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CAR AUCTIONS
Car Auctions (vehicle auctions) can provide the cheapest and most efficient method of selling or buying a vehicle, with substantial savings and no dealer profit.
If you know what to look for in a car, then it can be of great benefit. Purchasing a car at auctions however carries the most risk.
CAR AUCTION CONSIDERATIONS
Things to consider are:
. no cooling off period
. no Roadworthy Certificate (RWC) or Statutory Warranty, and test drives usually not permitted (you will need to inspect as best you can - even start the engine)
After an auction car is sold, you are required to make a deposit, which is usually 10 percent or $500.
The Auction House will provide a receipt for the deposit, and completed Transfer of Registration Form (the Auction House must ensure clear title).
Obtaining a RWC is also required and needs to be given to Vic Roads (or appropriate agency in your state) along with the Transfer of Registration Form and appropriate stamp duty. |
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PROTECTIONS FOR CAR AUCTIONS
There are very few legal protections that apply to car auctions. At most car auctions, the cars are sold "as is", which means that if you agree to pay for a car, you are stuck with it, no matter what the condition.
Remember that verbal agreements with the car sellers are non-binding. Only agreements made in writing, in terms of the title of the car and its advertised descriptions, are considered legally binding
CAR AUCTION DEALS
If you want to get the best deal possible at a car auction, you need to have a very accurate idea of the value of the car that you want to buy.
There are a few steps that you should take to analyse the value of the car. Find out the history of the auction car. Was it refurbished? repaired? salvaged? Past damage will detract from the car's value.
CLASSIC CAR AUCTIONS
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There are plenty of car auctions that target classic cars or exotic car auctions.
In fact, it is the largest subgroup within the car auction market.
However, buying classic cars can be a little more risky, as these cars' increased age can lead to problems with maintenance and past damages. |
Car auctions can provide a very cheap or rewarding way to buy the car you want, check out various car auction sites online to see what is available to you.
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