Car auctions...how does it work??

[Tweaky]

Hi all

I am looking to buy an RS6 avant, with under 50,000miles on the clock. I have a budget of £31k ish, which is few grand shy of the dealer prices at the moment. I have seen a private one come up for sale that looked perfect, but had sold before i got a look in

I am now wondering about the auction side of things as there are bound to be a few going through there...ex lease cars etc. However i know nothing about buying a car at an auction......how does it work? how is the car paid for as i doubt you are expected to carry that amount of cash around in our pocket and debit cards will not authorise that amount of money regardless of whether it is in your account or not (had that prob last time). Is the winning bid the final amount you pay or is there an auctioneers charge? And i assume you get a period of time to return the car if it is a lemon?

Sorry for all the questions....but i NEED an RS6

[busapower]

Hi, you can pay by bankers draft or cheque (has to clear first). Winning bid is final amount plus comission.Private punters do pay more eg, last auction i was at a private individual purchased a £14,000 jeep and paid £400 charge on it. You can work out the charge/comission on your £30,000 plus avant! Trade buyers us do get a reduced rate of comission. Unless the vehicle is warrented you can not bring it back regardless if its a lemon or not.Hope this helps and you find something quickly.

[peterb]

However i know nothing about buying a car at an auction......how does it work? how is the car paid for as i doubt you are expected to carry that amount of cash around in our pocket and debit cards will not authorise that amount of money regardless of whether it is in your account or not (had that prob last time).

The normal method is to take along a banker's draft for the minimum amount you expect to pay, with cash to top it up to the maximum.

Is the winning bid the final amount you pay or is there an auctioneers charge?

There will be an auctioneer's commission - could be up to around 5%.

And i assume you get a period of time to return the car if it is a lemon?

I think that you normally allowed an hour - but you may not even be able to get the car out onto the road within this time!

Sorry for all the questions....but i NEED an RS6

I can understand that!

Pete - who last bought a car at auction in 1974!

[GaryC]

debit cards will not authorise that amount of money regardless of whether it is in your account or not

Talk to your bank. When I bought my 911 I put through £60k on my debit card, and it went through no problem.

Gary.

[lengster1]

Tread carefully mate,genuine bargains to be had,but also a good place to move on pups,go to an auction a few times before bidding on anything,theres alot to take in in a few minutes,get a good position when bidding to check the auctioner isnt jacking you up,ive done well on several occasions and run depriciation free cars,its great when you bag a bargain.best of luck