You need a new car and you want to pay as little as possible for it, then a vehicle auction maybe the right way to go – there are pros and cons. Buying a used vehicle at auction can be a thrilling experience.
But is it the best way to get your hands on a new-to-you set of wheels?
Today, we’re delving into the pros and cons of this popular approach to car buying.
Pros of Buying a Used Vehicle at Auction
An auction could be the best way to get that expensive sports utility vehicle of your dreams, or pay as little as other bidders will allow. Here are some pros of car auctions:
Auctioned vehicles often come at a significantly lower price than those at dealerships. If you’re on a tight budget, you might find the deal you’re looking for on a used compact SUV or a budget-friendly luxury mid-size SUV.
With a wide array of cars to choose from, auctions offer the opportunity to find unique vehicles. From subcompact SUVs with impressive torque to the fastest SUVs on the market, you can find a wide range of options.
3. Potential for Great Deals
Cons of Buying a Used Vehicle at Auction
Unless you take your mechanic along to a physical auction, you have no way of truly telling if that used auction ride is a lemon:
1. As-Is Sales
Most auctions sell cars as-is, meaning you’re taking on all existing issues. If the vehicle has problems, you’ll need to fix them out of pocket. Make sure you know what you’re getting into, whether it’s a subcompact SUV or a full-size SUV.
2. Limited Test-Driving
At most auctions, you won’t be able to test drive the car. While you can inspect it visually, you won’t know about performance issues, like the turning radius or towing capacity, until you’ve already bought it.
3. Intense Competition
Auctions can be highly competitive, driving prices up. That affordable SUV might not stay affordable if bidding becomes intense.
While buying a used vehicle at auction comes with both pros and cons, the key to success is being informed.
Research your options, understand the potential risks, and know what you’re willing to spend. With a bit of luck, you might just drive away with the car of your dreams.