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Auction Tips and Tricks

Auction Tips and Tricks

An auction may be tricky and fast-paced, so it is important to remember few tips and tricks beforehand-

  1. Research your vehicle in advance. Make sure that you know your final offer. Select 5-6 vehicles you have an interest in. Your first choice may end up with a bid that may be more than you want to pay. Choosing beforehand 5-6 vehicles will leave you with another choice as your best buy. Make sure that you know all the rules and tricks of bidding, even if it's your first auction.
  2. Try to bid with confidence. Listen cautiously to the current bid amount. If you do not hear it properly and not sure of it, ask the auctioneer. The auction places are generally crowded. You need to raise your hand high in order to be clearly noticed by the auctioneer. Ensure that the auctioneer sees that you want to bid.
  3. If you're not acquainted with the frenzied feeling of bidding, it is often a good idea to get a  family member or trusted friend or a person who knows much about bidding, to bid at auction for you.
  4. Stick to your limit – The most important auction tactic is to set your limit before the auction and never go over it. If you exceed your limit, your dream car may become your nightmare liability as you fight with your financial budget to make mortgage repayments that are far more than you have calculated for.
  5. Get there early – You should aim to reach before 15-20 minutes of the auction. This will give you the time to register yourself to bid and also will give you an idea of the number of other bidders.
  6. Control your emotions – Controlling your emotions at auction is very important as it can cost money. If you do not control your emotions, you may be carried away and land up to paying high amount than your budget is.
  7. Never bid against yourself – Even if you are the highest bidder and everyone else has stopped bidding, do not increase your bid, no matter how much pressure the selling agent and auctioneer puts you under.
  8. If you are genuinely interested in a car and that the car has not been sold to the high bidder, then feel free to approach the seller and ask the minimum price. The seller may make a deal with you and you will be left with the car of your choice.