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car auction it can be the way out for those who want to buy a vehicle with little money in hand. But how does a car auction work? Is it worth participating in an auction like this or not? What are the average costs to regularize a vehicle obtained at auction? What cars are auctioned at the vast majority of events?
Buying a car is always quite a responsibility. We are not always prepared to buy a vehicle from a financial point of view, but there are some valid ways to get around this problem, such as auction cars. You may be afraid to make this type of purchase, but we assure you that there is nothing to fear.
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Depending on where you buy the vehicle, in fact, it's safer than many dealerships across the country. It is indeed possible to find a good, well-maintained vehicle at an interesting price, as long as you go to the finance companies that are auctioning unpaid vehicles.
In today's content, we are going to explain a little more about what it is, how it works and what are the benefits of a car auction. So, if you want to know more about it, follow us to the end of the article for more details. Come on, read with us!
What is a car auction?
But after all, what is a auction of cars? What is the real definition? Well, in addition to what you already know and have already understood, this is an occasion in which there are negotiations of different products, usually niche ones, with the difference that here we are talking specifically about a car auction.
The product – car – (or more than one, if there is negotiation) is the highest bidder at the end of the auctioneer's narration. To be even more faithful to a clear definition, below we leave the formal definition of “auction”, found in Wikipedia. Read:
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“The auction or auction is a type of negotiation, very widespread in public bodies and private companies, as well as fishing auctions, in which the sale and purchase requested by the supply and demand for goods or services meet in a simple and quick way.”
Therefore, an auction is a place where you go to “bid” a specific amount on a product that is being auctioned, which in this specific case we are dealing with is a car.
These cars can be from different origins, from the collection of vehicles of a famous person who passed away, to cars seized by the Federal Highway Police and are being resold for a price that is often ridiculous. Most of the time, these are cars that have not been completely paid off, and therefore have been taken over by the finance company.
Is it worth buying an auction car?
As mentioned beforehand, it is well worth buying an auction car as long as you know the vehicle's provenance. Naturally, the auctioneer will bring the necessary information about the car, however, we always recommend that you try to take cars from auctions of finance companies, which were running and had to stop due to non-payment.
How much does a car auction cost?
It costs nothing. Currently, whether it is a physical or digital auction, there are no fees charged to participate internally in an auction. You just need to sign up and stay tuned to receive the participation link, if it's online, or go to the location in person to place your bids.
How much does an auction car cost?
But what about the value of the car? How much does it cost? It depends on the model, after all, this is an open car auction, which can have more than one vehicle. On average, the minimum bid starts with a price around 40% of the FIPE list value on the vehicle. So, if the car is worth 20,000, that means the minimum bid will be 8,000, and so on.
How to regularize the vehicle?
Just follow the common procedure: pick up the document and take it to the notary, carry out the inspection, pay the outstanding fines and transfer it to the dispatcher. There are no mysteries, it's a car like any other, but acquired at an auction. This was our car auction guide, we hope we have helped with your doubts. If you still have it, comment below. To the next!
