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Recently, I have been mentioning my Ultimate Garage 2.0, which was posted last May/June. Here are all of the relevant links:
The Cars That Missed The Cut, Part One
The Cars That Missed The Cut, Part Two
Yes, I am aware of the saying “You can lead a horse to water, but you can’t make him drink.” Nevertheless, please feel free to click on as many of these links as you want.
From this post comes this picture of a beautiful 1954 Kaiser Special:
Anything with Richard Langworth involved is worth reading.
Although the annual January Scottsdale auctions are over for 2020, here is a post on how to buy a car at an auction. Interestingly, the author’s name is Andy Reid. Here is his first and most important tip:
“First and foremost, I would not ever recommend buying at auction if you have never attended a classic car auction before. There is a lot to know and it is very easy for a first-time auction attendee to get excited and bid more for a car than it is worth.”
My wonderful wife and I attended multiple Barrett-Jackson and Mecum auctions before I ever bid on a car. I think that is very sound advice. I knew how much I wanted to bid and I didn’t forget about the buyers premium. Remember this car?
This 2014 Corvette “Custom” was offered at the 2019 Barrett-Jackson auction in Scottsdale, which we attended. I knew what my max bid would be and I didn’t deviate. My maximum bid was $65,000 ($71,500 all in) and the car hammered for $70,000 ($77,000 all in). The same scenario occurred the next day on a 2015 Z06 convertible. In the end, it worked out for the best as I found my 2016 Z06 a couple of months later and paid much less.
I’m virtually certain my wonderful wife and I will attend automobile auctions in the future. The experience of having attended many times before is quite valuable.
I would like to read about your car auction experiences.
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5 thoughts on “Thorough Thursday”
ANY auction can go either way. I used to attend estate and or general auctions frequently. There were items that sold for 2-3 times their actual worth due to 2 bidders REALLY wanting that item. The flip side was often items going for less than scrap value. Case in point; 3 years ago I was able to purchase a John Deere 2025 series tractor with mower deck and front loader for $2,700. It had sat outside so looked pretty decrepit, wouldn’t run and was missing a hydraulic hose. I spent less than $500 repairing and cleaning and ended up with a tractor worth $10,000 for less than $3.500 plus my time.I hadn’t gone with intention of bidding on it, as I assumed it would sell for at least $7500, but at that price I went for it. As I was planning to due some work on my property, it saved me rental fees on a Bobcat, plus I now had a mower with a 60″deck (handy when you have 5 acres to mow).
Thanks for your comment.
Yes, that is the point about auctions. Some think that all auctions are to be avoided because all lots sell over the money, but that’s simply not true. It does take work and luck, though, to get good deals at auction, but they do exist.
I go to the classic car auction in Toronto twice a year usually. Some good cars show up. But the short time frame to see the car, the rush to get it out after, always makes me wary. I almost bought a 76 Ford Elite that went for $4k. Looked great, but can’t test drive etc, I balked. Ended up paying the same for a 76 Grand Prix.
Plus I hate the math. $4000 bid, $4400 after premium but before transfer ownership, license etc. The buyer pays his premium plus whatever it cost to place the car. So I wonder why I’m paying $4400 the buyer accepted something like $3400 for…
*Grand Prix was a private sale, and after new springs were installed as party of the safety check
Thanks for sharing. I think for many people buying a car at auction is like winning a contest, but not one based solely on luck. Of course, that’s what the auction companies are counting on.
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