Should I sell my car at an auction?

So, you’re thinking about selling your car and wondering if an auction is the way to go – you’ve come to the right place. While auctions can be exciting and the perfect way to make an easy sale, they can be a bit of a faff and nothing is guaranteed.

Not sure it’s for you? Then take the easy road and sell to BigWantsYourCar.com. With competitive quotes and convenient collection, our free and easy valuation process is built with you in mind – in just a few clicks you can start the process today.

If you’re still considering an auction, it’s important to have all the information before you make up your mind. After all, alongside your home, a car is probably one of the most expensive things you’ll buy or sell. Some handy things to keep in mind are:

• What is an auction and how do they work?
• Choosing the right auctioneer
• Do you get more money from an auction sale?
  • What are the costs of an auction?
  • Setting a minimum sale price
• What documentation do I need?
• Selling a car at an online auction
  • Making a safe online sale
• What happens after the sale?

But before all of that…

What is an auction and how do they work?

In the context of selling a car, an auction provides a dedicated time and place where potential buyers bid on your vehicle. They can be traditional (in physical locations) or virtual (online), depending on the type of auction it is.

First, you’ll need to register your car and have it evaluated. Once it’s accepted, your car will get an auction number and go on display for potential buyers to check out. If it’s an online auction, you’ll just need to provide as many high quality photos as possible. Then, it’s time for the bidding frenzy!

Buyers raise their bids against each other, and if someone meets your minimum price, your car is sold. If the bids don’t reach that minimum, you can choose to accept or reject the highest offer.

Choosing the right auctioneer

If you opt for a traditional auction, choosing the right auctioneer is essential. Do your homework – check out different auction houses in your area, read reviews, and ask for recommendations.

You can also look for auctioneers with experience selling cars like yours. Consider their auction process, fee structure, and customer support to make sure you have a smooth selling experience.

Do you get more money from an auction sale?

How much you make at an auction depends on a few things, like the condition of your car and how competitive the auction gets. For rare cars, auctions can drive up the price as the bidders battle it out. But you should remember that auction fees and commissions can cut into what you make.

What are the costs of an auction?

Auction houses typically charge fees and commissions, which can vary depending on the house and the value of your car. These can be a flat fee or a percentage of the final sale price. But don’t worry, you can factor these costs into your minimum selling price to make sure you still end up with a decent profit.

Setting a minimum sale price

If there’s anything you should remember to do, it’s this: set a reserve price. This is the minimum amount you’d be willing to accept for your car and acts as a safety net, protecting you from making a loss.

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What documentation do I need?

Before you head to the auction, you’ll typically need your vehicle’s certificate of ownership, MOT and service history, as well as any warranties. It’s also a good idea to check with the auction house to see if they require any additional paperwork. If you’ve got everything you need, it’ll be smooth sailing.

Selling a car at an online auction

While physical auctions are popular, online auctions have gained traction too. So, when should you sell your car online? Well, timing is key! Consider listing your vehicle during high-demand periods, such as spring and summer when more people are on the lookout for cars. You could even research popular online auction platforms, to find out when they have the most traffic and engagement.

Making a safe online sale

We’ve all heard horror stories about people being scammed online, but don’t stress – there are a number of ways you can keep yourself covered.

• Stick to reputable sites and check out their customer reviews
• Look for platforms that provide detailed information and photos on what they’re selling
• Look out for red flags and odd requests from potential buyers
• If it seems too good to be true – it’s better to be safe than sorry

What happens after the sale?

In most cases, the auctioneer will take care of the details – they’ll collect the payment, subtract their fees and hand you the remaining amount. All that’s left to do now is celebrate!

If you don’t want to bother with the hassle of all this prep, without the promise of a sale at the end, why not try selling to BigWantsYourCar.com? With us, you’ve got a safe and hassle-free way to sell your vehicle – we’ll do the hard work so you can pop your feet up and find out how much your car is worth.

Want to talk through your options? Get in touch with our friendly team or call 03303 41 09 09 – one of our experts will be on hand to help.