Exotic car auctions can be overwhelming, especially for newbies. While there are limited choices, every participant wants to have their share of glory. In a fast paced auction environment, it is natural for instincts to take over and rationality to take a backseat. It is, therefore, important for buyers to know about the pitfalls before they participate in exotic or classic car auctions. To help, we provide a few common mistakes to avoid when buying your dream machine through classic car auction.
Jumping the Gun Too Soon
Though many of the classic cars listed in online and local exotic car auctions are too good to resist, it is advisable to exercise patience. Take the time to explore all available options that match your prerequisites and consider their condition and the repairs they might need, to determine the value you are getting for your money.
Hunting What You Can’t Kill
It is easier to buy an elephant than to keep one. The saga of classic cars is quite similar. Many people put their money into premium classic models that require substantial investments in terms of repairs and maintenance. Unless you are buying a classic to flip and make some money, go for a model that you can easily maintain in the long run.
Ignoring Additional Expenses
Most of the classics listed in salvage and used car auctions require minimal to extensive repairs, the cost of which must be considered when taking a buying decision. In addition to the actual purchase price, factor all possible additional expenses, primarily the cost of repair, re-registration fee (if needed), and insurance premium.
Falling for Snakeoil Charmers
Many buyers who search for classic car auctions online land on websites hosting classified ads published by unverified sellers. In order to lure potential buyers, many sellers list some of the rarest classic cars known to man at throwaway prices, requesting for an advance partial payment to ship the sold vehicle. Beware of such scams.
The timeless charm of classic cars makes them a must-have for every auto enthusiast, but when out to buy one, you can’t be too careful. Make it a point to go with a reputable and licensed seller and check all documents thoroughly before accepting the vehicle. If you are looking to buy a classic car, check out the options listed at AutoBidMaster. We carry an extensive listing of classic and muscle cars, all available at sensible prices. Simply register to start bidding.