A step-by-step guide on how to purchase a vehicle at auction.
You have attended a few classic car auctions and are thinking it’s time to experience what it’s like to buy a car at one.First, you can often find cars at auction that you cannot find elsewhere. Special cars, cars with storied history, and many top-tier collector cars are sold at auction more than they are sold in the standard person-to-person market or even at by top-tier collector car dealers.
But there are some things to consider before buying at auction, which can be a successful adventure if you do your homework — and a disaster if you don’t.1. First and foremost, I would not ever recommend buying at auction if you have never attended a classic car auction before. There is a lot to know and it is very easy for a first-time auction attendee to get excited and bid more for a car than it is worth.
5. Do even more research on the car beyond the description from the auction company. If you are looking at, say, an Alfa Romeo race car and the description is short, go to the Alfa community and find out the rest of the story. My friend Lars saw a 1957 Alfa Giulietta spider race car at an RM auction years ago and we found out that it was a factory-built competition car. This data was nowhere in the description and he ended up stealing it at the auction for less than half its value.
3. Do not fall in love with the car at first sight. Take a hard look at the car you are thinking about buying. Look at everything. This means getting on hands and knees to see the underside.
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