Tips For Buying a Rare Car at Auction
In a recent article, we talked about last month's exciting RM Sotheby's Arizona and Barett-Jackson Scottsdale rare and classic car auctions -- and we hope you attended! But a follow-up question we received asked about how one goes about investigating and ultimately buying a car at auction and having it brought to our rare car shop. Live auctions are thrilling experiences but they can also get overwhelming, especially if it's your first go of it. Here are some tips for a successful bidding experience:
Quick Tips for Buying a Classic Car at Auction & Bringing it to a Rare Car Shop
Read and Research
Before you step foot in an event, be sure to grab or print out the auction catalog and thoroughly read the description of any car you're interested in. Check out the history of the model and investigate the ownership trail. See whether any extensive work has been done and contact our rare car shop to see what type of work it could use.
Register Early
For many classic and rare car auctions, you will need to register as a bidder and provide evidence, such as a bank statement, that shows your ability to purchase a vehicle should you win. Some auctions will require you to sign a contract disclosing the buyer's premium and legally committing you to a vehicle should you win the bid.
Examine the Car in Person
While yes, in large auctions there is a vetting process for cars to ensure they are correctly listed, it's still good to be safe and examine each car you're considering thoroughly. Have someone with you well versed in the particular make and model you're interested in check the VIN codes to determine authenticity.
Watch a Few Bids
Don't jump without looking; observe first, and when bidding, watch the crowds. Bidding is an art form and requires a good read of the crowd. One reason to get to an auction early is to watch other bids and get a feel of how a given crowd bids. Sometimes bidding early can pay off while other times you might want to wait and join the bidding late. Be wary though of the late-bid strategy as a sudden peak of interest late in the bidding stage can encourage a new surge of bids that may cause the price to rise above your limit. Speaking of which, always set a top price and adhere to it. Walking away can be hard but there's always another exciting rare model around the corner.
Shipping
While tempting, we recommend never driving a car home from the auction. Instead, auction houses will generally offer reputable shipping to any location and it's a good idea to send it straight to a rare car shop such as ours where we can give it a professional look over to determine working condition and advise on any repairs or restoration steps.
Other Questions? Contact Us!
Our rare car shop and staff are always here to answer any questions you might have on an auction item. Just give us a ring!