Luxury cars are your passion... or your investment strategy. However, exotic or high-end cars can be difficult to find, and going to physical auctions can be time-consuming. Thankfully, online auto auctions are a great resources for luxury car collectors. Here's how you can get the best of the auction world with these online auto auction tips.
Online Auto Auction Tips for Luxury Collectors
Whether you love the thrill of the hunt or the nostalgia of it all, buying exotic or luxury cars at an online auto auction can be exhilarating. But as with any wise investment, due diligence is required. If you're new to the process, here are online car auction tips to help navigate your way with confidence:
- Read the description carefully
- Scrutinize the photos
- Know the condition of wear and tear parts
- Pay the right price
- Use “set it and forget it” bidding
If you’re just getting your feet wet on the online auto auction scene, read on for more information about these important tips:
1. Read the description carefully
Buying a car online means you’re not there to "kick the tires," so to speak. Your best bet is to read the description thoroughly to make sure the vehicle you're bidding on includes all your desired features. If the description isn’t detailed enough, ask! It’s crucial to contact the seller to ensure you have a clear and accurate sense of what you're buying.
2. Scrutinize the photos
Photos and video footage will be your best resources when searching for that dream car. Look for dents, scratches, or any other defects that could have an impact on your bid. Detailed photos can also help you identify luxury features that the seller may have left out of the description, like automatic cruise control and air-conditioned seats.
3. Know the condition of wear and tear parts
Repair and maintenance records are extremely important at an online auto auction. Pay attention to specific wear and tear items, such as tires, brakes, windshield wipers, etc. Make note of those that could be costly to repair or service, such as carbon fiber brakes. We recommend each seller provide a third party inspection. From $180-$300, giving buyer piece of mind is a great investment.
4. Pay the right price
Researching price is key to maximizing your investment potential. But it’s not as simple as it may seem. Online resources, such as Kelly Blue Book, can point you in the right direction but don’t stop there. Use those value estimates as a baseline only, then perform additional research online to determine the current market value. Just as with any other investment, overpaying can severely impact your return – but expecting sellers to give up their asset for less than what it’s worth is a rookie move you don’t want to make.
5. Use “set it and forget it” bidding
We know you’re busy. That’s why we offer a "set it and forget it” bidding option that allows you to pre-select your maximum bid and walk away. As auto auction bids are placed, our system will automatically bid on your behalf until your maximum bid is reached. Once that happens, you'll receive an alert that you are no longer the highest bidder. You can then decide whether you want to increase your bid or keep searching for the right ride. Learn more about our online buying process here.
Keep these tips in mind when you’re ready to bid on a car at an online auto auction – and buy with confidence. Start bidding on cars with our secure process that vets all sellers and buyers for your protection. Contact our professionals today for help buying your first car at our online auto auctions.