I've read HJ's guide to buying at auction. Having done a quick cross check between the reported selling prices and 'typical' dealer/trade/private/px etc in Parkers, the auction prices seem incredibly cheap - savings of 30-40% easily achievable.
Am I missing something here? Why would I ever go to a dealer again....presumably they (auctioneers) allow punters the opportunity to crawl over the car (inside and out)and check the paperwork etc.
Where's the risk? Any other hints/tips on auction buying?
Thanks,
Squeeky
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"presumably they (auctioneers) allow punters the opportunity to crawl over the car (inside and out)and check the paperwork etc."
Errr no they dont - thats where the risk comes in. The only chance you have to see the car is an external visual inspection outside the hall before it comes in. It will be started up before its auction time by the driver, who will pop the bonnet for you for a *quick* check. It then gets driven into the auction hall, sold and driven out again at about 5 miles an hour.
The pros choose the cars they want outside the auction hall, and then see it started, get the driver to gun it maybe, pop the bonnet, pop the boot and doors for a quick look see and follow it in to see if it leaves any fluids around. Its all done by eyes, ears, nose and gut feel.
Before you buy - go a few times to get the feel of the pace, surroundings, the jargon, before you jump in.
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If you were a trader who out of 20 vehicles got a dud, and 19 that you made a healthy profit you would be happy as Larry.
If you take out a loan, buy a car at the auction and it turns out to be the 1 in 20 (or whatever) duds, you've lost a lot, but that's the risk you take, and a lot of these duds probably get put back in the auction in the hope that they will be sold to someone else that didn't spot what the last person also missed.
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The thing is, how do you define a dud?
Is it one that needs a few hundred spending on it? In which case you do a risk analysis taking into accound the difference between auction and private sale/dealer prices.
The only time I've bought a car from an auction I saved around £1200 on deler prices and around £600 for private sale prices. OK I had to put right an ABS problem on it a few months later that cost me £150 in total. I was still happy.
If you're after a paricular car, look for the obvious failure points on that car and then factor this into account before bidding.
If you end up with a dud, there are plenty of honest ways to get your money (or most of it) back. E bay with an honest appraisal of the faults, orseek out that part from a breakers for a fraction of the price and put it right. Learn from your mistakes and try again.
H
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Hmm...
Well Growlers having a senior moment, I'm having a CRAFT moment, I was going to post something really relevant and useful but I can't remember what...
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I'd suggest using an auction buyer. I bought 6 (I think) personally at auction, then last time I used Joe Dowd after recommendations on here ( www.auctioncarbuyer.co.uk ). Speak to him and ask him about his charges - it won't cost you much and you get an expert's eye over the car. Additionally, if you take a day off to buy a car and the bidding gets out of hand, you might end up buying at the wrong price because you need to. For Joe, it'll be just another day waiting for a good 'un to turn up at the right price.
However, even if you do use a buyer, I'd still suggest a visit to an auction. All human life is there.
V
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The last time I went to an auction, I'll let you guess when, I was trying to sell a Vauxhall Velox. The body was badly corroded and the engine usually ran on five cylinders. It would only start in the mornings if I bumped it down the avenue.
It was the custom then that the cars were left in the pound with the keys in for prospective buyers to look at and listen to the engine etc. It also meant that the 'lads' could play with them. The car didn't reach the reserve, but I was mightily impressed at how much better it ran when going home.
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The main thing when buying any car is to know as much as possible about it. If you have a friend, neighbour, etc who has a fleet car, or you know a fleet manager and you can track a particular car through the system to the auction then you have very little risk and major benefits. You talk to the previous user who will tell you any problems, you pay the trade price and perhaps you will even get the last year of the manufacturers warranty. I have done that with three cars now. No duds and major savings. This only works with nearly new ex fleet cars.
If you turn up at a banger auction you are taking major risks. You are up against dealers who know all the tricks. The vendor may run up the price against you. A lot of the cars are duds which cannot be sold any other way. You do not get a test drive and you have to decide on the spot. Better to go for a private sale. You get a test drive, you can take it to a mechanic and get it checked out, you can look at how long the advert has been up and work out how desperate the vendor is. Private sale is the way for anything over three years old.
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The WORST - or maybee I mean BEST thing about auction, is they come a close second to this internet lark.....VERRRRRRRRY ADDICTIVE!!
VB
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I did visit Blackbushe about two weeks ago. There were quite a few lease cars up for sale, one or two examples of the model I'm interestd in. I expect to go to about ~£10k. A lot of money to risk but what I'm after would probably forecourt for £13.5 - £15k. The ex lease are I guess the most likely source and probably contribute a little towards risk reduction. I like the idea of using a buyer, I'll give Joe Dowd a call.
Incidentally, although my company no longer offers company cars (we now get an allowance) I am aware that the existing cars are offered to the employee before going off to auction at the end of the lease period.
Thanks
Squeeky
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