How to Sell a Car at Auction Expert Advice & Tips

If you purchase a car at an informal auction, you will find many vehicles with starting prices as low as $300. These cars are sold by individual owners instead of manufacturers. They tend to be more than five years old and have been purchased to resell. In general, auction houses are in the business of facilitating transactions between sellers and interested bidders and not buying things.

Everytime a new used car comes in, the Used Car department sends it over to the service department for inspection and reconditioning. Any parts they need to replace, or maintenance that needs to be done is billed to the Used Car department (or the manufacturer if the vehicle is under warranty). You can also lease most Tesla models (the Cybertruck being the exception). Financing can be done through Tesla directly (for qualified buyers) or a third party, with terms ranging between 36 and 84 months. There are more Tesla models on the way, but details, as of early 2024, are scant.

Like I’ve talked about in the past, as a general rule of thumb, dealers mark up their used car inventory a few thousand dollars over their cost. This is far from a hard and fast rule however, as some used cars have been known to net dealers five figures (or more) in profit. It’s an age old question … How much do dealers pay for used cars? As if buying a car wasn’t tricky enough, the used car market is somehow even more mysterious and unknown than its new car sibling. As I always like to say, “no two used cars are the same,” and for that very reason, pricing for used cars is nearly always a crapshoot. A reserve price is the minimum amount you’re willing to accept for your car at auction.

It’s common for an unsuccessful bidder to contact the auctioneer about working out a purchase deal. Keeping in mind an absolute bottom-line number can speed the process along. Most people will first go online to gather a rough idea of what their vehicle is worth. But you’ll also want to explore online listing marketplaces such as CarGurus or Autotrader. Securing a car auction license means getting into the motor vehicle business and having a dealer’s license. Costs start in the tens-of-thousands-of-dollars range and go up from there.

Set a realistic expectation for how much you hope the car sells at auction. Your research should help with the process, and don’t be afraid to postpone a sale if you decide pricing isn’t favorable. For example, auctioning a convertible in the winter in a northern state may not yield the best results or enough buyers. One approach more and more car owners are taking is to sell through auctions.

Motors vehicles listings are those within the Cars & Trucks, Motorcycles, Powersports, Boats, and Other Vehicles & Trailers categories. Fees for buyers vary country-by-country, though in this case we’ll focus on the system in place for USA-based buyers. See Bonham’s full list of buyer’s fees as broken down by local laws here. Give us a call any Wednesday to see how we can help you get started with the exciting process of auctioning your vehicle. This website is using a security service to protect itself from online attacks.

Online auctions combine the traditional approach of competitive bidding with the convenience of the Internet. This means that it doesn’t matter where your car and the winning bidder are. It’s not guaranteed that a car will sell at an auction; this is when having a “no-sale plan” matters.

• And if you’re primary interest is in domestic collector cars, American Car Collector offers the same service from the same staff, but focused on US-built collectibles.
• When considering the auction sale of your car, the initial and perhaps the most vital phase entails choosing a reputable auction platform.
• Normally, sellers must have a title in their name for auctioneers to sell the vehicle.

It provides a safety net, ensuring that your car won’t sell for less than your desired amount. The overall purchase price of a Tesla EV versus a gas-powered car depends on the specific model, but ongoing costs may differ. For example, EVs are likely going to be much cheaper to charge rather than fuel with gasoline, but there may be higher maintenance costs in the long run. Note, however, that there may be price caps on the tax credit’s eligibility, so not all Tesla models will qualify, and the buyers’ income needs to fall below a certain threshold.

If you’ve got a car to sell or cash to invest, Sports Car Market’s Platinum Directory is a very important resource. And their sister publication, American Car Collector, offers the same service from the same staff, but focused on U.S.-built collectibles. And though either one comes at a price, it’s a legitimate business expense (and your tax accountant will almost certainly agree with you). If you’re tracking value over time, the Hagerty Price Guide is a must, whether or not you’re a Hagerty customer. If you’ve followed collectible cars for any length of time, you know the big auctions are where the top-rated (and top-priced) cars change hands. When it comes to an auction (especially online), there’s no substitute for photos.

While there’s no secret to bidding on and buying an auction car, there are a few steps to know before jumping into the action. Although since Teslas are EVs, there’s no need to change their oil — but there are tires that need to be rotated and other things that need https://mashcar.com/ to be checked and maintained. Some estimates peg annual Tesla maintenance costs at more than $800 per year. Overall, upgrades and vehicle customizations can add significant cost to the base model of a Tesla, which is something owners will want to keep in mind.

If you aren’t sure what you are looking at, take a qualified mechanic with you. Don’t forget to bring your FenderSplendor Paint Meter with you to quickly assess the car’s paint for hidden damage. You will have a tool with you that gives you the upper hand over other dealers. Most of the time, you are purchasing the car based on a physical inspection only. Make sure you carefully investigate every part of the car before bidding.

Auctions will sell your car for a 12% seller’s fee up to $50 (Speed’s asks that you call on Wednesdays to confirm that there is room). In other words, the seller gets 88% of the final purchase price but doesn’t have to pay the auctioneer more than $50. Traditional auction houses offering in-person bidding are worth considering, however it’s also worth remembering that they frequently have some of the highest fees in the industry. They have to pay for those tents and Hollywood stage lighting and all those staff members somehow, right? Here we break down fees charged by several of the better-known classic car auction houses, for both buyers and sellers.

“Tesla has certainly been unique in the automotive marketplace,” said Ed Kim, president and chief analyst at AutoPacific, an automotive research and insight firm. “They’ve broken every convention, and in the process, have managed to completely dominate the EV market and almost single-handedly create a market for EVs.” Tesla has dominated the EV market and a handful of CNET Best Lists. Depending on the model and trim level, here’s how much you can expect to pay for one.

Showcase its best features, and ensure the images are well-lit and clear. Potential buyers are drawn to visually appealing listings, and great photos can make all the difference in grabbing their attention. Your reserve price should align with your car’s valuation and your desired selling price. Be prepared to be flexible and adjust it if necessary during the auction.

For prospective Tesla buyers, it may also be worth seeing if there are additional credits or incentives in your local area. As noted, Tesla’s vehicles are available in various trim levels, which correspond to additional features and price ranges. While one Tesla model may be less expensive than another, a higher trim level on a less-expensive Tesla EV may end up eclipsing the base model price of a more expensive base model Tesla.

I‘ve attended auctions at all these locations, and let me tell you – they never disappoint! You‘ll see everything from vintage 1920s classics to modern supercars crossing the block. While you don’t have to note every minor scratch and nick, being honest about the car’s condition is the right thing to do.

The goal is to present your vehicle in its best possible light to garner higher bids. Prior to embarking on the auction journey, gaining a precise grasp of your car’s worth is paramount. Car valuation is a crucial step to determine an accurate starting point for your auction. You can seek professional appraisers or use online car valuation tools to get a ballpark figure. Remember that a well-informed valuation can set realistic expectations and help you make informed decisions throughout the auction journey. Before listing your vehicle, you’ll want to ensure it’s in prime condition.

Read on as we check out auto auction prices and how auctions work. One of the key decisions you’ll make when selling your car at auction is setting a reserve price. This represents the lowest sum you are prepared to receive for your car. Set the reserve too high, and you risk deterring potential bidders.

Part of shopping for a new car involves the goal of saving money, often leading buyers to auto auctions. With the proper knowledge, shopping for the best deal can happen at a car auction. Some people work around this restriction by having family put the car in their name, but this isn’t the professional way to make a living selling cars. It doesn’t cost much to start an LLC, get a dealer’s license and do things legitimately. In fact, this also gives you access to a dealer plate and insurance to cover yourself in case of theft or an accident. Currently, the sale prices displayed on CLASSIC.COM are the same as reported by the auction house – some auction houses include the fees, and some do not.