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Online auctions have made life easier for many people and have become a popular option when buying cars. You won’t experience the chaos found in a traditional auction house and you’ll have the peace of mind of buying the vehicle from your own home. Below are a few pros and cons of buying your car online:
Convenience
The bidder can participate in an online auction at whatever time and place suits them. You won’t be limited and bound to a physical location.There’ll be no need to rush through traffic to get to a traditional auction house on time. You can buy your car at your convenience whether it’s lying under a palm tree on an island or in the comfort of your home. This makes online auctions flexible and convenient.
No chaos
Auction houses usually have a fast talking auctioneer calling out the bid and noisy bidders competing for an item. They can be rowdy and noisy and it can be difficult to hear what the auctioneer is saying, which means you might miss out on some good deals. When you’re buying your car online at home you won't have to deal with any disruptions.
Speed
When you buy your car online, you’ll be able to acquire it quickly. At the fall of the hammer, the vehicle will be yours and this will will save you lots of time.
Low prices
There's not a person on earth who doesn’t enjoy the thrill of walking away with a bargain. When you buy your car online you can end up acquiring it for a reasonably low price because some cars in an auction are repossessed by the bank. Although the car has depreciated, you’ll still get it at a discounted price through an auction. Some of the cars up for bidding were only driven for a few months and because the owner couldn’t make monthly instalments on the cars, the bank repossessed the car. So, if you're lucky you can get a car with a low mileage but at a reasonable cost.
Warranty
Not only can you walk away with a car that comes with a low price but if you're lucky you may just find a car which still has a warranty. A warranty means you can still acquire the assistance of the manufacturer when you run into problems with the car.
Comparisons
The best models and brands are usually found in online auctions. And you’ll be able to look at a variety of cars to find your dream one. You can make price and model comparisons with other auctions online which will make the job easier for finding the car you want. When you're in a traditional auction house you’ll be limited to the cars available that day.
Car description
The online auction website will usually display the car's description and history online so you can see details of the car you're purchasing. You can use the information about the car to find its true value by using a car book value calculator to see the market price of the vehicle and use it as a benchmark when bidding.
Vintage cars
If collecting vintage cars is your thing, the best way to acquire it is through auctions. You’ll be able to find collector's items that are sold at a very reasonable price.
Cons
No inspection
Unfortunately, when you buy your car online you won’t be able to have physical access to it. And you won’t be able to test drive it to see if there are any mechanical faults.
This puts you at a disadvantage because once the hammer falls down, the car now belongs to you. It's a sealed deal and you can end up driving away with a car that isn’t roadworthy. Some of the vehicles at the auction are refurbished and are just made to look good so they can acquire a bidder. You might only see the car's flaws two months down the line and not be able to prove that you didn’t damage the car.
Stolen vehicle
You could be purchasing a car that has been illegally smuggled into the country and you may have no knowledge of it. Or the car could be stolen and you may encounter ownership problems in the future when there's no insurance company that will give your car coverage.
Price escalation
The other downside is if the car is in demand the price can escalate pretty quickly. Although the initial price of the vehicle may be low, if there are many other people competing for the same car, the price may rise up.
Online auctions come with many benefits but you need to be aware of its limitations. You can find your dream car just by a click of a button.
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