car auction advice for buying expensive cars
Discussion
I have been to car auctions a few times and bought a few motors, all generally pretty good buys and all less than 500 quid. Obviously with these cars at this price there is very little risk and generally if there is anything wrong it wouldnt cost much to fix anyway.
However, i am now looking at buying an m3 (e46) and looking to spend around 14 - 15k (if from delaer / private) the thought of auctions just came up and they do a bmw day at a local auction. so...
Would it be a good idea? Are the cars there generally cars that have been part ex'd to BMW and they have sent them there? Are they not just what ends up on dealers forecourts anyway? what does warranted milage mean? What sort of savings could i expect to make? Anything to particularily look out for? Could i establish where it had come from before i bought - i.e. whether from BMW or private?
It seems a bit of a gamble really but i also feel most dealers warranties arent worth the paper they're written on anyway and in the current climate maybe larger engined cars are going through cheaper? Surely not many dealers are fighting over themselves for 4.4l rangerovers etc are they?!?!
Cheers.
However, i am now looking at buying an m3 (e46) and looking to spend around 14 - 15k (if from delaer / private) the thought of auctions just came up and they do a bmw day at a local auction. so...
Would it be a good idea? Are the cars there generally cars that have been part ex'd to BMW and they have sent them there? Are they not just what ends up on dealers forecourts anyway? what does warranted milage mean? What sort of savings could i expect to make? Anything to particularily look out for? Could i establish where it had come from before i bought - i.e. whether from BMW or private?
It seems a bit of a gamble really but i also feel most dealers warranties arent worth the paper they're written on anyway and in the current climate maybe larger engined cars are going through cheaper? Surely not many dealers are fighting over themselves for 4.4l rangerovers etc are they?!?!
Cheers.
Personally I wouldn't. It's a specialist, highly stressed car. Any you see going through an auction I'd bet couldn't be sold on a forecourt for one reason or another. If you are going to buy one at an auction check the source and avoid any 'MultiSource' or 'Private'.
Also I doubt you'll see any at an auction, even a specialist BMW one.
Also I doubt you'll see any at an auction, even a specialist BMW one.
M.AlmondsStomach said:
Personally I wouldn't. It's a specialist, highly stressed car. Any you see going through an auction I'd bet couldn't be sold on a forecourt for one reason or another. If you are going to buy one at an auction check the source and avoid any 'MultiSource' or 'Private'.
Also I doubt you'll see any at an auction, even a specialist BMW one.
Agree with the 1st paragraph, but not the 2nd.Also I doubt you'll see any at an auction, even a specialist BMW one.
I've not been to that many auctions but seen plenty of E46 M3s go through. One was particularly well chavved, with some kind of massive wheels, and was a CAT D.
It would take some stones to buy one at auction.
I was at BCA Blackbushe the other week when 4 went through and only two was what you'd consider cheap (53' Estroil Blue, manual, 60k, History - £12.8k & 55 Plate' Grey, Manual, 50k, £15.5k)
Beaware of the auctioneers taking the pith with obviously private buyers and taking bids off the invisiable man, its been absolutely disgraceful recently..
Beaware of the auctioneers taking the pith with obviously private buyers and taking bids off the invisiable man, its been absolutely disgraceful recently..
_Nathan_ said:
I was at BCA Blackbushe the other week when 4 went through and only two was what you'd consider cheap (53' Estroil Blue, manual, 60k, History - £12.8k & 55 Plate' Grey, Manual, 50k, £15.5k)
Beaware of the auctioneers taking the pith with obviously private buyers and taking bids off the invisiable man, its been absolutely disgraceful recently..
bouncing them off the wall?!?!? - why is that digracefull? its allowed isnt it and you are still only paying what you see fit???Beaware of the auctioneers taking the pith with obviously private buyers and taking bids off the invisiable man, its been absolutely disgraceful recently..
those savings dont sound good enough to make it worth it.
cheers though
I see you're in West Yorkshire.
It's Brighouse BCA that I've been to a few times.
This is going through tomorrow:
YG53HYA
BMW M3 3.2 SMG, 2 Doors, Convertible, Petrol, Auto Clutch, Grey, VAT Marginal, Mileage Not Warranted
LEX021
01/09/2003
52,431
Doesn't sound like one to buy but it's not a bad idea to see a few similar cars go through.
The bacon sarnies are good too!
It's Brighouse BCA that I've been to a few times.
This is going through tomorrow:
YG53HYA
BMW M3 3.2 SMG, 2 Doors, Convertible, Petrol, Auto Clutch, Grey, VAT Marginal, Mileage Not Warranted
LEX021
01/09/2003
52,431
Doesn't sound like one to buy but it's not a bad idea to see a few similar cars go through.
The bacon sarnies are good too!
Edited by blank on Sunday 23 August 13:12
blank said:
I see you're in West Yorkshire.
It's Brighouse BCA that I've been to a few times.
This is going through tomorrow:
YG53HYA
BMW M3 3.2 SMG, 2 Doors, Convertible, Petrol, Auto Clutch, Grey, VAT Marginal, Mileage Not Warranted
LEX021
01/09/2003
52,431
Doesn't sound like one to buy but it's not a bad idea to see a few similar cars go through.
The bacon sarnies are good too!
That'll be a Lex Finance car, as opposed to a Lex leased car. They all go through the same auction sections as Lex cars but there is a big difference between them.It's Brighouse BCA that I've been to a few times.
This is going through tomorrow:
YG53HYA
BMW M3 3.2 SMG, 2 Doors, Convertible, Petrol, Auto Clutch, Grey, VAT Marginal, Mileage Not Warranted
LEX021
01/09/2003
52,431
Doesn't sound like one to buy but it's not a bad idea to see a few similar cars go through.
The bacon sarnies are good too!
Edited by blank on Sunday 23 August 13:12
Rollcage said:
_Nathan_ said:
torqueofthedevil said:
bouncing them off the wall?!?!? - why is that digracefull? its allowed isnt it ...
Its not on IMOV8mates Auction reports may help
V8mate said:
About four weeks ago the format of my auction reports changed. And it seems, from various posts I've seen recently, that some PHers who liked to have a nose in the past didn't spot the 'refresh'.
The reports have been retitled Gone in 60 seconds and are now posted within the News section on the PH main page. If you don't pop by there regularly, PH sends out a daily news email which will also carry the report on its day of release.
If you don't get the daily news email from PH, you can receive it by clicking:
My Info > Profile > and then checking the 'Daily News' box in the 'Newsletters' section.
If you fancy a catch-up here are the last three week's reports. This week's will be published in the next day or so.
Week 1
Week 2
Week 3
The reports have been retitled Gone in 60 seconds and are now posted within the News section on the PH main page. If you don't pop by there regularly, PH sends out a daily news email which will also carry the report on its day of release.
If you don't get the daily news email from PH, you can receive it by clicking:
My Info > Profile > and then checking the 'Daily News' box in the 'Newsletters' section.
If you fancy a catch-up here are the last three week's reports. This week's will be published in the next day or so.
Week 1
Week 2
Week 3
Strawman said:
Rollcage said:
_Nathan_ said:
torqueofthedevil said:
bouncing them off the wall?!?!? - why is that digracefull? its allowed isnt it ...
Its not on IMOLast week a 51' Plate 206 sold for £1900 and a tatty W reg Clio went for £1700 - there was no way anyone else was bidding on those cars and I am certain the provisional was half those figures.
The auctioneers also seem a bit too friendly with some of the traders...
Strawman said:
Rollcage said:
_Nathan_ said:
torqueofthedevil said:
bouncing them off the wall?!?!? - why is that digracefull? its allowed isnt it ...
Its not on IMOThe whole idea of an auction is that the 'market' decides what something is worth.
The vendor may well have a reserve, but many cars aren't bid that high. The cars often still sell because the vendor drops their expectation to the level of the highest bid, or some mid-ground is negotiated.
Reserves are 'indicators' of a vendor's expectation; not the end of the story.
V8mate said:
The vendor may well have a reserve, but many cars aren't bid that high. The cars often still sell because the vendor drops their expectation to the level of the highest bid, or some mid-ground is negotiated.
Reserves are 'indicators' of a vendor's expectation; not the end of the story.
It depends on the auction house, some will enter into negotiation between potential buyer and seller after the auction is over, some won't. A car might not achieve it's reserve at one auction on a particular day but will sell for over that at different auction on another day, so what is it's 'market price' then.Reserves are 'indicators' of a vendor's expectation; not the end of the story.
_Nathan_ said:
Strawman said:
Rollcage said:
_Nathan_ said:
torqueofthedevil said:
bouncing them off the wall?!?!? - why is that digracefull? its allowed isnt it ...
Its not on IMOLast week a 51' Plate 206 sold for £1900 and a tatty W reg Clio went for £1700 - there was no way anyone else was bidding on those cars and I am certain the provisional was half those figures.
The auctioneers also seem a bit too friendly with some of the traders...
reference your comment above that "there was no way anyone else was bidding on those cars" - well at least one person was bidding back - so he obviously thought the car was worth it! The value of something could be said to be whatever you are willing to pay for it. That bloke felt that tatty W reg Clio was worth £1700. If you felt that normal market conditions had over valued something you would not purchase it. He obviously felt that the car was not overvalued - why does it matter that the market consisted of him and the auction house wall?
torqueofthedevil said:
_Nathan_ said:
Strawman said:
Rollcage said:
_Nathan_ said:
torqueofthedevil said:
bouncing them off the wall?!?!? - why is that digracefull? its allowed isnt it ...
Its not on IMOLast week a 51' Plate 206 sold for £1900 and a tatty W reg Clio went for £1700 - there was no way anyone else was bidding on those cars and I am certain the provisional was half those figures.
The auctioneers also seem a bit too friendly with some of the traders...
reference your comment above that "there was no way anyone else was bidding on those cars" - well at least one person was bidding back - so he obviously thought the car was worth it! The value of something could be said to be whatever you are willing to pay for it. That bloke felt that tatty W reg Clio was worth £1700. If you felt that normal market conditions had over valued something you would not purchase it. He obviously felt that the car was not overvalued - why does it matter that the market consisted of him and the auction house wall?
Quite simply, it is deception.
Course it's flipping underhand, the auctioneer is not going to buy it so shouldn't be fabricating bids.
His job is to facilitate a bidding process between people who want the car, not eek out as much as possible from the only bidder.
If Ebay did something like this we'd be up in arms about it.
His job is to facilitate a bidding process between people who want the car, not eek out as much as possible from the only bidder.
If Ebay did something like this we'd be up in arms about it.
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