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Just went to my first auto auction

P

ponyfitness

New member
Wow, quite an experience. There were cars going for next to nothing compared to what they would retail for. Crowded, but I managed to get us an amazing deal on a 2nd small car that we are just going to use as a daily commuter and to run errands. Just checked Auto Trader and I got it for less than 1/2 of what a comparable car would sell for retail.

I'm never buying off the lot again.

I saw domestic mid size sedans (Malibus, etc.) that were 6 years old with 100k kilometers (60k miles for you Yanks) sold for $1500-2500. Amazing. You just have to have cash.
 
My gf & her dad always get their motors off of auto auctions. If you've got a bit of car-savvy about you you can usually get a great deal.

I'd never buy a brand new car personally if I could be fucked learning to drive.
 
i think stateside you have to have a dealer liscense to get in on the auction-action.
 
bino said:
i think stateside you have to have a dealer liscense to get in on the auction-action.
Click to expand...

There are public auctions and dealer auctions. You can potentially get good deals at public auctions, but like someone said, you REALLY have to be car savvy. Plenty of idiots at those places get either emotional about the car, or simply don't know dick about cars, and bid up higher than what you could negotiate at a car lot. Generally speaking you have a good shot at a real deal at cars that come across first thing early in the morning.

Idiots can work in your favor too though if you're the seller. When my father sold his all original '69 Z-28 he scored too old dudes who "just had to have that car, goddamnit"
 
ponyfitness said:
Wow, quite an experience. There were cars going for next to nothing compared to what they would retail for. Crowded, but I managed to get us an amazing deal on a 2nd small car that we are just going to use as a daily commuter and to run errands. Just checked Auto Trader and I got it for less than 1/2 of what a comparable car would sell for retail.

I'm never buying off the lot again.

I saw domestic mid size sedans (Malibus, etc.) that were 6 years old with 100k kilometers (60k miles for you Yanks) sold for $1500-2500. Amazing. You just have to have cash.
Click to expand...

what car did you buy? year, miles, condition. Pics?


Sorry, but unless it's an older POS car or a Salvage Title you didn't buy it for 50% back of retail.

Again, I'm gonna Call BS on seeing 2004 Malibus with 60k miles selling for $1500-2500 unless again they were beat to shit or Salvage. Even though the Malibu Classic is a pos car to start with I have my doubts they were going that cheap.
 
miplank said:
what car did you buy? year, miles, condition. Pics?


Sorry, but unless it's an older POS car or a Salvage Title you didn't buy it for 50% back of retail.

Again, I'm gonna Call BS on seeing 2004 Malibus with 60k miles selling for $1500-2500 unless again they were beat to shit or Salvage. Even though the Malibu Classic is a pos car to start with I have my doubts they were going that cheap.
Click to expand...

2007 Hyundai Accent - 70,000km so three years old basically. Air, Power Locks/Windows, even Cruise - checked the engine, everything fine, body fine with some minor scratches. All glass intact. Clear history, no accidents. No pics, the site doesn't provide them. $3800.

Dude, you have no idea - I was shocked as well. Anything North American went for nothing. Saw a 2006 Hyundai Sonata fully loaded with 80,000km on it go for $4000. Minivans and SUV's/trucks were ridiculously cheap. Anything with any rust/damage got given away.

I was skeptical myself until I did it and saw what other people were getting, plus checked previous auction reports. There were cars selling for $300 - POS cars, but still, they ran.
 
ponyfitness said:
2007 Hyundai Accent - 70,000km so three years old basically. Air, Power Locks/Windows, even Cruise - checked the engine, everything fine, body fine with some minor scratches. All glass intact. Clear history, no accidents. No pics, the site doesn't provide them. $3800.

Dude, you have no idea - I was shocked as well. Anything North American went for nothing. Saw a 2006 Hyundai Sonata fully loaded with 80,000km on it go for $4000. Minivans and SUV's/trucks were ridiculously cheap. Anything with any rust/damage got given away.

I was skeptical myself until I did it and saw what other people were getting, plus checked previous auction reports. There were cars selling for $300 - POS cars, but still, they ran.
Click to expand...

actually...I do have an idea. I'm a Dealer.

I ran an auction report on a 07 Accent (GLS) with 50k miles and Average condition they're selling for $6050, Below Avg is still $4950.

Only ones that even sold in Canada were in Montreal were $3200(canadian) with 82k and it was below average and another for 3400 with 128 on the clock in avg condition.

no way you saw a loaded sonata with those miles sell for that. Again, that's a $7300 car in avg condition.

Maybe the bidding got to $4000, but they're not selling that cheap.
 
miplank said:
actually...I do have an idea. I'm a Dealer.

I ran an auction report on a 07 Accent (GLS) with 50k miles and Average condition they're selling for $6050, Below Avg is still $4950.

Only ones that even sold in Canada were in Montreal were $3200(canadian) with 82k and it was below average and another for 3400 with 128 on the clock in avg condition.

no way you saw a loaded sonata with those miles sell for that. Again, that's a $7300 car in avg condition.

Maybe the bidding got to $4000, but they're not selling that cheap.
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Yup. They did. If you're a dealer apparently you should learn about these things because other cars I bid on there were dealers bidding against me. I think I just managed to steal one and was lucky but there were ridiculous deals to be had.
 
ponyfitness said:
Yup. They did. If you're a dealer apparently you should learn about these things because other cars I bid on there were dealers bidding against me. I think I just managed to steal one and was lucky but there were ridiculous deals to be had.
Click to expand...

Yep ... you can steal real estate at public actions waaaaaay under market value too

but lets keep that as our little secret :)
 
ponyfitness said:
Yup. They did. If you're a dealer apparently you should learn about these things because other cars I bid on there were dealers bidding against me. I think I just managed to steal one and was lucky but there were ridiculous deals to be had.
Click to expand...

I know about public and government auctions bro...What auction company was this? Manheim?
 
RottenWillow said:
There are public auctions and dealer auctions. You can potentially get good deals at public auctions, but like someone said, you REALLY have to be car savvy. Plenty of idiots at those places get either emotional about the car, or simply don't know dick about cars, and bid up higher than what you could negotiate at a car lot. Generally speaking you have a good shot at a real deal at cars that come across first thing early in the morning.

Idiots can work in your favor too though if you're the seller. When my father sold his all original '69 Z-28 he scored too old dudes who "just had to have that car, goddamnit"
Click to expand...

Agreed. I've gone to a few public auctions, and also been to one as a guest of a dealers-only auction. The public ones have a lot more junk, but you can get a great deal. Not to sound too fatherly, but watch out. Most auctions won't let you put the car in gear, let alone drive it first. It would be a bad gamble, to plan on buying at auction and counting on problem-free paperwork and no repairs. You might get lucky, or you might get into a 6-month hassle to clear up the title if it's salvaged, etc. OR you might get a car with major hidden problems. I've bought a few cars from police impound auctions, but only to get the engine or for parts. Never tried to buy one for resale or to drive.

For the last 4 years, every car and motorcycle my wife and I have bought, has been on CraigsList. And great deals!!!! My '05 Tacoma 4-door Prerunner was about $8000 below blue book, and the dude selling it needed the cash by 5PM the next day because he was buying a house, and his bank changed terms on him at the last minute. He hadn't taken care of some small problems with the truck (a vibration, air bag warning light, etc), which would have turned off most buyers. I put another $1000 into it, and I'm still $7000 ahead of if I had gone to the used lot at the dealer.

Charles
 
ive been to a dealers only auction once. that day i realized how all the black folks have escalades.. SUV's were just cheap as hell. an escalade is packed like 20k when its brand new and then once you factor in GM's horrible resale value you have a like new escalade selling for 10-12 haha. couldnt beleive my eyes. i was about to call my credit union and be like um i need a check for a 2007 escalade lol.
 
twenty47 said:
ive been to a dealers only auction once. that day i realized how all the black folks have escalades.. SUV's were just cheap as hell. an escalade is packed like 20k when its brand new and then once you factor in GM's horrible resale value you have a like new escalade selling for 10-12 haha. couldnt beleive my eyes. i was about to call my credit union and be like um i need a check for a 2007 escalade lol.
Click to expand...

you're so full of shit right here.
 
miplank said:
on all accounts bro...
Click to expand...

gm doesnt mark up an escalade 20k when its new?? thats a fact. my good friends dad just retired from corporate gm. remember when escalade had a 20k rebate like 1-2 years ago? i asked him how the fuck do they do this. he said the msrp of an escalade is 22k over what a dealer pays for it. i think he said that was the highest out of any vehicle gm sells.

And that wasnt just one source.. after he told me that ive seen plenty of folks asking about the 20k rebates online and i saw similar responses..

i drive a 2004 tsx and when i went to auction there was one with with 88k miles that was selling for 6999 i was like wtf how will i ever trade in mine ahha. kbb at the time said mine was worth 10k.

but you are right on the salvage stuff. all my Polish friends from chicago get salvaged cars from auctions. buddy of mine got a smashed 350z that he re did and i think he got the car for like 5k or something i cant remember. it was a newer one with the better motor i know that.
 
twenty47 said:
gm doesnt mark up an escalade 20k when its new?? thats a fact. my good friends dad just retired from corporate gm. remember when escalade had a 20k rebate like 1-2 years ago? i asked him how the fuck do they do this. he said the msrp of an escalade is 22k over what a dealer pays for it. i think he said that was the highest out of any vehicle gm sells.

And that wasnt just one source.. after he told me that ive seen plenty of folks asking about the 20k rebates online and i saw similar responses..

i drive a 2004 tsx and when i went to auction there was one with with 88k miles that was selling for 6999 i was like wtf how will i ever trade in mine ahha. kbb at the time said mine was worth 10k.

but you are right on the salvage stuff. all my Polish friends from chicago get salvaged cars from auctions. buddy of mine got a smashed 350z that he re did and i think he got the car for like 5k or something i cant remember. it was a newer one with the better motor i know that.
Click to expand...

I don't care what the GM has for a cost in the escalade..

When a franchise dealers sells an escalade they're not making 20,000 dollars off of the sale. Period. The rebates are offered through the manufacturer not the dealer.

I dont know what your definition of a like new escalade selling at auction for 10-12 is, but off the top of my head you're probably looking at one that is about 6-7 years old.
 
miplank said:
I don't care what the GM has for a cost in the escalade..

When a franchise dealers sells an escalade they're not making 20,000 dollars off of the sale. Period. The rebates are offered through the manufacturer not the dealer.

I dont know what your definition of a like new escalade selling at auction for 10-12 is, but off the top of my head you're probably looking at one that is about 6-7 years old.
Click to expand...

i do forget that it is 2010 now when i look at cars but i remember 2005's selling for like 12,500. i saw a low mileage 07 going for like 18..

and they dont make 20k off the sale because nobody pays msrp for suv's these days. they are begging people to buy that junk
 
twenty47 said:
i do forget that it is 2010 now when i look at cars but i remember 2005's selling for like 12,500. i saw a low mileage 07 going for like 18..

and they dont make 20k off the sale because nobody pays msrp for suv's these days. they are begging people to buy that junk
Click to expand...

again..I'm gonna call BS on you seeing an 07 anywhere near 18gs.


34jf9zm.png


as you can see avg condition with 58k miles on an 07 escalade they're selling for $30,000. So unless it had a shit ton of miles or was just completely beat to hell. No you didn't see it sell for 18gs.

:)
 
i just cant imagine a dealer listing a car for 24,995 that they paid 22k for. when i bought my tsx it was listed for 23,995 on the internet and 24,995 on the car and i got it for 18,100. and the dude after said they still did alright on it. i was looking at s2000's last summer and one that was listed for 22k we were talking mid 17's at the table.
 
twenty47 said:
i just cant imagine a dealer listing a car for 24,995 that they paid 22k for. when i bought my tsx it was listed for 23,995 on the internet and 24,995 on the car and i got it for 18,100. and the dude after said they still did alright on it. i was looking at s2000's last summer and one that was listed for 22k we were talking mid 17's at the table.
Click to expand...

why can't you imagine that? Dealers are in the business to make money. I hear it all the time from people trying to guess what I make on a vehicle. Sometimes I lose money, Sometimes I make a couple hundred bucks, Sometimes I make upwards of 10,000 on a vehicle. It all depends because there are so many variables.

What people don't understand is the overhead a dealer has. Listing that escalade for 25 when they probably paid around 22 for it is a pretty fair price if you ask me. I didn't book it out or anything but 2-3 grand is pretty typical markup for a vehicle on a used lot. Sometimes it's more sometimes it is less but on average that's probably pretty close.


It doesn't really matter what you negotiated as far as your tsx, or s2000 or what have you. What a lot of dealers will do is grossly over price the vehicle and then when a sucker like you walks through the door and they offer it to you for 3-4 grand back of what they were just asking you're thinking you got a hell of a deal when really they just mark it up enough to come down to what they wanted to sell it for in the first place.

Same thing goes for them having it listed one price online, and more expensive on the lot. That is for people that don't do their homework and for in the event that someone comes in and just has to have that car and buys it the dealer just made that much more money.

So many people are impulsive when they buy new cars it gets them in trouble.
 
stfu
 
sucker like me?? ok bro

i do my homework on cars before i buy them. i dont really care what they have it listed for but i know what i should pay for the car. im involved pretty heavily into the honda scene so when i mentioned tsx and s2000 i knew what i was getting into long before i talked numbers with a dealer.

how do i not understand what overhead you have? i just got out of sales, not car sales but its all sales. thats why i said thats odd to me that they would have such little markup on an advertised price. but tehy are there to make money. like you said there is always a sucker. but obviously no one will come look at your cars if your prices are too high.
 
Mitch is fvcking pwning all you fools

Try running a business and they'll stfu
 
twenty47 said:
sucker like me?? ok bro

i do my homework on cars before i buy them. i dont really care what they have it listed for but i know what i should pay for the car. im involved pretty heavily into the honda scene so when i mentioned tsx and s2000 i knew what i was getting into long before i talked numbers with a dealer.

how do i not understand what overhead you have? i just got out of sales, not car sales but its all sales. thats why i said thats odd to me that they would have such little markup on an advertised price. but tehy are there to make money. like you said there is always a sucker. but obviously no one will come look at your cars if your prices are too high.
Click to expand...

I didn't mean you persay...I just meant the majority of the time people think "wow i'm getting a great deal" without actually knowing the numbers.

That markup is pretty typical for todays market. I don't have it in front of me but there have been tons of dealers that have had to close shop in the last year or so. The ones that survive this recession are going to make a ton of money on the flip side. Right now it's just a fight to stay in the game.

Also...Auction prices right now are so inflated it's ridiculous. I see some of your big dealers (Carmax, etc) paying retail for cars at auction. It's absolutely crazy what's going on right now. Which is leaving little room for the dealers to make the profit that they once did.

I still haven't figured out how carmax pays retail for a car and makes money on it unless people are actually paying over retail for it.
 
ive never been to a carmax but dont they have the "no haggle" motto where the price on the car is the price you pay? so i guess it just depends on what they list it for. My mom was thinking about selling her g35 and out curisoty she called carmax. they told her like 13,999 when dealers were offering her 17 for a trade in. so if a sucker sells there car at a price like that then they can make money haha. this was like 2 years ago so like you said the market could be competley different now. actually might have been 3 years ago.
 
twenty47 said:
ive never been to a carmax but dont they have the "no haggle" motto where the price on the car is the price you pay? so i guess it just depends on what they list it for. My mom was thinking about selling her g35 and out curisoty she called carmax. they told her like 13,999 when dealers were offering her 17 for a trade in. so if a sucker sells there car at a price like that then they can make money haha. this was like 2 years ago so like you said the market could be competley different now. actually might have been 3 years ago.
Click to expand...

Of course...Carmax is taking a risk when they buy your car from you and you're not buying anything in return. They're never going to be as generous unless you're actually trading it and not selling it outright to them.

Market Value at the time was probably around 14 grand for her car. That's what they could get it at auction for, so that's what they were will to give your mom for it.

See what happens a lot of times that most people don't see is when you come in and I offer you 17,000 for your car, but market value is only 14000. Well, What happens is most dealers will take a portion of the profit from the deal and apply it towards the car you traded. This is called Actual Cash Value.

Just because I gave you 17k for it I may ACV the car at 14k. So if I made 6,000 On the car she bought, I acv her trade back to waht it's really worth 14k. So 3,000 Of the Original Gross profit is applied to the trade in so it goes into my inventory for 14k.

Now when I sell that car I hopefully make up the 3,000 I used to ACV it back to it's market value, and in the event I can't sell it on my lot and I have to run it back through the auction I won't show a huge loss.
 
PICK3 said:
I once read an article stating the average person shops more vendors for a pair of dress shoes than for a new vehicle.
Click to expand...

Was this in your GQ subscription?



It's probably true. I get people in all the time trying to trade out of a vehicle and they'll say things like, "i have no idea why I bought this thing". Umm..it's because you're impulsive and you saw a new bright and shiney car and you're lazy so you'd rather trade your car in than just fuckin clean it.


However I don't say that because I love impulsive buyers.
 
ortiz34 said:
Is carmax like how we have autotrader.com?
Click to expand...

autotrader is a joke. Their listings depend on how much you spend to advertise with them. So the average person that puts a listing for their car with then will never end up on the first few pages. The big time dealers that spend big bucks have top priority and will dominate. Which sucks because if you're shopping most people won't sit and click through 50 pages and will never see the other ads placed .
 
RottenWillow said:
There are public auctions and dealer auctions. You can potentially get good deals at public auctions, but like someone said, you REALLY have to be car savvy. Plenty of idiots at those places get either emotional about the car, or simply don't know dick about cars, and bid up higher than what you could negotiate at a car lot. Generally speaking you have a good shot at a real deal at cars that come across first thing early in the morning.

Idiots can work in your favor too though if you're the seller. When my father sold his all original '69 Z-28 he scored too old dudes who "just had to have that car, goddamnit"
Click to expand...

and i has a sad.

old dudes(and barret jackson) with too much money, inflating the price of the camaros out of reach for the real enthusiast. chances are the damn car wont even get driven and enjoyed.

:(

i have a real nice 68 I got on the cheap, so its good for me i guess. but there for awhile, camaro prices were really stupid.

/rant
 
Kristofer68ss said:
and i has a sad.

old dudes(and barret jackson) with too much money, inflating the price of the camaros out of reach for the real enthusiast. chances are the damn car wont even get driven and enjoyed.

:(

i have a real nice 68 I got on the cheap, so its good for me i guess. but there for awhile, camaro prices were really stupid.

/rant
Click to expand...

Totally agree. Too many old farts who now have money (have to include my own father in that group) blowing up the prices of classic muscle and pony cars. All fairness to my father though, at least he really drives his cars. Now he's got a Tuxedo Black '67 Vette 427 with the three deuces set up that he drives probably 20 miles a week, every week.
 
RottenWillow said:
Totally agree. Too many old farts who now have money (have to include my own father in that group) blowing up the prices of classic muscle and pony cars. All fairness to my father though, at least he really drives his cars. Now he's got a Tuxedo Black '67 Vette 427 with the three deuces set up that he drives probably 20 miles a week, every week.
Click to expand...

Thats what I like to hear.
 
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