Defining The Auto Auction
An auto (or vehicle) auction is a kind of auction that worries itself only with trucks -- often cheap used trucks -- as well as cars, motorcycles, and SUV's. Millions of vehicles are sold every year through auto auctions. Sadly, only a certain few are open to the walk in public. Most concern themselves with dealerships looking for new product. Online services, like eBay, have started offering auto auctions.
Extreme Low Pricing: Truth or Lie?
There are without a doubt some incredibly low prices present at each auction. Vehicles have been known to be driven off the lot for 90% off the price of an original, a sale owed to the fact that many cars that have been reposessed are shoveled back out into the market through auto auctions.
The negative side is that dealers use "reserve pricing" nowadays, which is a term for setting a minimum asking price that bidders must meet in order to actually win the vehicle. This can put a damper on that bargain basement price you were hoping for, but you can still get quite a good savings despite the reserve price's interference.
On the flip side of the coin, car prices can zoom skyward just as easily as it can drop through the floor. Picking up your dream car for bargain basement pricing isn't impossible, but it doesn't happen often.
Where Are They Located?
You can find an auto auction nearby regardless of where you are in the country. They're usually held by privately sponsored auction houses, police departments, or Federal or government agencies. Schedules of when and where these auctions are taking place near you are usually available in the participating agencies' offices, online in websites or even in company brochures and local newspapers. Go ahead and check one out -- maybe you'll find that cheap used truck you've been looking for!
Proper Identification
One downside to vehicle auctions is that you need to pay a registration fee to get started. This fee is paid at the site of the auction on the same day as the event.
No Warranty
It's important to consider that any car you buy in an auction is not going to carry an "in house" warranty like a dealership would. Any manufacturer warranty would still apply, though.
Do These Vehicles Actually Work?
The many vehicles and cheap used trucks available at these auctions cannot be test driven, but bidders who are interested can try out the heater, air conditioning and many other accessories while the engine is running. This may not be much, but at least you can tell that if you turn the key, your vehicle will move.
Payment Arrangements
Typically, auction vehicles are paid for by cash, check, or credit card. Be sure to check with the house where the auction is taking place for any special instructions, or if only some forms of payment are acceptable.
No Backing Out
If you can't afford to pay for your cheap used truck, then don't try to win the auction as you will be bound legally to cough up that cash. If you do win, and can't pay, you'll be stuck with additional fees and penalties that will make life more difficult for everyone involved.
An auto (or vehicle) auction is a kind of auction that worries itself only with trucks -- often cheap used trucks -- as well as cars, motorcycles, and SUV's. Millions of vehicles are sold every year through auto auctions. Sadly, only a certain few are open to the walk in public. Most concern themselves with dealerships looking for new product. Online services, like eBay, have started offering auto auctions.
Extreme Low Pricing: Truth or Lie?
There are without a doubt some incredibly low prices present at each auction. Vehicles have been known to be driven off the lot for 90% off the price of an original, a sale owed to the fact that many cars that have been reposessed are shoveled back out into the market through auto auctions.
The negative side is that dealers use "reserve pricing" nowadays, which is a term for setting a minimum asking price that bidders must meet in order to actually win the vehicle. This can put a damper on that bargain basement price you were hoping for, but you can still get quite a good savings despite the reserve price's interference.
On the flip side of the coin, car prices can zoom skyward just as easily as it can drop through the floor. Picking up your dream car for bargain basement pricing isn't impossible, but it doesn't happen often.
Where Are They Located?
You can find an auto auction nearby regardless of where you are in the country. They're usually held by privately sponsored auction houses, police departments, or Federal or government agencies. Schedules of when and where these auctions are taking place near you are usually available in the participating agencies' offices, online in websites or even in company brochures and local newspapers. Go ahead and check one out -- maybe you'll find that cheap used truck you've been looking for!
Proper Identification
One downside to vehicle auctions is that you need to pay a registration fee to get started. This fee is paid at the site of the auction on the same day as the event.
No Warranty
It's important to consider that any car you buy in an auction is not going to carry an "in house" warranty like a dealership would. Any manufacturer warranty would still apply, though.
Do These Vehicles Actually Work?
The many vehicles and cheap used trucks available at these auctions cannot be test driven, but bidders who are interested can try out the heater, air conditioning and many other accessories while the engine is running. This may not be much, but at least you can tell that if you turn the key, your vehicle will move.
Payment Arrangements
Typically, auction vehicles are paid for by cash, check, or credit card. Be sure to check with the house where the auction is taking place for any special instructions, or if only some forms of payment are acceptable.
No Backing Out
If you can't afford to pay for your cheap used truck, then don't try to win the auction as you will be bound legally to cough up that cash. If you do win, and can't pay, you'll be stuck with additional fees and penalties that will make life more difficult for everyone involved.
About the Author:
Do you want to buy cheap used trucks for your business? If so, why not check out second-hand truck auctions near you and compare them with bargain prices you find online. Before buying anything as major as a vehicle online, consider how reliable the seller is and how they do business. Make sure you only do business with a trusted web source with a proven track record.
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