At vehicle auctions, sellers can set a “floor price” for the vehicle. This price indicates to the auctioneer the lowest price the seller is willing to sell for the vehicle. If the bid is higher than this price, the seller can negotiate with the auctioneer. Auctions can also allow buyers to test drive the vehicle they’ve bought.
Before bidding on a vehicle, check its history with a service like Carfax, Kelly Blue Book, or Edmunds. Make sure the car is road legal and insured. You should also set a price range and a budget before bidding. If the price exceeds this amount, you’ll need to lower your bid, and you may have to walk away before completing the transaction.
Government vehicle auctions are also another option for getting a cheap car. These auctions often feature late model cars that are still covered by their factory warranties. There are also auctions for junk vehicles, rebuilt vehicles, and salvaged vehicles. These vehicles are often sold by insurance companies and police. In some cases, sellers can re-list the vehicles if they don’t sell at auction.
Vehicle auctions are held both in person and online. The vehicles are brought to the auction hall by a driver. The auctioneer then describes the car’s features to potential buyers. The auctioneer’s description is legally binding.