One of the most common mistakes that buyers make at auction is letting emotion and excitement overtake them. This leads to irrational buying decisions that can cost you big money.
To avoid this mistake, consider getting classic car insurance before the auction begins. This will give you peace of mind and may help save you money in the long run.
Look for a Vehicle with a Clear History
The most important thing to remember when buying a classic car at auction is to stay calm and think clearly. It’s easy to get caught up in the excitement of bidding and let your emotions get the best of you, but this can lead to irrational decisions in the heat of the moment. It’s best to have a clear plan before you arrive at the auction and be prepared to walk away if the bidding gets out of control.
It’s also a good idea to do as much research on the car you’re interested in before you attend the auction. Several online resources can provide you with details like production numbers, value, recent auction prices, and more. Many of these sites can even be used to help you determine if the vehicle you’re considering is worth your time and money.
If you can, inspecting the vehicle before you bid is also a good idea. A close examination can reveal a lot about the condition of the car that isn’t apparent in photographs or descriptions. Depending on the vehicle and your skill level, you may be able to do this yourself, but it’s often better to have an expert go over the car with you.
You’ll also want to be sure you can afford the car you plan on purchasing at the auction site. Standard auto insurance often won’t cover classic cars, so you should investigate specialized car insurance costs in advance and be ready to purchase coverage as soon as you assume ownership of the vehicle.
Finally, be sure you have a clear plan for transporting or shipping the vehicle home once it’s been purchased. Some auction companies offer concierge services that can provide advice on transportation and shipping options, so be sure to ask if they have any specialists available to help. It’s also a good idea to stay at the auction until the end, as this is when crowds tend to thin out, and you might discover a great deal that wasn’t on your radar initially.
Check the Vehicle’s Condition
Buying classic cars at auction is a unique experience that can be more challenging than purchasing from a dealer or private seller. However, the right preparation can help buyers make smart decisions and avoid costly mistakes.
It’s important to take the time to examine every aspect of a car in person before putting down any money. This includes getting on hands and knees to check underneath. Look for oil spatter, traces of fluid, and other signs of maintenance neglect. Also, check for dampness and stains in the upholstery. If these are present, they may be a sign of leaks or water damage. It’s also a good idea to open up the trunk and rear hatch, checking for any leaks. Bringing basic inspection tools, such as a magnet to check for filler and a mirror for peering into tight spots is a good idea.
Buyers should familiarize themselves with each vehicle by reading the auction catalog’s personal history (usually available in advance). It’s also a good idea to research the make and model online to find out common problems, buyer guides, and recent values. Purchasing specialized classic car insurance before attending the auction is a good idea.
While many classics at auction are in good condition, it’s important to remember that these cars will still require significant work before they are ready for the road. Choosing a vehicle in better shape will save buyers a lot of money in the long run.
A buyer should also consider the cost of shipping the classic car after purchase. Keeping the vehicle in top condition as it’s shipped can be difficult, especially when the driver isn’t a professional mechanic.
Whether they’re a new collector or an experienced one, purchasing a classic car at auction can be a rewarding and exciting experience. Taking the time to carefully inspect each vehicle in person and being prepared will minimize the chances of making costly mistakes during the bidding process.
Inspect the Vehicle’s Interior
One of the most important aspects of purchasing a vehicle is inspecting it thoroughly. This helps you discover any issues that may exist with the vehicle and ensures that you are getting a good deal on your purchase. However, it is often easy to overlook problems when you are under pressure to make a decision. To avoid this, bringing a trusted car expert with you to the auction is a good idea. This person can act as your second set of eyes and help you assess the vehicle’s condition more effectively.
When examining a classic car at auction, it is important to pay attention to the interior as well as the exterior. Look for any signs of water damage or rust. You should also try out the seats to see if they are comfortable and adjustable. It is also important to check the fluid levels and the battery. In addition, it is a good idea to test the tire pressure and make sure that there is a spare tire and jack.
Inspecting a classic car at an auction can be a fun and rewarding experience. However, having a plan in place before the bidding begins is also a good idea. This will help you stay focused and minimize the chance of making mistakes. If you are new to auctions, having someone with you who knows how to inspect cars is a good idea. This person can act as your wingman and help you keep calm and focused during the bidding process.
Another advantage of being an early bird is the opportunity to inspect the vehicles before the bidding starts. This allows you to spot any flaws that might be difficult to notice in the dark. In addition, it gives you a fallback position in case the bidding on your first choice gets too fierce for your budget.
A thorough inspection is key to avoid making costly mistakes when buying a classic car at auction. Photographs can be misleading, so having an expert examine the car before you buy it is a good idea.
Check the Vehicle’s Exterior
A classic car auction can be a thrilling and rewarding experience. However, it can also be a stressful one. The sheer number of vehicles available and the competitive nature of the sale can lead to buyers making mistakes that could ultimately cost them their dream car. It’s important to make a plan before you attend an auction and follow it throughout the process. Doing this will minimize your chances of making costly errors and ensure that you have an enjoyable experience.
Before bidding on a vehicle, take the time to walk around it and examine it closely. Look for rust, scratches, dents, or other damage. Pay special attention to the gaps between panels, as uneven gaps can be an indication of bodywork repairs. Also, check the tires for adequate tread. If there’s not enough tread, it could indicate a suspension issue. It’s also a good idea to pop the hood and inspect the engine for signs of wear or damage. Check the oil, coolant, and other fluid levels to ensure they’re acceptable. Finally, be sure to listen for odd sounds or the slightest whiff of an unusual smell.
Don’t hesitate to ask questions if you’re unsure about any aspect of the vehicle or if it doesn’t seem in good condition. It’s also worth considering having an expert go over the car with you if you can afford it. Their expertise will be invaluable in helping you to decide whether or not the vehicle is right for you.
Once you’ve found the vehicle you want to buy, be prepared to bid competitively. However, don’t allow your emotions to get the better of you. Be willing to walk away if necessary or to bid less than you’re comfortable with. Overpaying for a classic car will only cause you to regret it later on.
It’s also a good idea to bring a mechanic to the auction to examine potential purchases. This will give you peace of mind that any issues will be addressed in a timely fashion after the purchase is made.
