How Much Money Should I Bring to an Automobile Auction?

I’m pretty sure that you’ve heard about the great deals you can get at an automobile auction. Whether you’ve looking for something to get you back and forth from school or work or a luxury car, you can find it at an automobile auction. One of the most frequently asked question by those attending a car auction is how much money should they bring. While this question is highly subjective, there are some ways to get a general idea of how much money you should bring to your next auction.

First, you should have an idea of what type of car you want to buy. The more specific you are, the better. If the auction you are going to has a website, go there and pick out a couple of cars that you like. If they don’t have a website, visit the auction site to view the cars a day or two before the auction starts.

Then, you’ll want to get your hands on a Kelly’s Blue Book. Use it to look up the cars you have picked out and find out how much unique silent auction ideas they are worth, as well as their trade in value. Ideally, you’ll only want to bid up to or a little over the car’s trade in value. Otherwise, you might as well just go to a used car dealership and get your vehicle there.

You’ll also want to call up the auction house to ask about any taxes and fees that will be added on top of your winning bid. These fees are what catches a lot of people off guard and they end up not being able to to pay for the car they bid for.

In general, you can get a car from an automobile auction from anywhere from $500 to $50,000 depending on what type of car you’re looking for. So, in order to know how much money to bring with you, know the value of the car in addition to any fees and taxes you may be required to pay upon winning the auction.

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