You’ve had your heart set on a new Porsche for years, but it always seemed just out of reach. That is until you were wasting time on eBay and saw the car of your dreams listed for a price you could actually afford. Could this be real? Fortunately for you, the answer is yes. You can save money on a luxury vehicle when you buy at an online auto auction. And the reason for this is simple: Car dealerships have a lot of overhead, and they need to make more of a profit.
And it’s not just eBay Motors getting in on the action. Other auctions sites are gaining in popularity, so you have more to choose from than ever before. And depending on the auction, you may even be purchasing your new vehicle at the same price as the dealer does. So why doesn’t everyone skip the middle man?
Well, in truth, you have to know what you’re doing when you buy from an online auto auction. Read on to learn what to look for when buying a luxury vehicle at an online auto auction.
Tips for purchasing a luxury car from an online auction.
Start with research
You might be excited at how much money you could potentially save, but don’t go blasting out the gate just yet. You could end up with a lemon if you make a purchase before you’re ready.
When you find a car that suits your wants and needs, always check vehicle history reports before placing your bid. Once you bid, you may be locked into a purchase so it could be too late. If you’re buying a car sight unseen, this is the best way to evaluate its condition.
If you feel that it’s necessary, you may even be able to arrange an in-person viewing. This will vary based on the auction site, so be sure to call.
Find an Auto Shipping Company
You might think it’s jumping the gun to find an auto shipping company before you place your bid, but this is actually the perfect time. Once you have a quote, you can determine the final price of your purchase, so you’ll know whether you’re truly getting a good deal.
You’ll want to include the shipping cost in every comparison you make, and understand that the cost may vary based on the type of car you’re after. Even if you’re considering similar cars, like a Porsche Cayman vs. 911, you’ll want to add the shipping cost to your comparison.
For example, if you’re saving $600 off dealer pricing on the Cayman versus $800 on the 911, one may exceed your budget after you add the shipping cost. This could be your deciding factor.
At this point, you’ll also want to find an auto shipping company you can trust. This is especially important when you’re buying a luxury vehicle because the aesthetic is going to be even more important. Scratches and dings can really put a dent in your enthusiasm about saving money.
Cast a Wide Net
You are under no obligation to buy any car at auction, so don’t feel pressured to start bidding right away. Think about the type of car you want, and browse the auction sites to see what’s available. This is a very different experience from buying a new car, so try to be patient.
You may need to wait for the car of your dreams to become available at auction. Or you may need to be flexible. Understand that you may not get the make, model, mileage and interior style you really want. If that’s okay with you, an online auto auction is a great place to buy a car.
Finalizing the Sale
When you buy a car at auction, it’s a cash sale. You’re not going to find financing for a true auto auction, so keep this in mind as you’re bidding. You’ll need the cash available to send payment within about five business days of winning the bid. If you don’t make that final payment, you will probably end up losing the car along with whatever deposit you put down.
You can get an amazing deal at an online auto auction, but it’s important to do your homework. Make sure to check the vehicle report, get valid auto shipping quotes and be prepared to pay cash before you make a bid.