Buying and Selling Muscle Cars at Auction – The January 2010 Guide
Since January is here it is not only the start to a new year – it’s the start sell my car for cash today to a new auction season! January has traditionally been “auction heaven” when it comes to collector cars, and the last ten years have been incredible for muscle cars! Here are a few little tips to get understand the process of an auction……and how if you can particiapte!
Selling at auction:
If you are a fan of the auction process, selling a car at auction can provide an incredible thrill. Why? Well, the best way to get a good price when selling a car is to drop your Reserve Price (the lowest price point you’ll sell the car for) at just the right time. You’re taking a gamble that the crowd is excited and that the people bidding on the car will stop at nothing to have it. They’ll feed off of the crowd, be caught in the moment, and buy your car at a high price…..or will they? It can just as easily go the opposite way, so it’s always a gamble! (Just as a side note – if the car does not sell it’s quite common for a deal to be worked after the fact between the seller and an interested buyer).
If you choose to go the auction route (and many people do) go in with your eyes open to the process. Prepare your car ahead of time and bring as much documentation on it as possible. The potential buyers will have the opportunity to scout your car prior to the car going over the auction block, and many times the real “sale” is made then! If you have a minimum dollar price you’ll sell the car for, get that determined up front – don’t guess at the last second when emotions are running high. Then all that’s left to do is run the car across the block and cross your fingers! Go for it!
Buying at Auction:
When buying a car at auction it’s best to go in prepared with a few things:
- Knowledge of the cars coming across the block
- Knowledge of the buying/selling prices in the industry for that make/model
- A resolve to walk away….without the car
Knowledge of the cars:
As mentioned above in the Selling section, you will have the chance to scout the cars ahead of time. This is your big chance to get the history on the car and find out those little things that you’d never be able to guess by only seeing it cross the auction block once. Peek under the hood. Look underneath. If the owner has documentation on it, it’ll be there to review – you can count on it!
Knowledge of the buying/selling prices:
