If you are looking to buy a classic car this year then no doubt you have been trawling through the many websites or maybe the selection of classic car magazines that are available out there.
No doubt you have been trawling through the many websites or maybe the selection of classic car magazines that are available out there. But you could be missing a trick here. Have you considered the classic car auction? 2015 had been estimated as a record year for UK auctions in general with classic car auctions dramatically increasing over the last two years there’s no reason why 2016 shouldn’t.
So why buy from a classic car auction?
Although buying at auction can deliver mixed results statistics show that 42% of cars sold actually go for the low half of the estimated value given by the classic car auction or in some cases even less. This means of course there are bargains to be had out there, however you need to go prepared and do your homework as buying from a classic car auction is totally different than buying from a private seller or indeed a car dealer.
Classic car auctions will actually supply a catalogue for all provisional buyers, this can normally be viewed on their website or purchased at the auction on the day. There are also very often preview days that allow you to look over the vehicles for sale which we highly recommend. If you’re not sure you know enough about cars take an experienced person with you and take a good look around the particular car you aim to bid on.
Most of the time at a classic car auction the cars are sold without a warranty which effectively means there “sold as seen” although the documented history of each car will be available for inspection so be thorough and make sure the paper work is in order.
Before bidding you should register on the auction day (there may be a small fee for this). Remember that if you bid successfully and purchase a car, the hammer price is not the price you pay! You will also have to add the buyer’s premium to this which is usually around 10% to 15% of the price and then of course VAT at the current rate.
Also don’t get carried away with your bidding. Stick to a limit you’ve decided before the auction starts and try not to deviate from this. Remember as soon as the auctioneer drops the hammer you are obligated to proceed with the purchase. It is vital therefore that you are completely satisfied with the condition of the lot you intend to bid upon before doing so.
Once you have paid for the car you will normally have a pre determined time frame in which to remove the vehicle from the auction site. It would be advisable to make yourself aware of this before purchase as the auction may charge for either storage or removal of the car.
You will then have to arrange immediate insurance cover on your new purchase. Classic car auction will not be able to do this for you. Heritage Classic Car Insurance will be happy to provide cover simply by calling us on 0121 248 9229 where a Personal Client Manager will handle your requirements quickly and easily.
A Classic Car Auction is indeed an exciting day out but do keep your wits about you, be wary of vague descriptions of condition and history of the vehicles for sale. Hopefully this article will help you along the way to buying a potential bargain at best and the very least a sound investment.
If you are interested in more information about classic car auction houses take a look at the links below.