Thursday, 11 November 2010

Selling Your Car at Auction

So far, we've looked exclusively at buying a car from auction, but what about selling?
Well, if you're looking for a very quick, hassle-free sale, then this route may be for you. You will, however, need to be very realistic about what price you expect your car to achieve. After all, if all the hype is to be believed, you can pick up cars for a fraction of their retail value at auction!
At most auctions, privately entered vehicles will go through in their own section, and most people know which section this is. Be prepared that most buyers will be sceptical as to why your lovely example is at auction!
The auctioneers will be able to assist you in setting a realistic reserve, and their advice is well worth listening to. They can look up an average of what similar vehicles have made recently, and will recommend a reserve at which your car should sell.
Be aware, though, that car auctions charge fees for selling your vehicle, and they will be deducted from the selling price. There is an entry fee each time the car passes through the auction hall, as well as a selling fee, which is a percentage of the hammer price.
If you do decide this is the right route for you, then you should do everything you would to sell your car privately. You need to make it look the best you possibly can. If you're not very handy with a spray can, then it's probably not worth attempting any bodywork, but a proper clean inside and out can make the world of difference. Don't forget the wheels and glass. Also, make sure you dig out all the documentation for the car. Buyers will adjust the value for service history and MOT, so make sure the auctioneer has plenty to talk the car up with.
If your car has mechanical problems, it may be very tempting to put it through an auction and hope that a prospective buyer doesn't notice. I would ask you to give it serious thought before you do, however, as the poor unsuspecting buyer probably doesn't deserve to buy a lemon.
Finally, please do not be tempted to try to push the bidding up yourself. I have seen people buy their own cars back in the past, and they didn't find it nearly as funny as we did!

See you soon!

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