Tips When Bidding for a Used Car in the Philippines
Bidding for a used car in the Philippines can be a nerve-wracking experience. It can be confusing and time-consuming too. You may feel overwhelmed by the number of sellers and their auction listings. But if you’re prepared, bidding for a used car can be fun and profitable. So today, we’ll share the pros and cons of bidding. Also, we’ll reveal some secrets to help you find the best deal and win at an auction for a used car. Ready? Read on.
Difference between buying and bidding
Before we go into the advantages and disadvantages of bidding, let us know the difference between buying and bidding.
Buying is a transaction where you purchase a car from a dealer. It is not done directly with the seller. You will go through the dealer who works for you to get the deal done. If you do this for several dealers, then you will get several cars at a lower price than buying them one by one directly from the seller.
On the other hand, bidding is an auction-style transaction where you bid for a particular car you want to get. There’s price competition involved in bidding since you’re aiming to win over other bidders just to have that used car you want. Furthermore, auctions are usually held in public areas such as parking lots and garages. But some dealers also hold auctions at their premises, where you can see all kinds of vehicles for sale.
Advantages of bidding
As mentioned earlier, bidding can bring fun and profit to you if you’re well-prepared. What makes buying cars at an auction profitable or beneficial? Here are some of the benefits of bidding:
- Variety of Options – the collection at numerous auto auctions is excellent and includes affordable cars, trucks, business vehicles, and SUVs.
- Affordable Price – going to an auction is a must-try for you if you’re someone who wants to get a car at a low price.
- Quick Sale – the ability to locate and buy the most dependable vehicles at auto auctions.
Disadvantages of bidding
Yes, bidding is a good catch for you. However, there are some cons to keep in mind. Among them are the following:
- No Return and No Exchange Policy – all vehicles purchased at auctions are regarded as “as is” sales, which means no warranty.
- Not in Good Condition – some used cars are repaired to look functional in the bidding process.
- Hot Car – it means a car that was illegally brought into the auction or a car that was stolen and afterward sold on the market.
How to make sure you win the bid?
Indeed, as you bid for a used car, you aim to win. Right? Then, how to sure win in the auction? Here’s your list of tips to get the used car you want.
- Be early for the appointment (if face-to-face auction). On the day of the auction, get there early if you still want to inspect the vehicle that interests you. Every vehicle is sold as is, which means the buyer accepts delivery of the property in its current state and condition.
- Make a budget. The best way to buy a car is within your budget because if your money isn’t enough, it will be challenging to bid for a high-quality vehicle.
- Don’t get too excited. This means concentrating on your negotiation skills and managing to get a fair price for the vehicle rather than getting yourself too much excitement.
- Know the rules of the auction house. Knowing the organization’s policies and processes should be your first step when joining an auction. Additionally, refrain from engaging in something you are not familiar with. Instead, read them to understand the seller’s expectations and the rules if your offer was successful.
- Bid at least 20% higher than the minimum bid price. If you’re looking up “how to bid in used car auctions,” you should know that ideal auction victors bid at least 20% above the minimum price to have a chance of winning.
- Choose cash payment as much as possible. If you have the means, it is preferable to pay with cash to increase your chances of winning and speed up processing. Also, cash payments will ensure your complete ownership of the vehicle.
In summary, when bidding for a used car in the Philippines, it is crucial to research the vehicle’s fair market value to avoid overpaying. Used cars in bidding have a reasonable price that could be aligned with your budget. But, be prepared to walk away from the bidding if the price gets too high because it could be disadvantageous. Finally, stay calm and maximize the variety of options in bidding to reach the best-used car. With these tips, you will be better positioned to get a great deal on a used car.
Do you want to bid now? Go check out RFShop’s for bidding vehicles through this link: https://rfshop.com.ph/bidding