subject: How to prepare for auto salvage auctions [print this page] How to prepare for auto salvage auctions
Auto salvage auctions whether online, at salvage yards, or elsewhere can be a bit overwhelming to the average customer. The first rule to participating in an auto salvage auction is to search for the one that has the automobiles you could potentially purchase at prices that are comfortable for you.
Preparations
1. Set a budget and stick to it. Keep in mind that auto salvage auctions are about getting the best deals possible on damaged or used cars.
2. Determine what type of payment plan the seller has established. The objective of the seller in these settings is get the payment as fast as possible, so determine if you will be able to submit to short payment schemes.
3. Some auto salvage dealers allow the customers to inspect the product before purchasing it. In your inspection you should check the entire history of the vehicle, the engine to see if it runs fine as well and any other quality checks you feel are necessary. An auto mechanic can assist with this process. If you purchase the vehicle without having inspected it a customary 10 day period is allowed for voiding of the purchase if any problems are found.
4. Since auto salvage vehicles do not come with licensing, registration, or titles then it is the buyers' responsibility to obtain these. In the event that the car sustained extreme damage it will not be eligible for any of these, so it is important that this is assessed during the inspection process as well.
5. Bidding online is a bit different than bidding in person. When bidding in person, the potential buyer is able to raise and withdraw instantaneously, this is sometimes not allowed online. To bid online you will need to bid directly or set up a proxy. Either way is fine but having a proxy allows you to stay at a specific price when you desire and make real time deals when needed.
Preparation for buying from auto salvage auctions is fairly simple. Have a specific price point and stick to it, remember these are cheap deals so you do not need to go overboard. Also, be prepared to do a lot of the work yourself in terms of making the car legal for driving by obtaining title, license and registration for it. The biggest preparation method however, knows how to avoid scammers. Scammers will offer shady deals and more than likely not offer inspections, or the customary grace period.
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