Posted: 1/13/2010 7:21:26 AM EDT
| I just sent my used car dealer packet in and was told that it should be 1-2 weeks. Now I am gonna be pretty new to the auto auction process. I have been following the online simucast manhiem auctions and follow the prices with their market reports. What I need now is advice from someone who goes to the auctions on a regular basis. What to look for what to avoid and any other tios. Also what is the easiest way of paying for a vehicle? I am a bit nervous carrying 10k in cash and I doubt they are gonna take a personal check. Any advice? |
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Get ther early, look over the inventory and find the cars that you might be interested in if the price is right. Look them over very well, then bid accordingly. I have been amazed at the guys who will simply hear a low bid, walk over and start bidding, not knowing that the other side of the car was caved in (true story, multiple times).
Know what you are bidding on! |
| I agree about getting there early and looking everything over closely. Also agree with what the market likes vs. what I consider a good deal. I learned my lesson on the last truck I bought. It was a beautiful jacked up F150 crew cab. I got a deal on it and thought I would double my $. Anyways I payed $8,500 but had to unload it for $11,500. I know I still did good but not what I was hoping. The problem was that it was a 04 F150 crewcab with a FabTech 6' lift, nitto 35" tires, 20" chrome wheels BUT the truck was only 2wd. I had a dozen phone calls about it but as soon as I told them it was 2wd they went running. I came out ok on that deal only because it was such a good looking truck. If it would of been a basic 2wd f150 I would still be sitting on it. Selling a 2wd truck in 10" of snow is not a easy thing to do. |
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Quoted: Good advice so far. You need to plan to stay late. Alot of the buying early in the auction is going to be dealerships or rental car companies. They may be lazy buyers or simply do not want to spend all day at the auction. The good buyers I know always plan to stay all day. Like has been said, go early, look over the inventory, know what you want to pay and if you are not bidding don't even think of scratching your nose because the auctioneer might take think you are bidding. As far as for paying for your vehicles, I would call the auction ahead of time to see if they would accept your check. Assuming you are going to a Manhiem Auction, you might want to ask them for a floorplan line of credit. Manhiem Automotive Financial Services did offer floorplan financing for used car dealers. They will have an office at the auction so you might want to talk to them. I just sent my used car dealer packet in and was told that it should be 1-2 weeks. Now I am gonna be pretty new to the auto auction process. I have been following the online simucast manhiem auctions and follow the prices with their market reports. What I need now is advice from someone who goes to the auctions on a regular basis. What to look for what to avoid and any other tios. Also what is the easiest way of paying for a vehicle? I am a bit nervous carrying 10k in cash and I doubt they are gonna take a personal check. Any advice? |