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Used Cars and the Auction Option

Used Cars and the Auction Option

Buying a used car can be an excellent way to save money while still getting the perfect vehicle for your needs. But the process of actually budgeting for and selecting the right used car at the right price can be tricky. How can you be sure to save as much as possible on your next ride?

Consider online car auction sites, say the pros at Auto Auction Mall. Online used (and new) car auction sites can provide buyers with the best prices and the most convenience.

Used Cars: a budgeting decision

The whole reason to buy a used car, of course, is to save money. A used car can be just as reliable as a new car, in many cases, and used cars always cost less than their new counterparts. That’s because cars depreciate rapidly when they are first driven off of the lot. In fact, some cars can lose as much as half of their value in as little as three years! That’s a terrible drop in value for buyers who choose to get their cars new, which is why used car buyers can be much better off.

But in order to actually get the perfect value, used car shoppers need to know where to look. They need to know the fair prices for the makes and models they’re considering — and that’s where the internet comes in.

Shopping for cars online

Shopping for cars online just makes sense in this day and age. With so much information at our fingertips, why shouldn’t we look far and wide for the car that perfectly suits us? Rather than limiting ourselves to what the dealer has in stock, we should take to the internet and find lots of options to consider.

There are a lot of used car websites to choose from. But if you’re looking for the best possible value, there’s one type of site that you should give special consideration to: online car auction sites.

Why online auctions make sense for used car buyers

The idea of an auction is a pretty simple one, and one that most of us are familiar with. Bidders offer increasingly large sums for the same item until nobody is willing to pay more. Then, when no additional offers are being made or when a predetermined amount of time is up, the person who has offered the most for the item gets it at the price they offered.

On the face of it, this may seem like a way to drive prices up — after all, the only way to win an auction is to pay more than others are willing or able to. But auctions can actually be a way to save money. Here’s why.

In today’s age of information, it’s easier than ever for people to know how much they should be paying for a vehicle. There are plenty of places to find accurate numbers that reflect the value of a given make or model at certain ages and in certain conditions. Kelley Blue Book, for instance, provides this kind of information. We also have VIN checks vehicle history reports and plenty of other ways to avoid getting scammed.

So when auctions offer well-informed consumers the chance to bid on a vehicle, they’re setting the stage for the bidders to create a fair price for the vehicle. While set prices may or may not reflect the fair low price for a given vehicle, auctions can generate that price automatically. Bidders may even find occasional chances to get cars for far less than they’re actually worth — with the right strategies and a bit of luck and timing, big deals are possible!