Do your research! Read up everything there is to read about the car or cars you’re considering – weak spots, club/specialist support, parts availability plus, of course, what they sell for!
Don’t forget to research things that affect the cars suitability for you. You don’t get a test-drive and once the hammer falls it’s yours, even if you can’t fit inside it!!
Check auction conditions carefully, In particular, ensure you understand – and can meet – the payment terms. These days you may also need to provide proof of identity, and due to anti money-laundering regulations, not be allowed to pay more than £9000 in cash.
Keep in mind that at classic auctions your ‘rights to return’ are usually virtually non-existent and restricted to matters of title (ie that the car isn’t the vendors to sell). You certainly won’t have any comeback for condition-related issues unless they are in direct contradiction of a specific statement in the description – ie a car that was said to have had a reconditioned engine did not…
Try to get to the sale early on sale day or viewing day. That way you can inspect your chosen lot at your leisure and without the pressure/time constraints caused by other people wanting to do the same…
Ask the auction house what they know about a particular car. I most cases this will be more than is in the brief catalogue description and in most cases they will tell you what they do know. You can also usually look at paperwork – though the owners name and address may be kept from you.
Don’t take too much notice of what other people might say about a particular car – either directly to you or to someone else but in a way that you are clearly meant to hear. Chances are it’s either the vendor trying to push the price up, or a rival buyer trying to put you off!
Don’t forget to register and obtain your bidding number!
Set a bidding limit for the car – the maximum you are prepared to pay – and STICK TO IT. Don’t be tempted to bid more in the excitement of the auction; that is a sure-fire way to pay too much, and as even professional buyers sometimes do it, the risk for you is even greater…
Make sure the auctioneer can see you clearly. You are an unfamiliar face, so need to make sure you are visible!
Ignore all the often-spouted rubbish about people who rub their nose at he wrong time having to buy a car – the whole business is far too serious for that! For your first bid the auctioneer will need a clear and unambiguous signal such as a wave of your catalogue. Once he knows of your interest he will look back at you for subsequent bids, so a nod of the head is sufficient.
If your bid is successful – or accepted as a provisional, you’ll need to sign for your purchase IMMEDIATELY and, in all probability, pay your deposit there and then. You are now committed to the purchase!
Don’t forget the extras! There will always be a buyer’s premium on top of your bid price of anything from 5% to 15%. You won’t normally pay VAT on the bid price of a car, but the buyers premium is a fee levied by the auction house and WILL attract VAT.
Make sure the car is taxed and insured if you’re planning to drive home after purchase. You might be able to arrange ‘instant’ insurance cover by phone, but to buy a tax disc you’ll need a cover note or certificate. Auction houses can usually supply details of known transport companies, but it may be cheaper to arrange it yourself.
How long do you have to remove a car after purchase? Where an auction is held on a ‘borrowed’ site – such as a stately home or museum – you will probably have two days at most. After that the auction house will remove the car to storage of the choice – and charge you for the privilege.
FINALLY… While the auction house is there to bring buyers and sellers together and to provide a smooth, efficient and professional sale, their primary client is the seller. They are being paid to sell for the best possible price on the day, their reputation rests on this, and while you’ll be treated fairly, no auctioneer will put your wish for a cheap car ahead of his responsibility to his client and his employers.
0 Responses to “My Top Tips For Buying A Classic At Auction”