Bidders looking for salvage vehicles can check out different brands and can narrow their search on the basis of year of make, model number and sales type. Before purchasing a vehicle on auction, it is important to inspect the vehicle.
Although, information regarding automobiles are given on the auction page of a vehicle, pre-inspection is always a safe proposition. A bidder can either inspect the auto himself or send a representative, before the auction goes live. All the vehicles on auction are sold “As Is-Where Is” basis and all sales are final.
Parameter Needed To Decide The Bid Amount For Vehicles:
- Calculate the total bid amount, auction fee, transaction fee and broker fee, that are to be paid. Depending on the bid amount, the total price of salvage vehicle varies. Often, registered brokers have useful tools such as fee calculator to help bidders get an idea about the total amount.
- Find the actual market value of a salvage car, taking into account mechanical problems and body damages.
- Estimate the repair and maintenance cost that will be incurred. On the basis of inspection, the cost can be estimated.
- Calculate the shipping charges before placing a bid. Refer to the shipping calculator to get an idea on the same.
In order to strike a profitable deal, it is imperative to go for an examine and be realistic about the actual worth of the vehicle. Other than the bidding price of the autos, the amount estimated for repair, maintenance and replacement of parts should also be considered. For instance, in case of heavily damaged vehicles, one should always check the bid amount that should be less than 50 percent of the actual value of the car.
Generally, the online auto auctions covers the global audience, so the bidding displayed at websites has to be realistic to engage the customers. One must always look for auction locations that are close to their residence to avoid the heavy shipping charges. The bid is the highest amount that one is ready to pay for a vehicle. The highest bidder in the preliminary bidding gets to place the sum in the main auction and is being represented by the registered broker at the live auction. The bidder should pay the actual sale price of the vehicle and not the entire bid amount.
Once a bid is won, several formalities follow like the vehicle release authorization, payment and documentation and more such things. You need to plan for transportation of vehicle in advance, to avoid paying of huge storage fees. The longer a vehicle will be in the auction house, the more will be it`s storage fees. After purchasing a vehicle, the buyer has to make the payment within two days, after which a late fee will be added.