Many people find that the sight of a restored vintage car rolling along the highway, with a fresh coat of shimmering paint and chrome accents gleaming in the sun, brings a huge smile to their face as they recall wonderful memories of earlier times. For people who appreciate the workmanship and attention that goes into bringing these beauties back to life, a classic car auction might be a memorable event that could even tempt one to start bidding so that they can claim the classic collectible for themselves.
Classic car auctions have long been a favorite type of event for car lovers of all ages to attend. Before the bidding gets underway, which can get rather heated with an enthusiastic crowd, there is a period of time when people can meander through the displays of the vintage models and appreciate the timeless and elegant lines of the cars that will soon be offered on the auction block.
You will find that attending a classic car auction is very different from going to a public auto auction. While the general, public auctions are more plentiful, they will offer very different types of vehicles, such as salvage car parts, to seized and repossessed cars. They will not have the classic, restored vehicles that are part of a collector car auction.
In the case of public auto auctions, people hope to find a decent car at a good price that will get them to and from work. Seldom will there be much of a bidding war on the very average and ordinary vehicles that are seen at government auto auctions and the like. But all the rules change when attending a collector car auction with an enthusiastic group of avid car collectors who know all about every model and who are looking forward to either starting their own collection or adding to one they already have.
Even if you are not planning to bid on any of the vintage models that are being sold at an auction for classic cars, they are wonderful events to attend. In one place you can check out a wide range of cars from many different eras, which are in immaculate shape, having been lovingly and attentively restored, and are sometimes an improvement over the original model.
Because the market for the classic, collectible cars is a fairly tight market and there is so much interest in the vintage vehicles that are either still in great shape or that have been restored, a collector car auction is not the place to look for a bargain. If a particular model of a classic car is rather rare or in high demand, then there could be an intense bidding war that will drive the winning bid much higher than any Blue Book estimate.
At the same time, sometimes you can get a better deal through a classic car auction than if you were to buy directly from a private owner. It all comes down to who else happens to attend the collector car auction and how determined they are to have that vehicle in their garage, instead of yours.
A repossessed car auction is the place to be to get that dream car at a price you never thought possible. But now that you’ve heard that you can save big at a car auction how do you find out where they are taking place? Just by doing a simple search on the internet you can find any number of sites that specialize in finding car auctions in any area of the country.
Did you know you can buy your dream car for 90% off at repossessed car auctions? You see, there are lots of bargains if you buy your car at repossessed car auctions. But they, the car dealers, have been trying to keep it secret for fear people will start purchasing cars directly from the car auctions. What the dealers do is buy cars, and sell them for huge profits. And they do it because the prices of cars at repossessed car auctions are an absolute steal.
At a car auction there are basically two types of cars being auctioned off, automobiles that have been seized because they were used in the commission of a crime or used government vehicles. Although some people may feel a little strange about buying a car once owned by a criminal, you can find great deals on luxury cars. Buying a used government car at a car auction has its benefits too, government cars usually have regular tune ups and maintenance and some have very low mileage.
Many of these repossessed car auction vehicles are practically new with very low mileage, and because the original owner would have carried the luxury tax, this is not an issue when they are sold at auction. What you end up paying will of course depend a lot on who turns up at the repossessed car auction to join in the bidding, but with so many auctions and so many vehicles, you’re bound to find an excellent bargain.
Car auctions are not only a great place to buy a car, they are also an excellent way to generate income in a relatively short amount of time. The best part of it all is that it’s very easy to do. As long as you follow these general guidelines you can average a profit of $1,500-$3,000 on each car you buy and sell.
Your most obvious starting point is the find out when and where the next car auction will be held in your city. You can do this by either looking through the newspaper, calling your local police station or towing yard or by buying a list of all of the car auction sites in your city. I prefer getting the list because it provides me the information on numerous locations, such as their address, phone number and even website.
After you have found out when the next auction will be, your next step is to find out what kind of cars will be sold there. You can do this by visiting the site 2-3 days before the auction or by going to their website which will usually provide you with information on the cars such as their year, make, model and mileage.
Once you have this information, select a couple of cars that you would be interested in selling. The ideal car would be one that has a low to average amount of miles on it. Now, using a Kelly Blue Book, look up the trade in value of the car because that will be your target price that you will want to pay for the car. Anything above that price will eat into your profits.
When the auction date rolls around all you have to do is inspect the vehicle to make sure that it is running good and has no signs of being in an accident, flood or fire. Once the auction starts, stick to your guns and don’t over bid for the cars you have done research on.
After you buy the car, the only thing left to do is sell it. You can do this by placing an ad on craigslist, autotrader or in your local newspaper. By selling the car for $100-300 less than what everybody else is asking for will have you car sold in a matter of no time.
Once you buy and sell a couple of cars, the process of researching the car’s value and checking for damage will get easier for you. But watch out because you can only sell so many cars before having to get a dealer’s license, which can be pretty expensive. So, check with your state’s DMV office once you sell more than 2-3 cars.
Car auction lists can make your job easier by giving you the location of car auctions taking place in your city. Visit MyCarAuctionReview.com for reviews on the best ones around!