Buying a Vehicle from a Dealer or Third Party Individual
There are several factors to consider when purchasing a vehicle. First determine if the vehicle is worth what the seller is asking. Numerous sources can be utilized on the internet. Used car guides such as Kelly Blue Book (kbb.com) and NADA (nada.com) are very good sources and highly recommended in the auto appraisal industry. Usually these guides will give you a range of what the vehicle is worth or could be selling for. We also recommend doing some research on the internet. Search for like vehicles and see what their asking prices are. Some sites will even show sold prices. Compare the vehicle condition to the ones selling in the current market. Use this and book value to determine its range of what the vehicle is worth. If you are unsure or can not find the information you are looking for, we recommend hiring a certified auto appraiser to conduct an appraisal to show its current market value and condition rating. This should also include a liquidation value which banks and financial institutions use for financing your auto loan.
Next we recommend pulling a vehicle history report. Usually these can be found for newer vehicles or vehicles newer than 1990. A good source to use is either Carfax (carfax.com) or AutoCheck (autocheck.com).
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Bidding on a Vehicle at Auction
In today's car market, its very popular for dealers and car collectors to purchase vehicles from car auctions. Sometimes you tend to get better vehicles at better prices. Numerous collector car auctions showcase the best of the best when it comes to collector or classic cars. Before bidding on a vehicle always do your research. Make sure the vehicle condition matches the price you are willing to pay. Sometimes car auction companies will post an estimate price range; use this in determining if the vehicle is worth what you are willing to spend. There is also bidder fees to consider. Most auction companies charge anywhere from 5-10% to purchase a vehicle thru their auction. This can be a huge factor in determining if you are paying to much for the vehicle your are interested in.
Here at Pinnacle Auto Appraisers, we offer services to help you with your buying and bidding needs. Our experienced certified auto appraisers can assist you in bidding or buying the vehicle of your choice. Our services include conducting a certified auto appraisal for value, inspecting the vehicle for problem areas and even attending the car auction with you to assist in buying the vehicle. Contact us today at 877-988-9911 for more details!
