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You can find lots of good deals on used cars through online auctions. Just remember to relax. The key to online auctions is patience. If you give yourself plenty of time to shop around for the best bargain, you’ll save thousands of dollars on your next car.
First of all, do the same research you would for any used car. Request the service records, and have a vehicle history report done on the car’s Vehicle Identification Number (VIN) at www.carfax.com. Ask the seller to have a mechanic check the car out for any problems, and have the mechanic do a test drive as well. In the meantime, does a test drive of the exact same model yourself.
Find out what the car worth by looking in Edmunds, Kelley Blue Book, and NADA.com for the retail and wholesale value. Retail is what the car would normally sell for, and wholesale is the trade-in amount a dealer would give for the car if it were in top condition.
For an online auction, any number at or below the wholesale price is a good deal. Remember to include travel and delivery costs in the equation since you’ll have to either pick up the car or have it shipped after you buy it. Decide what you’re willing to pay for the car, subtract the costs of travel and delivery, and then only bid up to that number.
Do not, under any circumstances, get caught in a bidding war. You may pay too much without thinking. Bid up to your determined price, and then walk away. Play it cool, and you’ll get a great deal.
All the best,
Timben
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