Buying a car at auction...how does it work
08-29-2005, 03:51 AM
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Buying a car at auction...how does it work
Was having lunch with a friend of mine yesterday and the subject of buying cars came up 
.....
Anyways he always buys at auction and has not yet had a bad experience.....
We didn't get round to discussing exactly how the process works but the idea of saving on dealer profit sounds appealing especially as there would be no trade in to complicate matters
So.....anyone gone down this route?
.....Anyways he always buys at auction and has not yet had a bad experience.....
We didn't get round to discussing exactly how the process works but the idea of saving on dealer profit sounds appealing especially as there would be no trade in to complicate matters
So.....anyone gone down this route?
08-29-2005, 03:54 AM
#2
MY family has done this a few times - bought my first car (P reg Fiesta (two years old at the time) this way. Measham auction is one of the best British Car Auction sites. If the car is under three years old you get a limited mechanial warranty, over that and you still get the opportunity to drive the car aorund in the rear car park for half an hour to check for major problems before you are obliged to take it for your bid. You get stacks of fleet cars going through for a song
http://www.british-car-auctions.co.uk/main.asp?page=65
http://www.british-car-auctions.co.uk/main.asp?page=65
08-29-2005, 04:02 AM
#3
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I've done more than my fair share of this.
There are lots of risks, but potentially great savings.
I'm going out for a drive now
but will post some thoughts later.
There are lots of risks, but potentially great savings.
I'm going out for a drive now
but will post some thoughts later.
08-29-2005, 04:07 AM
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Originally Posted by zero_to60,Aug 29 2005, 03:51 AM
Was having lunch with a friend of mine yesterday and the subject of buying cars came up .....
Anyways he always buys at auction and has not yet had a bad experience.....
We didn't get round to discussing exactly how the process works but the idea of saving on dealer profit sounds appealing especially as there would be no trade in to complicate matters
So.....anyone gone down this route?
.....Anyways he always buys at auction and has not yet had a bad experience.....
We didn't get round to discussing exactly how the process works but the idea of saving on dealer profit sounds appealing especially as there would be no trade in to complicate matters
So.....anyone gone down this route?
If you go to the BCA web site and pay
08-29-2005, 04:30 AM
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Originally Posted by scov,Aug 29 2005, 12:07 PM
Just a bit Zero. I can own up to buying shedloads of Hondas at auction.
I intend to get a executive barge and reckon on the auction as the place to look
08-29-2005, 05:49 AM
#7
Originally Posted by scov,Aug 29 2005, 01:07 PM
Be aware that the dealer profit, after warranty, recon etc is the square root of bugger all. There is a risk in buying at auction, but it is fun, provided you don't fall into the trap of over-paying.
David
David
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08-29-2005, 05:51 AM
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Originally Posted by zero_to60,Aug 29 2005, 12:30 PM
I intend to get a executive barge and reckon on the auction as the place to look
Maybe the place, but for that sort of car you must buy near new or VERY cheap imo.
This is because the nearly new cars will be warranted or direct from the leasing companies. The word you want is 'direct'; it means precisely that and that the the car has come straight from the leasing company/manufacturer's management fleet etc.
Older, cheap luxo-barges are usually there because a) the owner can't shift them any other way or b) there is an expensive problem that the dealer can't fix within margins. Or both.
On the older, cheaper cars, there may be no opportunity to test and no 1hr return period either. If you pick up a lemon here, your only real option is to stick it back in the auction and take a hit.
That's why I would recommend attending the same auction several times in a row before you buy, and checking what has been selling/going through at other auctions in the locality.
Dodgy cars such as I describe will be re-auctioned and you will want to avoid them!
I have bought around twenty cars at auction and I would say that 1:5 have a concealed fault/dodgy history etc. You can swallow this if you've done well over the years and saved money on the others, or you have access to trade price repairs. However, if you screw up first time - and I'd say the odds are not good - it can be a painful experience.
PS Following my drive, I have a new definition for 'p*ssed off'. It beats Howard's expression wneh he handed out the medals in the Rugby World Cup.
It's the look on the face of a new 911 Turbo coupe owner when you park an eleven year old red Ferrari spider next to it, and you see what the average punter really loves. Priceless.
08-29-2005, 09:07 AM
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Originally Posted by gaddafi,Aug 29 2005, 01:51 PM
I return.
Maybe the place, but for that sort of car you must buy near new or VERY cheap imo.
This is because the nearly new cars will be warranted or direct from the leasing companies. The word you want is 'direct'; it means precisely that and that the the car has come straight from the leasing company/manufacturer's management fleet etc.
Older, cheap luxo-barges are usually there because a) the owner can't shift them any other way or b) there is an expensive problem that the dealer can't fix within margins. Or both.
On the older, cheaper cars, there may be no opportunity to test and no 1hr return period either. If you pick up a lemon here, your only real option is to stick it back in the auction and take a hit.
That's why I would recommend attending the same auction several times in a row before you buy, and checking what has been selling/going through at other auctions in the locality.
Dodgy cars such as I describe will be re-auctioned and you will want to avoid them!
I have bought around twenty cars at auction and I would say that 1:5 have a concealed fault/dodgy history etc. You can swallow this if you've done well over the years and saved money on the others, or you have access to trade price repairs. However, if you screw up first time - and I'd say the odds are not good - it can be a painful experience.
PS Following my drive, I have a new definition for 'p*ssed off'. It beats Howard's expression wneh he handed out the medals in the Rugby World Cup.
It's the look on the face of a new 911 Turbo coupe owner when you park an eleven year old red Ferrari spider next to it, and you see what the average punter really loves. Priceless.
Maybe the place, but for that sort of car you must buy near new or VERY cheap imo.
This is because the nearly new cars will be warranted or direct from the leasing companies. The word you want is 'direct'; it means precisely that and that the the car has come straight from the leasing company/manufacturer's management fleet etc.
Older, cheap luxo-barges are usually there because a) the owner can't shift them any other way or b) there is an expensive problem that the dealer can't fix within margins. Or both.
On the older, cheaper cars, there may be no opportunity to test and no 1hr return period either. If you pick up a lemon here, your only real option is to stick it back in the auction and take a hit.
That's why I would recommend attending the same auction several times in a row before you buy, and checking what has been selling/going through at other auctions in the locality.
Dodgy cars such as I describe will be re-auctioned and you will want to avoid them!
I have bought around twenty cars at auction and I would say that 1:5 have a concealed fault/dodgy history etc. You can swallow this if you've done well over the years and saved money on the others, or you have access to trade price repairs. However, if you screw up first time - and I'd say the odds are not good - it can be a painful experience.
PS Following my drive, I have a new definition for 'p*ssed off'. It beats Howard's expression wneh he handed out the medals in the Rugby World Cup.
It's the look on the face of a new 911 Turbo coupe owner when you park an eleven year old red Ferrari spider next to it, and you see what the average punter really loves. Priceless.
good advice!!!oh and as for the 911 turbo
well in fact realisticall ANY Porsche doesn't really stand much chance in gaining attention if there is ANY Ferrari parked next to it