Auto auction is a simple, easy and hassle-free method of selling or buying used cars. If you are new to auto auctions, we recommend you to first read our previous article on what are auto auctions. If you are looking to buy a used car at an auto auction, the following checklist will help you to stay ahead and informed.
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Search the Internet, ask your friends and discuss with your family on what type of vehicle you want to buy. Before going to an auction, the list of vehicles or cars that are to be put for auction will be available. Go through the list and decide what car or vehicle you would be bidding for. This research will help you look confident and not flustered during an auction. Also, check the current selling price of the new vehicle during research and subtract the depreciation value to fix on a budget for that vehicle.
Practice Makes Perfect:
It is recommended that you go for few auto auctions as a trial. This will help you to understand what to expect from an auto auction. It can be quite daunting if you try to buy a vehicle at your first attempt at an auto auction. This is majorly because you will need to understand how things work at an auto auction. At the pace of things, you might lose a lot of money or get a vehicle that was definitely not worth your time. Hence, going for trial auto auctions will keep you well informed what to expect and how to behave during an auto auction.
Fix A budget:
As a thumb rule, remember that you are at an auto auction to save money. But if you would participate in an auto auction without setting up a budget and sticking to it, you might end up losing a lot of money. this is where research and budget fixing helps you a lot. If you have gone through the list vehicles at an auto auction and decided at the budget for each of these vehicles, the chances of you overbidding is very minimal. As tension builds up some buyers get caught in the trap of bidding and over bid for a vehicle. Always pay close attention to the number that appears on the screen during an online auction and compare it with your budget before making a bid.
Be Early:
Turning up early for an auto auction is a good practice. When you turn up early for an auto auction, you will not miss out on vehicles that are put up for sale first during the auction process. You can look at the order in which vehicles that are going to be put up for sale and plan in advance for the vehicles you have fixed to bid for.
Know Your Auction:
For those of you who are very new to the auction process, you should know that the auction can be held by private sellers, the government, the police, and financial institutions. The auctions run by financial institutions are considered to be the safest amidst the lot. Gaadi bazaar is an initiative by Chola, a financial institution incorporated in 1978. All auctions run by Gaadi Bazaar have only certified vehicles at affordable costs.