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Are car auctions a good idea?   arrow

Cars have become an integral part of the day to day life. More and more people are saving day and night in order to be able to land that ultimate and much needed machine, the car. Cars are not only a mode of transport but also are a status symbol in the world today. Many believe that a car gives you some class and status in the society. To some extent, this is true as cars are highly valued in the society. There are different ways of acquiring a car. You can opt for the direct sale option where you get the car directly from the manufacturer. Under this option, there are several payment options that you can use. You can purchase your car through a cash medium from your savings. Alternatively you can seek for a financial plan in order to fund the purchase of the car. You can also purchase a car from an auctioneer’s yard.

Buying a car from an auction yard is quite cheaper as compared to buying a new car. New cars are sold at extremely high prices that at most times necessitate the need to have a financial plan in form of   a loan. Buying a car on auction is quite cheap as most of these cars are used and therefore do not go for a very high price. There are two types of car auctions: open/public auction and closed/private auction. In the open auction, any member can buy any car from the auction yard as long as you can be able to pay for the car. In the closed option, the public is located from placing a bid or even participating in the auction. This option is usually reserved for car dealers and other agents.

How to find a car auction
It is quite challenging to be able to find an auction yard. Most of the auctions are not publicized adequately and as such most people opt to buy cars from dealers. You can use reference materials such as newspaper adverts in order to identify the auctions that are coming up in your area. In most cases, auctions are held on a regular basis and therefore the organizers of the auction may not see the need to advertise an upcoming auction. Competition in auctions is usually very high especially because of the fact that most people are aware that this is a cheaper way of owning a car.

The internet is another great resource center that you can use to search for auctions. Most of the successful auction houses usually have efficient and regularly updated websites. You can use the auctioneer’s website to view the cars that are on auction at a given time. You can also subscribe membership to auction websites in order to be getting regular updates on the cars on auction. This is usually the best option to use especially if you are a car dealer. With the updates, you can be able to place your bids early enough before competition gets stiff in the auction yard.

People are also quite resourceful and as such you can enquire from family and friends on the upcoming auction events. Interaction with car dealers and other players in the industry sector can also be an avenue of you identifying the upcoming auction events.

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