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The three things you must do before buying a vehicle at an auction:
- Set a Budget - do your homework and include any fees involved with your winning bid into your budget
- Run an AutoCheck Vehicle History Report on the vehicle's VIN# BEFORE you buy it.
- Understand that your purchase is as is/where is.
The price of the car is always higher than what you bid!
Don't forget that on top of your winning bid at the auto auction, there are additional fees. The fees varies from one auction to another. When you're caught up in a bidding war, it's easy to forget that there are other fees involved in the purchase.
Tips for getting the most out of an auction and protecting yourself
- Beat the crowds, avoid distractions and look for the cars you'll want. Make sure you have a Kelley Blue Book, NADA guide, or Edmunds book if you're going to a public auto auction. If you're going to a wholesale auto auction, bring a Black Book with you. If you have your PocketPC, just surf to the car pricing web sites from the auction.
- As you find the cars you like on the lot, open all doors, trunk, look for the VIN# stickers, and make sure they all match. Bring a mechanic to look over your vehicle of interest.
- Don't forget you have to pay a buyer's premium and other fees on the car.
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