There can be little to match the thrill of bidding for a classic car at auction.
However, in the excitement building up to when the hammer drops it’s important to keep a level head so your new purchase becomes your pride-and-joy and, hopefully, a good investment for the future.
If you’re tempted, then here’s 10 tips to remember when bidding for a classic car:
- Take time to inspect your chosen car. Most classic car auctions open well before bidding commences to allow this, so make the most of it.
- Remember that all bids are final. If yours is the highest bid, then there’s no chance to change your mind at a later stage.
- You don’t always need to attend the auction to bid. Most classic car auction houses accept telephone bidding, online bids or by leaving a commission bid beforehand.
- Whatever way you are bidding then you need to register prior to the event. If you are attending the auction then you will most likely need to show some form of identification such as a passport, driving licence or utility bill.
- Auctioneers don’t hang around and can sell up to 30 vehicles an hour, so if your chosen lot is coming up then don’t leave the hall to go to the toilet or you might miss it!
- Many auction houses charge at buyers’ premium which is added on to the hammer price. It would be sensible to check what percentage this is so that you can add it to the total cost of the car, plus ask the auction house if there are any other additional charges and what VAT applies.
- Successful bidders need to arrange removal of the vehicle and insurance.
- Thoroughly research the car you want to buy before auction day and review all the paperwork when it is available.
- Listen to what the auctioneer has to say when they introduce the car. It could be that you hear something that will make you change your mind or make the car even more attractive.
- Most importantly, stick to a budget. In the excitement of bidding it can be easy to get carried away. While you might pick up a bargain, you also could end up paying well over the odds.
If you have successfully bought a classic car at auction, then ClassicLine Insurance would be delighted to hear from you to discuss the best insurance options for your vehicle.