Car Auctions

zakaroo

I wonder if anyone can advise me - if I go to a car auction and make a bid and win - is the amount I have bid all I would have to pay or is there some other charges on top?

dktreesea

Usually you also have to pay a percentage of the price, i.e. commission to the auctioneer. Both the buyer and seller pay some of the commission. The auctioneer should be able to advise you.

custardy

there will be auction house fee's on top

emmell

There is a scale of charges and should be on a notice board displayed at the auction, if not you can ask for a list of charges. Can make quite a difference to the overall price especially on the cheap stuff.
ML.

Bunter_2

You might be the top bidder and think you have got the vehicle; but then when you go to settle up you may be told that the seller wants to negotiate a higher price.

hethmar

I think you will find it is normally 10% plus VAT for auction fees.

iolanthe07

when you go to settle up you may be told that the seller wants to negotiate a higher price.

If that happens just tell them to get lost. If you have won the bid and it is more than the reserve, then it is yours.

Exemplar

Bunter is talking rollocks...... if you win and it has met the sellers reserve you pay the auction house charge plus the indemnity charge (this is insurance against you discovering the car is a ringer etc and sueing the auction house) and last time I bought (last month) it was about £30 but it differs between auction houses.

colino

I would seriously warn first-timers away from most auctions nowadays. Its easy to get a wreck to run enough to go under the hammer, if the trade aren't bidding, neither should you.
A lot of auctions, presumably to make up for lost profits in the recession, now have added costs for everything, from sending your V5 to Swansea, to counting your cash (really) or surcharging card payments. If you are not absolutely crystal clear on all the charges, you may be in for a big surprise.

Exemplar

Colino the auctions are not about LOST profits at all, they are about achieving more money for cars that would normally fo inter-trade. As an example MOST diesels will go for approximately 30% more today than they would a year ago and therefore give a dealer clear profit with NO comeback. This is because retail punters are now allowed to access more auctions than ever before and run the prices up. I love watching them pretend to know what they are buying...... all of them with their copies of Parkers.....

neilmcl

Bunter wrote: »

You might be the top bidder and think you have got the vehicle; but then when you go to settle up you may be told that the seller wants to negotiate a higher price.

That would only happen if your winning bid was provisional, ie, it hadn't reached the reserve price.