Car auctions refer to public sales where vehicles are sold to the highest bidder. They are ideal places to purchase a used car that fits your budget. However, apart from the budget, there are other pros and cons to buying a vehicle at an auction.
Here, we have listed all the pros and cons of buying a car from an auction. Let’s weigh each pro and con in more detail.
Pros of Buying a Car from an Auction
A car auction is one of the oldest and preferred methods of selling many cars within a limited time. Sharjah car auctions and other Emirates are common, and most people purchase vehicles from these auctions. Below are some benefits people avail of when buying a car from an auction.
· Financial Value
The core benefit of purchasing a car from an auction is its price. You may find your dream vehicle at an auction by paying a fraction of the money. However, the final cost of the vehicle depends upon the bidding, and the car is only sold to the highest bidder. Due to bidding, some of the most expensive classic cars are sold at an auction.
- Lower price is the core benefit of purchasing a car from an auction
- Cars at auction are often sold at lower than the market value of that vehicle
· Classic Cars
If you are a car collector, a Car Auction in UAE is the best place to buy a car. Several Car auctions sell classic and rarest cars in the world that are difficult to find somewhere else. Before attending the auction, you can read the vintage vehicles and their description on the seller’s website.
· Wide Variety
Many cars, such as sedans, SUVs, minitrucks, and others, are available at the UAE car auction. This enables buyers to hand-pick their preferred vehicle within their budget. However, the buyer may have to compromise on the color, condition, and year of release, as limited models are available.
Cons of Buying A Car from an Auction
Before you opt for a Car auction to purchase a used car, consider the following cons of buying a car from Al Qaryah Auctions.
· No Test Drives
Remember that you cannot test-drive a car when buying one at an auction. However, the seller provides comprehensive details regarding the vehicle and a vehicle inspection report. The buyer is also entirely dependent upon the vehicle’s physical condition.
· No Warranty
Car dealers and showrooms offer different types of warranties for your convenience. However, at Al Qaryah Auctions, the ‘as is’ policy is applied, so it is rare to find a vehicle with a warranty. However, some sellers might provide you with a three-month purchase warranty. You can test drive the vehicle during this period and exchange it (depending upon the seller) with another one if you are unsatisfied.
Accidental Vehicles
The as-is policy also restricts buyers from thoroughly evaluating the vehicles. In this condition, you might end up purchasing an accidental vehicle. Therefore, before buying a car at an auction, it is better to be aware of some tips and tricks that will aid in identifying car damage physically.
Mechanical Condition
The vehicles available at auction are in perfect and presentable condition. Buyers depend entirely on the car’s physical condition when making purchase decisions. The problem arises with mechanical issues, as buyers cannot scrutinize the car’s mechanical condition. Due to this, a buyer might end up purchasing a vehicle with mechanical problems, thus increasing the cost of car repair.
How to Buy A Car at an Auction
Here is the process of buying a car from an auction. Remember that the process may vary from auction to auction.
· Registration
The first step is to register for the auction. The process can be online, or you must physically visit the seller’s place. The seller might charge a registration fee from the buyers. There are car auctions in Dubai, Sharjah, and other areas. Make sure to select the Emirate at your convenience.
· Car Details
Once you finish the registration, the seller will provide you with complete details regarding the vehicle. In the case of online registration, the details will be available on the seller’s website. In the case of physical registration, you will be provided with the description before bidding is initiated.
· Bid
Different car models are displayed over which buyers have to bid. Sellers have a reserved price for each car, and the bidding starts after that price. Make sure you have a definite budget to avoid overbidding.
At auction, cars are purchased through bidding. It is suggested that buyers draft a clear budget to avoid overbidding while buying from an auction.
Complete Formalities
After successful bidding, the buyer will be provided a limited time to pay all the dues and complete the formalities. After that, the vehicle will be handed over to the buyer.
These were all the pros and cons of buying a car from an auction. These pros and cons will help you decide whether to buy a vehicle from an auction. If you are opting for an auction for the first time, read our blog on things to know before buying a car from an auction in Sharjah and other Emirates.
However, to avoid these hassles, you can buy a used car for sale in the UAE from Al Qaryah Auctions. Here, several inspected vehicles are listed for sale, and due to the greater variety, you can easily find a car that fits your budget.