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Pros and cons of online auctions

There’s nothing more exciting than shopping for a new set of wheels. Regardless of if you’re buying a car for the first time or you’ve been down this road before you’re still likely to feel ecstatic. You might already be dreaming about cruising down an open highway with the windows down. Or imagining the many road trips you’ll take with loved ones. You can start by looking online for your car. An online auction is the perfect place to buy a car which is affordable. But don’t make hasty decision just because you’re excited, do your research first in order to find the perfect car.

You need to weigh the pros and cons of shopping for your car online and decide if it’s worth the risk.

Pros

Affordability

If you on a tight budget then an auction could be the practical solution. Cars found in auctions are usually cheaper than those found in dealerships. You’ll have the option of choosing from the best brands in the market at affordable prices. You may find a used Ford or Audi in the auction at a reasonably low price.

Vintage cars

If you have a collection of vintage cars and you want to add to it then an auction is the best place to look.

Repossessed vehicles

Some cars sold at auctions have been repossessed by the bank because the owner couldn’t make monthly instalments. And they may have had the car for just two or three months, which means it’s still relatively new. This means you’ll get a bargain, a car in good condition for a reasonable price. If the car is still fairly new, it’ll still have the factory warranty.

Flexibility and convenience

Many people have busy schedules and don’t have the time to go to an auction during the week. And buying online gives the buyer some flexibility. You don’t have to drive to a physical address and you can buy the car you want at a time which is convenient, whether it’s midnight or during your lunch break at work.

Compare options

When you buy your car from an online auction you’ll be given all the information about the vehicle on the auction’s website. And this will give you the opportunity to compare models from different auctions. You can also compare prices and bid on the one which best suits your budget.

Avoid the bustle

A traditional auction house can be filled with noise and chaos, which makes it difficult to hear what the auctioneer is saying. An online auction gives the bidder peace of mind to buy the vehicle without having to deal with any chaos.

Cons

Refurbished car

The car you’re bidding on in the auction might have had several owners over its lifespan. Which means you’re purchasing a second or fourth hand vehicle.The owner could be selling a car which has been refurbished but it has several mechanical faults and you may find that out only later.  Repairing your car all the time could be expensive.

Hidden defects

Some car owners fail to let their car insurers know if their car has been involved in the accident and was totalled. And then they fix it up and repaint it in order to hide any defects. When you’re buying your car in an online auction you won’t get the option of thoroughly inspecting it. You may be provided with pictures of the car but that is nothing compared to seeing the car in person.

Extensive competition

Online auctions are open to a wide variety of buyers and aren’t just limited to people in a specific area. This could mean you’ll be bidding for a car which has a lot of competition. And it might lower your chances of being able to buy the car.

Inspection of car

A live auction allows the owner to inspect the car beforehand. Inspection of the car will allow the buyer to check for things like rust or leaks under the car. Unfortunately an online auction doesn’t give you the opportunity to see the vehicle beforehand.

Scam alerts

A website might be fraudulent and you could be bidding on a car which doesn’t even exist. You need to make sure you do your research on the website beforehand. Because there are a lot of scam artists looking for an opportunity to take advantage of unsuspecting buyers.

Unfortunately, once you have bidded on a car there is no looking back. If you have bought a car which has mechanical fault it becomes an expensive problem. Auctions don’t offer warranties and guarantees. When you buy the car it’s at your own risk