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Thursday, 29 July 2021 15:43

Monterey Car Week Celebrates Post-Covid Return of Live Auctions

Index

...invest sufficient time to learn bidding tactics, and follow at least a few transactions closely to understand the auction nuances.

 

Do your homework. Check sale prices of similar cars on past auctions and use online resources, such as Hagerty and Hammer Price, to learn current market values of cars you plan to bid on. Don't get caught up in a bidding war that takes you too far outside of that range.

 

Get ready to buy. If you win an auction, you're required to pay for the car right away. If not paying in cash, arrange for pre-approval to finance or lease well in advance. Be sure to plan for all fees, commissions and related expenses.

 

Scrutinize the car's condition. Some problems, such as water damage, are not always disclosed to CARFAX, and for pre-1981 cars, those reports are unavailable. For high-priced vehicles, consider arranging an inspection by a local dealer or qualified appraiser (at your expense.)

 

Evaluate the seller. Monitor the quality of responses the seller provides to questions from bidders, and submit your own questions. Gain as much insight as possible into the seller's backstory, including whether it's a dealer or private party.

 

For car sellers, online auction tips included:

 

Select the right auction. Pay attention to types of vehicles offered, price ranges and whether auction participants are serious buyers or tire-kickers. Keep in mind that, even if you're in the right place, not all cars are accepted for auction.

Package your car properly. You may be handy with a camera, but hiring a professional photographer/videographer who specializes in cars is worth the investment. Most online auctions offer...