got stung yesterday, what i thought was a 25 pound bargain, left me with a 35 quid buyers indemnity fee.
How much do british car auctions charge for a basic price car?
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I bought a car last year at Manheim auctions
Hammer price 7,400
Buyer premium 154.04
VAT on Buyer premium 26.96
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You got stung ? If it runs, brakes and has some test left then its still good value.
Out of interest could you tell the forum a little bit more about your purchase please ?
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btw try applying the BangerNomics Valuation Method and see if you come out tops !
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And the valuation model is (broadly):
inherent value (brushed chrome wheels retail value & other scrap value & any pose value)
+ £30 per month for MOT
+ value of any tax
+ value of any petrol
+ value of coins in ashtray/notes under floor mats/silver cufflinks under the seats
- value of any repairs to make it roadworthy.
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There is a simple way of working out the buyers premium. But i cant remember it! There is a fixed fee i beleive then it goes up a fiver or something per hundred. I have bought cars in the low 2k braket- a 2350 cars means a 130 pound private buyers fee at BCA. A 14050 car came with a 298 buyers fee. A 1200 car i bought cost 99 quid in fee.
does anyone know the exact formula?!!
Sorry not much use but a few examples. It also varies very slightly depending whether it is a marginal vehicle or not.
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Oh for a return to the days of guineas, when the pounds went to the vendor and the shillings went to the auctioneers.
That made it a flat 5% didn't it?
--
Terry
"You'll have to speak up I'm wearing a towel"
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