Is your car your pride and joy, or are you ready for a change? Let us know and you could win a £300 John Lewis voucher | No thanks

Buyers 'still insecure about online car auctions'

Tue, 15 Dec 2009
Online car auctions nearly doubled in 2009, leading industry figures to predict that one in four autos could be bought over the internet by 2015.

Auto eBid researchers also revealed, however, that despite the jump in activity, as many as 72 per cent does not feel completely secure purchasing items this way.

Chief executive officer of the company, Amin Saleem stated these feelings were understandable but could be relieved.

He noted: "Cars are a big transaction for anyone, not least those nervous about online security."

Mr Saleem went on to suggest buying at online auction could even be safe than in-person transactions.

"You can't get duped by a dealer, you can't lose any deposit and your details are not passed on or sold to any third party."

Auto eBid operates a 'reverse auction' system, in which car dealers must lower their prices in a bid to catch a prospective client's interest.

This system was hailed last year by Money Week as "a great way to get your hands on some amazing bargains".

To find out what Honest John has to say about buying at auction click here.


Add a comment


Ask Honest John

Value my car

Amount to borrow
Sorry. The minimum loan amount is £1000
To pay back over

My credit score

Best available rate 9.20%

Total repayment £8,930.17

Total cost of credit £1,430.17


48 monthly payments

Apply now

Representative example

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

CarFinance 247 Limited is acting as an independent credit broker

Universal Square, Devonshire Street North, Manchester, M12 6JH