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The Pros and Cons of Selling a Car at Auction

September 27, 2018 POSTED UNDER: general

Do you need to sell your car? You have a small variety of methods that you can use to go about doing this. Often times, folk selling their car will usually choose to sell privately, or to a dealership.

However, those aren’t the only ways to sell a vehicle. Another method you have at your disposal is the auction sale. There are over two-hundred auctions taking place all over Australia per month. The following are the pros and cons of using this option for selling your automobile.

Pros of Selling a Car via the Auction Process

Bidders can Go Overboard with their Bidding

Predicting how much your car will get in dollars is very hard to do. In fact, it is impossible so don’t try. The good thing is that bidders have been known to get carried away. This is when they start inflating the price far beyond your vehicle is worth. It is more likely to happen if the make or model is a less common one. So why not try your luck?

Sell your Car “as is”

If you really don’t enjoy getting a vehicle into a presentable condition for the purposes of selling, you don’t have to bother when selling via auction. The buyers don’t have the option of inspecting the vehicle, or of giving it a test drive.

No Talking to Prospective Buyers

If you have ever sold a car privately, then you already know that you have to talk to prospective buyers. If talking to complete strangers is a huge bother to you, then selling via auction might be the answer to this problem.

The Paperwork Is Taken Care Of For You

Selling privately also requires that you be in charge of getting all the paperwork done. This means sorting out the registration transfer, collecting the payment, and so forth. The Auction House will do all of that for you if you sell your vehicle via the process of auction.

It is a Very Quick Process

Do you require the sale to be over in a short time? Perhaps you have some bills you are behind on and selling the car is how you are going to pay them. Selling via auction may just be your best bet if this is the position you are in.

Cons

You Have to Pay Money

When your vehicle gets sold, a chunk of the sale price will go to the auction house in the form of commission. This reduces the amount of money you end up with at the end of the day. It can be anything in between 11 to 25%. You can get lucky and sell your car to the right auction house, you can get a “no sale, no fee” deal out of them.

You Have No Control over When Your Car Is Sold

How fast your car is sold depends on factors such as the day you sell it, or what time you sell it on any day. Sometimes have less people in the room, and other times have more. But when your car goes up for auction is up to the auctioneer.

Getting the Car to the Auction is your Responsibility

Having your car transported to the auction house will be a hassle and will cost you further money. The further away you are, the more money it will cost.

You aren’t Able to Negotiate

One way to get the best deal when selling privately is to use your negotiating skills. Selling via auction doesn’t have this option. Once the hammer has fallen, if the car hasn’t sold, it hasn’t sold.

Conclusion

Selling at auction is a fast way to sell a car, so if you are in a hurry it could be your solution. However, you must take into account the fact that you are taking a risk. The vehicle may not even sell. Good Luck!

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