Tips for Buying a Classic Car at Auction
Buying a classic car at an auction can be exciting, but if you’re not careful you can get caught up in the fast-paced atmosphere and end up paying a lot more than you originally wanted to. What’s more, once you’ve brought it, there’s no going back, and your left with a car you can’t afford. Consider these simple tips to ensure that you get the ideal classic car for you, at the best possible deal.
Inspect the car as much as you can before auction
Make sure you inspect the cars that you expect to bid on thoroughly beforehand. Identify whether it is a genuine car or not and once you’ve done that inspect the condition of the car. Consider whether it is worthy of coming into your classic car collection- take a close look to identify any kind of scratches or dents on the exterior of the car as this is common from either poor care, poor storage or classic car transport. If you can, get two sets of eyes to inspect the car to help you spot any details that you might not initially see.
Even though you don’t get to test drive the car before you start bidding on the classic car, look out for the way it drives into the complex ready for display for auction. If you see the driver messing around with gears, it might give you an inclining that it doesn’t drive that nicely. If you’re really interested in buying the car, the volunteer or owner with the car, might even show you how different features and aspects of the car – for example show you how the radio works. There’s no harm in asking and it’s a great way to carry out more checks.
Know exactly what you want
Before attending the auction, make sure you have a clear idea of what you want and how much you want to spend. If you are not exactly sure on the type of car model that you want, then at least set yourself a budget and make sure you stick to it within about 5 to 10%. This way you won’t overspend or go off track during the bidding excitement.
If you have an exact model in mind, make sure you have completed your research to get an idea of how much maintenance costs are going to be. This will help you to get a better understanding to budget how much you can afford for the actual car on top of any maintenance costs it might have. For example, it’s no good getting a car, that you think is a great bargain and then later discover it is going to cost you extortionate amounts in maintenance costs.
Be sensible with your decisions
Don’t get caught up in the excitement of the auction and keep yourself grounded. Look at all of the cars carefully and because time is pressured and you don’t get to test drive the car, it is important that you are absolutely 100% certain on the car you are buying.
Furthermore, it’s not unusual for classic car auctions to have a bar and sometimes offer free alcohol. Don’t take advantage of the alcohol and drink too much. It might result in you making a decision you may regret in the morning!
Get clued up about the auction
All classic car auctions tend to be different so make sure that you ask questions about the auction before going. Read the agreement before you start bidding so you know exactly what you are going to be paying for and so you can get the best deal possible.
Furthermore, it’s worth researching past sales and looking at the prices that have been paid at recent auctions as this will allow you to get a better idea of what you can afford and can therefore budget appropriately.