Seized Car Police Auctions – Know Before You Go
So you heard about a friend of a friend who bought a new Corvette for $100 at some sort of police auction, right? Do you believe it really happened or is someone just repeating an urban legend?
The truth is that any car auction is going to have real professionals in the crowd and if those guys are letting a new Corvette go for $100, then you can bet the farm that the car has serious issues. Probably title issues. Which brings us to...
Tip Number One – Always Check the Title – Most people don’t know that the police do not necessarily have clear title to the cars they sell. You could buy a car and end up losing it to the title owner - with no refund! There’s absolutely no excuse for not running an AutoCheck vehicle check on any car you’re even thinking about buying.
Tip Number Two – It’s All About Condition – The condition of a car can affect the selling price by thousands of dollars so you must carefully judge the car's condition. Here’s how the Kelley Blue Book defines condition:
EXCELLENT:
- Looks new, is in excellent mechanical condition and needs no reconditioning.
- Never had any paint or body work and is free of rust.
- Clean title history and will pass a smog and safety inspection.
- Engine compartment is clean, with no fluid leaks and is free of any wear or visible defects.
- Complete and verifiable service records.
Less than 5% of all used vehicles fall into this category.
GOOD:
- Free of any major defects.
- Clean title history, the paints, body, and interior have only minor (if any) blemishes, and there are no major mechanical problems.
- Little or no rust on this vehicle.
- Tires match and have substantial tread wear left.
- A “good” vehicle will need some reconditioning to be sold at retail.
Most consumer owned vehicles fall into this category.
FAIR:
- Some mechanical or cosmetic defects and needs servicing but is still in reasonable running condition.
- Clean title history, the paint, body and/or interior need work performed by a professional.
- Tires may need to be replaced.
- There may be some repairable rust damage
POOR:
- Severe mechanical and/or cosmetic defects and is in poor running condition.
- May have problems that cannot be readily fixed such as a damaged frame or a rusted-through body.
- Branded title (salvage, flood, etc.) or unsubstantiated mileage.
(Note that title history is considered an important part of condition!)
Tip Number Three – Know the Market – There are two important areas that separate the professionals from the amateurs and the first is that the professionals know the real market value of every car that comes to the block. There’s no reason why you shouldn’t have the same knowledge. Pick up a copy of the Kelley Blue Book for ten dollars and have all that knowledge at your fingertips.
Tip Number Four – Decide Your Price Before the Auction Starts – The second main thing that separates the professionals from the punters is that the professionals decide how much they’re willing to pay for a car and they STOP BIDDING when the price goes beyond their preset value. The weekend punters get caught up in auction fever and end up bidding themselves into a bad deal.
Tip Number Five – Don’t Make A Bad Deal – As obvious as it sounds, it needs to be said. You are in total control of how much you spend at an auction. If you do your homework and always walk away from the bad deals, then you’ll always get a bargain. Be patient and you’ll be successful.
If you need help finding a public auction, I recommend: Public Auto Auctions
Get your main resource now: The Kelley Blue Book Used Car Guide
Why not run a Free Vehicle Report at AutoCheck on your car now? You’re going to be selling it soon!
