Used-car auction bidders urged to set price cap early
Also advised: calculate admin and initial maintenance costs, and prepare a backup choice of more than one unit.
Prospective bidders at used-car auctions are advised to set a budget and a maximum price before bidding starts to avoid spending beyond their financial means. The head of used-vehicle auction platform AUKSI said the bid price is not the only cost component, as participants also need to factor in administrative fees and possible initial maintenance for the vehicle. Bidders are also asked to study the vehicle list, lot numbers, auction schedule and the condition of the units offered. In addition, prospective buyers should prepare more than one target vehicle so they still have options if they fail to win the main unit, while also understanding the settlement terms if they win the auction.