Car auctions are often a great method for purchasing those awesome cars you love and admire at a bargain price. The only problem is that if you’re not cautious when making a purchase, you could end up with the bad end of the deal.

Purchasing a car that is overpriced, or not in the best shape is a car enthusiast’s worst nightmare – but it happens. You see, once you’ve made your bid, there are no “take backs” meaning, you’re stuck. Therefore, you want to take your time in learning the tricks of the trade so that you can walk out of the auction feeling proud about your lean, mean, classic machine.

What Type of Auction Are You Considering?

In a nutshell, there are three types of auctions where you can find some of the best deals on classic cars you’re just dying to add to your collection; public auctions, classic car shows, or online auction sites. Each of these has their own set of pros and cons, and making yourself aware of this is important. When making your decision on which is best for you, it will typically come down to how much you’re looking to spend as well as how much you’re looking to invest into the condition of the car.

For example, public auctions typically held by the government will have vehicles that have either been abandoned or confiscated by the local authorities. These cars are generally a bit lower priced, but may not be in mint condition. Another type of auction is often in relation with a classic car show. The cars are generally in better condition, but they can be priced a bit higher.

Lastly is an online auction in which individuals looking to advertise a classic muscle car for sale will post pictures of the vehicle and a predetermined starting bid.

Know What You’re Looking for – or At Least Your Budget

Alright, so maybe you don’t know that you’re looking for a jet black 1965 Ford Mustang with an automatic transmission, however, having some form of idea can be a great help. Check out various makes and models to see what tickles your fancy. If you’re not really sure, there is also the idea of at least having a set budget in mind so that you don’t go overboard. What is the max you’re looking to spend? A good rule of thumb is not to go anymore than about 10% over your set budget.

Do a Bit of Research

One of the most common car buying mistakes at an auction is the failure to do thorough research prior to bidding. Whether you’re purchasing from a live or online auction, knowing a bit about the going price for a car is ideal to avoid overbidding. There are plenty of car sites and resources that you can review to determine the current value of a car. Also, there are some car auction sites that will allow users to review previous auction histories to see how much the car went for in the past.

For those bidding in an online auction it is a good rule of thumb to only purchase from trusted vendors. Many online auction sites have consumer reviews that you can check out to make sure you’re purchasing from a reliable vendor. You don’t want to pay for a car only to have it never show up, or to pay for a car that you thought was in one condition, only to have it show up in shambles.

Inspect the Car as Best You Can

Never blindly bid on a car whether it’s online or in person. Before making the decision to bid on a particular car, try to inspect it as best you can. Review the specs, assess what work will need to be done, and assure that it’s in good condition – or at least in a condition that you can live with. If you’re bidding online, be sure to check out all the pictures the vendor has displayed and also check out the description to see what condition the vehicle is in. If there is not enough information present, then it is best that you reach out to the vendor before making a bid.

Keep in mind that not all auctions are the same, however, if you keep this bit of advice in mind as you partake in these auctions, you’re sure to have a much better experience. Don’t get so caught up in buying your dream car that you don’t pay attention to what really matters. Knowing who you’re buying from, what the going value is for the vehicle, and what condition the vehicle is in will all work towards ensuring that you get the best value for your investment.