All About Auto Auction Prices
With auto auctions becoming more and more popular these days as the place to be able to buy a car at really low prices, the problem of how much to pay for a car rears its head. Unlike new or second hand retail sale, there is no sticker price –yes, car prices are negotiable, but at least the sticker gives you a starting point. In the case of an auto auction, there is no sticker price or any other point of reference – the price car is sold will depend on the interest it evokes among the bidders. Even the opening price at which the auctioneer begins the bidding is open to change if no one even begins bidding at that price.
If you want to understand auto auction prices, the best thing to do is to spend time at the auctions simply watching how the bidding progresses. You will soon get an idea of what kind of step the bidding increases in, what makes are the most popular and get the best bids and how a car’s age can affect its auto auction price. Doing this will give you an idea of how the bidding progresses and what kinds of cars command what kinds of prices at the auctions. While doing this exercise, try to look out for the kind of cars you are interested in and pay special attention to their auto auction prices.
To get a broader picture and better understanding of auto auction prices, spend some time visiting websites and magazines devoted to the subject and see what the price trends are. Now that you know the kind of prices the types of cars you would like to bid for are commanding, you need to set yourself a budget. Keep in mind that there are no certainties in any auction and if you get caught amongst bidders who are determined to have the car you are also bidding for, the price can sky rocket. Keep your bidding limit flexible as possible so that you have some maneuvering room during the bidding process, but never let yourself exceed the budget – it may seem like a small additional amount to risk, but once you start exceeding you financial limits, it can be difficult to know where to stop.
During the course of your bidding if you come across others who seem to be very interested in the same car as you are, step back and let them fight it out – at the end of the fight, if the price is still within your range, you can start bidding again.