Vehicle auctions offer excellent opportunities to buy cars, trucks, and equipment at competitive prices. Here is what you need to know.
Types of Vehicle Auctions
- Repossession auctions: Banks sell defaulted vehicles
- Fleet disposals: Companies sell used fleet vehicles
- Dealer auctions: Wholesale to dealers only
- Public salvage auctions: Damaged vehicles
What to Look For
- Service history and records
- Condition of tyres, brakes, and engine
- Accident history
- Mileage verification
- Outstanding finance (do a PIC check)
Budgeting for Vehicles
Remember to include:
- Buyer premium
- Transport/delivery costs
- Potential repairs
- Registration and licensing fees