I’m a car dealer and am frequently asked what is my secret to attracting high-end car buyers.
“They think it’s an expensive way to get to know you,” says Joe Stapleton, who is based in Sydney.
But if you look at the data, the answer is a little different.
“It is not that people are paying to see auctions.
But rather, they are paying in the expectation of getting a car,” he says.
And when a buyer makes a bid, it is not just about the price but also the type of car and what the seller wants.
So what makes a car valuable?
“The key to what makes it valuable is the type, quality, and condition of the vehicle.
If it’s a nice old car, it’s probably worth more,” Mr Stapeltsons comments.
What makes a nice car?
Well, it has to be reliable, safe, well maintained and a pleasure to drive.
And most importantly, it must have a history and have been driven by someone who knows how to use it.
It’s also important that it has no problems.
“People think it will sell and they’ll buy it, but it will be an utter waste of money,” Mr Sstone says.
“I know this because I have seen a lot of cars sold in the first two years of my career that were not worth more than a $5000.”
How do I know if a car is worth it?
You can check on the car at a garage.
Or you can use an online auction site.
The bidding will go through a computerised system and then an auctioneer will call the prospective buyer to the table.
The auctioneer asks the prospective buyers if they want to buy a car or sell it, or if they would prefer to get a new car.
The computer will then match the price of the car with the bids from the buyer and seller.
But how do you know what the buyer wants?
“You don’t have to see the car,” Mr Jernigan says.
But there is one trick you can do.
“When you see the offer, ask the prospective car buyer, ‘Would you like a car of that type?’
If they say yes, it’ll probably be worth more, and you’ll have an opportunity to bid accordingly,” Mr Moller says.
When the auctioneer calls you to the house, you’ll be asked to put your bid.
“The car you want is usually in the range of $30,000 to $50,000,” Mr Rennie says.
Auctions are a great way to meet people in new markets and it’s important that you can offer value for money.
But, as always, you have to be careful.
“You may not be able to get the car, but you can get your friends,” Mr O’Hara says.
You can also buy a used car on eBay.
But beware of high-priced items.
They are generally only offered for sale through reputable sites.
“If you’re not buying something from a reputable site, don’t be fooled into thinking it’s worth a lot,” Mr Poulton says.
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