auction you are buying from and take them into account when deciding your maximum bid limit.
Additionally, VAT is payable on most commercial lots so be sure to check the VAT status before bidding as this will also need to be paid on top of the auction price.
Find out about our car auction fees in more detail here.
5. Don’t buy anything else if you miss out
If you fail to secure the winning bid on the first car you go for, in other words, the one you researched correctly prior to bidding, do not make the mistake of bidding on the next best car that happens to come through afterwards on the same day.
Our advice would be to go home, search for more cars at auction, and research them in the same way you did the first one. In our experience, buying a vehicle in the spur of the moment almost always ends up with you purchasing the wrong car.
Interested in taking a look at our latest cars? Take a look at our Instagram posts!
Car Auction Strategies with SVS Cars
There you have it! SVS Cars’ top 5 strategies to buying a vehicle at a car auction Nottingham.