If You’re New To Car Auctions, This is For You…
In recent years, the public auto auctions in Illinois have become a huge hit because of the economic instability and the increasing household expenses. People are eager to buy cars at wholesale prices quickly and easily. While you can expect extremely attractive prices, participating in an auction isn’t that simple. Here you will find the essential information and advice which you need before you attend one.
How to Find Auto Auctions That Are Open To The Public
As their name reveals, public auto auctions in Illinois are open to the everyone who would like to attend. There are typically no limitations whatsoever. Since the goal of the sellers that organize them is to attract as many buyers as possible they are widely advertised on the web. You can find information on upcoming car auctions in your area on specialized website. It’s a good idea to check them frequently or to get email updated directly. Generally, depending on where you live in the state, you may want to focus your attention on a wider area of Illinois when searching for auctions offering bargains.
What’s on Offer
You can find various types of cars at public auto auctions in Illinois, ranging from family sedans to luxury SUVs and sports cars. Usually, the vehicles offered at a single event are quite diverse. There are rarely themed auctions and this is actually an advantage for buyers. This is because you can readily focus on inspecting the cars which you consider while other vehicles are being auctioned.
It is worth noting that while you can expect wholesale prices which are considerably lower than the market prices of the same vehicles in Illinois, you cannot expect to pay a few dollars for a car. The example may seem a little fat-fetched, but its point is to make you take a realistic look at public auto auctions in Illinois. You will still need to set up a budget with great care and we’ll come back to this a bit later on.
How It Works
While there could be subtle differences between public auto auctions in Illinois, they generally follow the same process. Bidders can view the cars at the dealership, but it is not possible to take them out for a test drive. The cars are auctioned individually in a preliminary determined order. You can get the ordered list when you enter the venue. There is an auctioneer who is in charge of taking the bids and speaking them out loud. He usually has assistants who you can turn to for help. If your bid wins, you will have to buy the car right away, meaning you need to have the money or an approved car loan and the document to prove this.
How to Prepare
You should determine your requirements regarding a vehicle – type, year of production and capabilities and features which are essential to you. While it’s fine to determine a set of brands that you prefer, focusing on precise models may make you less flexible, which is not desirable when your goal is to get the most affordable price at one of the public auto auctions in Illinois.
You should set up a budget in advance too. As explained earlier, unless you have the money to pay for the car, you will have to secure an auto loan before you participate in an auction. When preparing your budget, make sure that you add all costs associated with the purchase such as fees, taxes, insurance and possibly transportation, if the auction is far away from your place.
Finally, you must decide on a maximum bid that you should not go beyond. It could be individual for any car that you will bid for, but it must not exceed your budget. This is crucial when you participate in public auto auctions in Illinois.