Probably, the vast majority of people looking for a used car first look at online classifieds portals, go to market places or to specialized sites. However, there is another way – online auctions. How do they work, what benefits can they provide and are there any risks?
Thousands of cars
Online car auctions are a relatively new way for Lithuanians to buy used cars. A significant number of buyers believe that such platforms are available only to a limited number of people, because it is not easy to use them. However, there are platforms that offer a different experience. Exleasingcar.com, for example, allows anyone to buy cars.
“A platform like Exleasingcar.com makes it possible for anyone to participate in auctions. It is important to follow the steps correctly, which is to register and provide accurate information. If everything is fine, the potential buyer is contacted by administrators who confirm the registration and give permission to place bets and buy cars. This can be done by both natural and legal persons,” says Artūras Dambrauskas, CEO of UAB Gelgotos transportas. This company also manages the Exleasingcar.com brand.
After receiving confirmation that he has the right to buy cars, the buyer can start examining the operation of the auction and look at the offers. And there are quite a few of them, because many European auctions are combined on one platform, so you can find thousands of choices every time you log in. For example, Austria, Germany, Belgium, Italy and France are among the countries that offer the most cars. Auctions run at a certain time, so the largest offer of cars is at the beginning of the day – it can reach about 6 thousand, and the offers decrease as the day ends.
It is important to take your time and do your homework
The desire to buy a car, a large offer and the possibility of placing an amount can be a bit confusing. Therefore, before starting to use the auction, it is suggested to calm down and take your time. First, do some research, look at the range of cars on offer, watch the auctions and explore all the possibilities of the platform.
It is also necessary to evaluate the market, what is the supply and price of the models you are interested in on the market. It is advisable to look into certain nuances related to the car you are interested in – operating costs, common breakdowns, other defects. This will help you assess whether the car you viewed at auction is really worth the asking price. Specialists of the auction platform are ready to help and advise on these issues.
“Everyone who uses the Exleasingcar.com platform gets a personal assistant right from the start, who explains how auctions work, what to pay attention to, what features to use. The assistant can also help choose the most suitable car if the buyer knows their needs, but may not know which model would best suit them. Finally, a specialist can even help monitor auctions, advise on the amount and when to bet, and can stop if he sees that the price of the car is too high”, – A. Dambrauskas reviews some nuances relevant to buyers.
It is not necessary to have the entire required amount
One of the things that sometimes makes buyers skeptical about auctions is the belief that you have to have all the money you need to buy a car at them. However, even at auction, a car can be purchased using leasing or other financing options. It is important to make sure beforehand that the financial institution will give you the required amount of money and that all other conditions are the same as when buying a car from anywhere else.
“Just as leasing requires a down payment, so here you would need a down payment, around 10-15 percent. the price of the car, and we can help finance the rest together with our partners. Therefore, there is no need to be afraid that if you buy a car, you will not be able to pay. In this case, it is important to know that leasing will provide you with a loan. If you have such a guarantee, there should be no problems”, reassures A. Dambrauskas.
Of course, future costs should include the transportation of the car from the auction location to Lithuania, auction and platform brokerage fees. But it is convenient that buyers can see everything in real time while the auction is going on, so they can immediately estimate additional costs. By the way, the delivery of the car to Lithuania is directly handled by the auction platform, so all processes – from registration to delivery of the car – are in one hand.
Many buyers believe that cars are much cheaper at online auctions. This is not a myth, but you should not expect much cheaper offers either. However, as A. Dambrauskas notes, the desired car can be purchased for approximately 10-15 percent. cheaper than the market price, and if there is damage, preliminary calculations of how much the repair could cost are also provided. No less important is the fact that the real mileage and the clear history of the car are a big added value.
Is buying a cat in a bag?
Since the online auction takes place remotely, buyers cannot see the car and cannot test drive it. This is another reason why a significant number of people are skeptical about auctions. However, there are guarantees here too, and the cars are presented so carefully that sometimes some defects are not noticed by a frequent buyer even when seeing the car live. Auctions have strict requirements and you can find all the information from A to Z about the car for sale on the auction page.
“Only cars with a complete history, with very clear and real mileage, with information about maintenance, when and at what mileage the car visited the service center are put up for auction. Detailed photos of the cars are also provided, where even the slightest body damage, tire wear level, etc. are recorded. It is important to note that some cars are sold with accessories, such as an additional set of tires or rims. If it is recorded in the photos, it must arrive together with the car”, reassures A. Dambrauskas.
Other guarantees are also provided. For example, if the car arrives with unmarked defects, Exleasingcar.com makes sure that all of these are compensated. But it is advisable for the buyer to carefully examine all the information provided, especially since it is easily accessible and detailed.
An online car auction can become a new alternative when buying a car, which provides a new and interesting, sometimes even very gambling experience.
Tags: alternative traditional car buying methods
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