car-giftFinally! You get experience your first car auction – you couldn’t be more excited. However, although exciting, there is a lot to know about car auctions as far as how to approach it and all the legalities. Since this is your first car auction, or you’re simply getting yourself informed, it’s best to be prepared so you don’t get in over your head.

The most important part of a car auction is coming prepared – make sure you have a decent amount of money in your bank account so you’re not left empty handed or scraping up pennies! When you buy a car at a car auction it works a little differently, the car has to be paid in full. Also, don’t forget to have your ID or another valid form of identification on you at all times. This is needed so you can properly buy the vehicle and handle the title and registration.

Typically at a vehicle auction it is not uncommon for the vehicles to have a reserve price. Simply speaking, a reserve price is a minimum price in which the car will be sold for. If the reserve price is too high for you simply move on – you don’t want to catch yourself in a bidding war for something you can’t afford!

Before you actually begin to place your bets be sure to inspect the vehicle. Many vehicles at a car auction have been previously damaged. If you have a friend who is a mechanic or know cars well try asking them to accompany you.

Lastly, remember that anything you buy at a car auction is sold exactly how it is with no warranty. Remember this as you look around so you can prevent yourself from buying something that won’t be beneficial to you! Have fun – and happy car shopping!