Tips for Buying Your Dream Car at Auction

Tips for Buying Your Dream Car at Auction

Buying your dream car at an auction can be an exhilarating experience, but it can also be overwhelming if you're not prepared. Here are some insider tips to help you make the most of your next auction adventure.

1. Do Your Homework

Before attending an auction, research the cars that will be on offer. Check past sales to understand the typical price range and investigate the car’s history, including previous ownership, restoration work, and any awards won.

Pro Tip: Use resources like RM Sotheby’s, Bonhams, and Barrett-Jackson to track recent sales and price trends.

2. Set Your Budget (and Stick to It)

It's easy to get caught up in the excitement of bidding, but having a firm budget will keep you from overpaying. Factor in auction fees, taxes, and potential restoration costs.

Pro Tip: Set your maximum bid before the auction starts and stick to it, no matter how tempting it is to go higher.

3. Inspect the Vehicle Thoroughly

Most reputable auctions allow for pre-inspection. Take advantage of this to examine the car’s condition, documentation, and any recent maintenance records. Bring along a mechanic if possible.

Pro Tip: Look out for signs of rust, mismatched paint, or non-original parts that could affect the car's value.

4. Understand the Auction Process

Familiarize yourself with how the bidding works. Some auctions use live bidding, while others offer online and phone bidding. Make sure to register in advance and understand any applicable buyer’s premiums.

Pro Tip: Practice bidding online before the event to get comfortable with the process.

5. Keep Your Emotions in Check

It’s easy to get swept up in the moment, but successful bidders know how to stay calm and focused. Bid with logic, not emotion, and don’t be afraid to let a car go if it exceeds your budget.

Pro Tip: Bring a friend or advisor to help keep you grounded

Mastering the art of buying at auction takes practice and patience. With careful preparation and a level-headed approach, you can drive away with your dream car at the right price. Happy bidding!