If you’re in need of a new car, why not try acquiring one from an auction in the Philippines? Cars that end up in auction houses are known to be of outstanding quality and great condition. Though there are outliers to this statement, but generally, an auctioneer will tell you everything you need to know about the vehicle up for sale. If you want to start attending auctions, here’s what you’ll need to know:
Choosing What to Bid On
No matter where you purchase a used car, whether it’s at a buy and sell shop in the Philippines or a car auction, you should always inspect the vehicle you are interested in. At auctions, it’s possible for buyers to inspect each car that’s going to be under the hammer. For online auctions, there will always be a descriptive catalogue about the car, its history, status, and condition.
When you have a car of choice in mind, it’s good to take advantage of online references to gain knowledge about the average prices of a specific model. You should also familiarize yourself with the prices of vehicles depending on their condition as well. Knowing the prices of vehicles in the second hand market will aid you in setting a ballpark figure of how much you should pay for a certain vehicle.
Now that you’ve done your research, it will be easier for you to narrow down the field of your prospects. On the day of the auction, there is usually a given window or time frame for bidders to inspect every vehicle that will be up for auction. This usually lasts for up to an hour or two. During this moment, you can quickly inspect the vehicles you’re interested in. Look through every vehicle’s bodywork, engine, electrical systems and wires, the condition of the interior trim, and the wear of the tires. This is just for you to gather some information about the quality of the vehicle.
What Happens When the Car Auction Starts?
When the time for selling begins, the vehicles are to be driven to the auction hall, one by one. The car that will be presented in front of the rostrum is the car that everyone will be bidding for. Before people actually start bidding, the auctioneer will give a thorough description about the car. Listening in on what the auctioneer says about the vehicle is vital. Some detailed information about the vehicle might be said that was not included in the printed catalogue.
Here’s a few phrases that you have to be keen on, as they may ultimately describe in summary, the status of the vehicle:
- “The vehicle has no major mechanical faults”: this indicates that the car is of great quality, with no mechanical compromises whatsoever.
- “Specified faults”: This is when the auctioneer will indicate any issues or faults with the car. Some may be minor issues that won’t really affect the overall condition of the car, such as a busted radio; while others may be major issues.
- “Will be sold as is”: this means that the cars condition will be sold with its issues. Any complaints with the unit will not be entertained as it will be sold in its current state.
How to Bid at a Car Auction
Getting used to bidding at a car auction may take some getting used to. We recommend that you attend at least three auctions without purchasing anything. This lets you get used to the environment of an auction house and how other people will be bidding. During your visits to the auction house, you can observe the behavior of others, which can help you avoid making marginal mistakes.
When the bidding starts, you can place your bid by raising your hand. The bidding will continue until no more bidders are left in the room. The car will go to the highest bidder. Once sold, the auctioneer with put the hammer down, signifying the end of the bidding process for the unit. The whole bidding process is swift, you have to stay alert to keep up with the prices and people bidding on the car.
Now that you know what goes on in an auction house, here are a few quick tips for first-time bidders:
Do your research. It’s good to know what the key characteristics of a car are in good condition. See which cars are worth buying.
Never rush. Rushing into things when bidding may get you nowhere. Spend your time looking around for the best prospects.
Always check the units up for auction. Take your time when it comes to inspecting the vehicle you plan on acquiring and bidding for. It’s also good practice to get to know the ropes when inspecting a car.
If you want to acquire a car from the auction house, you have to be thorough and follow these tips in order to be successful. It takes a lot of patience and bidding is essentially a skill.