Car Auctions

[Joshy]

Not a complete newbie when it comes to auctions. I've attended quite a few and even bought a one or two cars on the behalf of other people from the local "private sales" auctions, but I'm sick to death with the awful choice of ***** motors so am looking to step up with the big boys in terms with attending the larger BCA and Manheim auctions in the local area .

Not strictly looking to make loads of money, but more as a chance to gain a bit of experience and satisfy my "I need a new car every 5 minutes" fix, as such I tend to look for cars most people would consider liabilities. For example the last thing I attempted to buy was a 1997 Nissan 200SX (I was gutted - Won the auction for just £800 but the finance company wouldn't accept the bid and refused to renegotiate with me privately. A service, bit of Polish and decent pictures and I could have served that up to the drifting crew for a ridiculous markup ).

I'd like to be in the position of buying something, do basic maintenance, maybe running about it in for a few weeks/months if I can sort out some sort of insurance cover and serving it back up via the internet

I know that we've got one or two full time traders here, so I've got to ask: Any tips? From your experience does anything half decent come up in the evening/weekend auctions? (The catalogues I'm looking at say no )

Would there be much competition on the sort of cars that I'd be looking at. I mean, I looking at the catalogue for an auction tomorrow telling myself that I'd go for stuff like the E39 540i Touring and E31 840Ci listed. Surely these cars must go for absolute peanuts?

Do auctions tend to slow down around Christmas time? Not looking to start splashing cash again until closer to Christmas, I was wondering if this would put me in a better/worse position?

Any examples as to what can be bought with pocket change (Around £2000) at the larger auctions would be much appreciated.

Thanks .

 

[Axeboy]

I think youd be better looking for bargains in the private ads.

I thought of something like you have a few years ago but ended up finding similar cars for similar money on the private market. Benefit was being able to test properly at the low values and higher chances of a decent car.

It always worth thinking of why a car is in the auction in the first place, not saying you wont find some nice examples, but you need to know what you are doing. Also, as you know, get to know the 'locals' and you might get some better deals.

 

[DM]

Put a trade advert in the local paper, cars wanted, and see what you get offered, you can bid the nuts of them as you know they are desperate

 

[Moeks]

I'm not sure buying a 540i or a 840Ci via auction is a very good idea at all, these are the kind of cars you need to know the history of ideally or at least be able to go over with a fine toothed comb first and take a good test drive of to make sure they are ok. Buying one of these via Auction could end in an expensive mess.

 

[Joshy]

Put a trade advert in the local paper, cars wanted, and see what you get offered, you can bid the nuts of them as you know they are desperate

That's actually not a half bad idea!

Just a bit worried that I'm going to be snowed under by rubbish, ***** tat though.

I'm not sure buying a 540i or a 840Ci via auction is a very good idea at all, these are the kind of cars you need to know the history of ideally or at least be able to go over with a fine toothed comb first and take a good test drive of to make sure they are ok. Buying one of these via Auction could end in an expensive mess.

Yep, I can see why it's a bit of a bad idea, but I can't help but think of the risk/reward ratio. If I managed to get something along the lines of the 540 or 840 mentioned below market value it'd be worth a bit of a punt. The trick would be to only buy something cheap enough that I wouldn't lose too money if it was a pup and I had to sell for spares and repairs.

 

[Moeks]

Well you could do it with an E39 540i but it'd be pre face-lift ...or it wouldn't be 'that' cheap tbh ...if you did it with a post face-lift Sport like I had, you would still pay enough that it could hurt badly if things didn't go to plan ...E31s cost rather more unless they are total sheds, they are getting more desirable now after all. You don't want a shed of an E39 really, but what you really, really don't want is a sheddy E31, they have a lot of unique parts on and can cost a fair bit to make right.

I'm sure it could be done, but it's quite a risk indeed. There is a lot to go wrong with these. In-fact if you buy an earlier 540i with an M62 engine rather than an M62TU you don't have the issue of possibly noisy/failing VANOS units to contend with either, also, it has a cable throttle not the arguably inferior fly by wire electronic throttle actuator of the later M62TU engined cars ... September 1998 onwards will be an M62TU with the 540i.

 

[DM]

That's actually not a half bad idea!

Just a bit worried that I'm going to be snowed under by rubbish, ***** tat though.

You will be snowed under with crap, but every so often you will get a bargain.

When my brother was in the car game they used to buy 30 cars a day from paper adds, most got slung in the sales for a 50 quid profit, but you pick and choose and take one out now and then to retail.

This was 15 years ago, hes in the scrap metal game now refining, but the principle is the same still from when he was doing the cars.

 

[Fr0dders]

I'm not sure buying a 540i or a 840Ci via auction is a very good idea at all, these are the kind of cars you need to know the history of ideally or at least be able to go over with a fine toothed comb first and take a good test drive of to make sure they are ok. Buying one of these via Auction could end in an expensive mess.

listen to this man

he knows all about buying cheap 540is

 

[Moeks]

Hehe well ...I'm not saying he can't find a bargain and get a nice car, I'm just saying it's a mine field with these cars ...and not being able to properly look at them and test them before purchase would send me running to the hills, knowing what I know.

 

[DM]

Hehe well ...I'm not saying he can't find a bargain and get a nice car, I'm just saying it's a mine field with these cars ...and not being able to properly look at them and test them before purchase would send me running to the hills, knowing what I know.

I would never buy anything over 3 years old from a sale.

You cant try them, you only have an hour to back them, sod that, as you say its an accident waiting to happen with big old lumps.

At least if someone rings you up offering one you can go have a look, then bid the ****** out of it.

 

[Lashout_UK]

The problem is that anything vaguely interesting, for the most part, can command stupid premiums at auctions because everyone assumes that they're either getting a bargain, or it's attracting private punters who fancy their chances - this applies to even 'sedate' stuff, like naturally aspirated MR2s, Jeep Cherokees, and so on.

Of course, there are still bargains to be had, however! I've come through on a few things I would have never expected to, with silly low bids, before

 

[DM]

The problem is that anything vaguely interesting, for the most part, can command stupid premiums at auctions because everyone assumes that they're either getting a bargain, or it's attracting private punters who fancy their chances - this applies to even 'sedate' stuff, like naturally aspirated MR2s, Jeep Cherokees, and so on.

Of course, there are still bargains to be had, however! I've come through on a few things I would have never expected to, with silly low bids, before

Yes! its private people falling in love with cars and bidding like nutters that have ruined auctions.

At least when it was only the sheepskin coat brigade there they looked on them as bits of metal and bid accordingly.

 

[Joshy]

The problem is that anything vaguely interesting, for the most part, can command stupid premiums at auctions because everyone assumes that they're either getting a bargain, or it's attracting private punters who fancy their chances - this applies to even 'sedate' stuff, like naturally aspirated MR2s, Jeep Cherokees, and so on.

Of course, there are still bargains to be had, however! I've come through on a few things I would have never expected to, with silly low bids, before

I'm not sure what it is like at proper auctions, but interesting cars always sent people running for the hills at my ***** auctions while dull hatchbacks made decent money. For example the same day I "won" the 200SX for £800 (The cheapest comparable one on AT at the time was £2,500+) while the odd Cilo and Corsa was making MORE than you'd expect from a private sale. I think a tatty 90s Automatic 1.2 Micra pegged £1,500 .

I thought that perhaps there would be a niche market for those among us willing to take a chance on an old money pit barge, but it seems not.

 

[Axeboy]

Honestly, keep on eye on the local classifieds, adtrader etc

Ive found more bargains that way than the auctions

 

[Lashout_UK]

There is, but as you've already partly observed, you have to be in the right place at the right time

As an example, I stumbled across an early 90s XJS at BCA Enfield - the kind you'd usually pick up for about 800-1500 quid, although it was in nice condition. I fancied one, set my limit and bid up to £1200.

Hammer fell at £3500......

That is, obviously, an extreme example - but it's not uncommon.

I buy the majority of my cars, and resell them, via eBay. Very occasionally I'll pick one up from an auction, or a classified, but 90% are off ze interweb

A few times I've seriously considered putting a more 'interesting' car through an auction to see what effect it would have, alas I've yet to find something that's a) suitable and b) I'm willing to take a loss on

 

[Lashout_UK]

Oh yea and don't forget to factor in auction fees, not that you probably haven't come across them already. Up to 2k expect to pay about £100-£200 quid and a further £30 or so for other charges.

 

[soundb0y]

I've been going to a few lately with my old man. We bought a 2001 range rover a couple of weeks back and within 2 days made 1600 quid on it. Also the other week picked up a lovely 2004 range rover td6 se for 9k. Had it fully serviced and all it needed was a new coolant sensor or something. Should be a few K profit in that one.

On the other hand yeah they can be full of junk also. Sold my mg zs 120 with 90k miles on at one the other day as it was on its last legs, full of problems and about to blow up. So yeah,,, watch out for lemons.

 

[[TW]Fox]

You would have to be mad to buy something like a 540 in this way, most are hiding a plethora of nasty surprises you need a test drive to find.

plus a 2002 Vectra is a better car.

 

[Maz]

I often buy stock from Auctions (BCA, Manheim, Scottish Motor Auctions, Sytner Online Auctions) When I'm running low on stock.

Best place these days is to look at classified ads and offer them trade price, a lot of the time it's a better price than webuyanycar.com have offered and sometimes they'll sell you it!

But buying from auctions isn't quite a gamble as you may think, generally restrict yourself buying cars that have come from a reputable source (Ie: National or big local dealer group) As these are genuine main dealer part ex's which aren't disposed of because they are faulty - rather disposed off because the owner has upgraded.

These dealer groups will have a contract with the auction and must sell so many cars per year to get whatever deal they're on.

The cars can often be viewed before the sale date, so If I find something special or a bit different - I'll go and take my time and view it properly a day or two before the sale.

This lets you check the service history, the interior condition, the exterior condition and lets you generally spend more time looking at a car to see if it's a ******* or not.

I bought a 56 Audi Q7 not long ago, I went to view the car a couple of days earlier and took photos off the service history and rang the dealers to make sure it was genuine - and checked the car out properly and even the silly little things you might not notice till you've had the car a while.

Oh and stick with you limit, sometimes someone else will have more money for a particular car - while increasing your limit might not be a problem for a private buyer as you might not be able to buy a similar vehicle for a similar price anywhere else.

The auctions also have catalogues with trade prices in them, generally the public won't be given these as they are usually reserved for account holders but I'm sure if you ask nicely they'll let you have one - this will give you a benchmark as to what to pay.

Fees - big one, fees for private buyers is huge in comparison to account holders - so if you plan to buy a few open an account sooner rather than later, or find someone you might know who has a account who doesn't mind letting you purchase on.

Sorry for any grammatical errors etc, had a few!

 

[Maz]

The problem is that anything vaguely interesting, for the most part, can command stupid premiums at auctions because everyone assumes that they're either getting a bargain, or it's attracting private punters who fancy their chances - this applies to even 'sedate' stuff, like naturally aspirated MR2s, Jeep Cherokees, and so on.

Of course, there are still bargains to be had, however! I've come through on a few things I would have never expected to, with silly low bids, before

Not necessarily true, if you can attend a daytime auction then stuff like this rarely exceeds the guide price.

Where as go to an evening auction full of private individuals then prices go over.