Auctions are excellent places to buy classic cars, if you understand what you’re doing you can really bag yourself a bargain. You will inevitably come across some cars that may need a bit of work, but they will make for fantastic assets once they have been given some tender loving care. Not many people are brave enough to buy a classic car at auction, which means you have a great chance to get a great deal. According to British Car Auctions (BCA), the Easter period is a fantastic time to visit an auction.
Photo courtesy of Joe Ross
How to Buy at Auction – Tips
Take a classic car value guide with you. This will give you a guide price of the vehicles on show, so you can make sure you are not paying over the market value.
Attend as early as you can and do not leave until the auction is over. You never know what is going to turn up, so it is best that you stay to see all of the lots. Being early is essential, as this is the only time you get to look over the cars before you start bidding.
You should always do your research before buying a classic car. Know what you want to buy before you attend the auction to avoid any impulse buys you might regret later on.
Turn up early so that you can look closely at what’s on offer and ask the owners about their history and condition. You should know what the cars are worth before you go arrive, so you do not pay over the odds.
Check both the interior and exterior. It is essential that, if you do not know a lot about cars you bring someone with you who does.
Set a budget before you go to auction and stick to it. The stress and excitement should not stop you from bidding at the correct price.
Once you have singled out the lots you are interested in, ask the owner about its history.
Lastly, it is vitally important to check the premium that is added to the price of the car when bought at auction. You will need to check the terms and conditions of the auction house before you make any bids. The premium might be a set percentage of the buying price or a set amount before bidding begins.