When selling our car we want to choose the method that ensures us the best possible price, and hopefully with no or little frustration.
There are a number of options, and what follows here is a look at the pros and cons of the online auction. There are a number of websites where one can register and either bid to buy, or find the right company to sell one’s vehicle. Because auctions are becoming more popular, more sellers are willing to use this avenue, also the online auction.
PROS
Most of these auctions are conducted as real-time activities; some will allow buyers to view vehicles and place a bid by proxy up to 24 hours beforehand if the time of the auction does not suit them. Most sites go to a fair amount of trouble for prospective bidders by supplying good photographs, proof of service records and related information so that the online bidder can make an informed decision. Therefore more and more sellers find the idea of the online car auction an attractive option to sell their car.
You can follow proceedings from the comfort of your home or office.
These days you literally have a choice of hundreds, if not thousands, of cars to choose from via the online auction. That is good news for sellers since it means the buyer’s pool is much larger than ever before.
Auctions create a certain excitement which is not often rivalled by other methods. Prospective buyers bid against other customers, often creating a ‘’fear of loss’’ situation. They may be willing to pay more than they would have otherwise. The benefit to the seller speaks for itself.
You are spared the time and effort of marketing the car, expenses incurred in terms of advertising and having to meet buyers – often at inconvenient times – if you sell privately, for example. You leave the job to the professionals.
CONS
Most online car auctioneers will charge you a fee for the exposure and the work they put into the process - even if your car does not sell, which means you may have to repeat the process, resulting in even more costs. The fee is normally a percentage of the price achieved.
Many online companies are not keen to offer reserve prices, which may not suit all customers, as they don’t want to undersell.
Depending on where the auctioneers are, you may have to drive long distances to deliver the car. And if it does not sell the first time and you want to have another go at it, you will have to repeat the exercise, incurring more costs and spending more time and effort in the process.
Most auction buyers are from the motor trade which means they will have to sell your car on again and may therefore not necessarily bid what you were hoping for - resulting in a ‘’no sale’’ for you. It is a fact that experienced buyers are looking for bargains – also at auctions, which means your 'real' buyer's pool may be smaller than what you think.
Leave it to Us
To assist customers we at The Car Buying Group are on hand all the time to help you minimise the frustration and to offer you a service which will take the hassle out of selling your car. We come with a lot of experience and great successes behind our name. We are totally transparent and promise you a risk-free transaction. Our service is fast and reliable from the moment you get in touch, arrange to deliver the car to us at a location that suits you right to the conclusion of your sale. We pay immediately. An amazing 97% of our customers have indicated that they would refer us to their family, colleagues and friends.
