Auctions for public salvage cars can be either done live or done online. Similarly at some auctions people can make bids both live and online. The prices of cars at such auctions are determined by various factors which may include but not limited to the following;
The Product Brand
Some brands naturally price their products more than other brands either for reasons being that they want their customers to have a psychological feeling of grandeur or they practically spend more to achieve same products that others do. Whichever the case, the dealers and buyers have grown accustomed to this fact and usually consider it as a factor.
The quality of dent or damage
This is usually the predominant factor to consider at public salvage car auctions. Cars with minor dents are usually priced higher than those with more prominent dents or damage for the obvious reason of the repair cost. It should be noted that this factor can be subjective to the kind of repair service available to the buyer at cheap prices.
Car Properties or Details
Some car properties are more acceptable and are looked out for more often by buyers hence influencing the prices of these cars. The details such as car model, the make, Engine specs, type of drive, odometer reading, etc. should be made available to the buyer.
The availability and cost of fuel type of the car in the locale where the car is intended to be used will also affect the pricing of the car and the bids made.
Live bids require that whoever is the top bidder should have a deposit available which can be paid in cash or by use of credit and debit cards. This deposit is usually around 20 to 25 percent of the hammer price. Bids usually last for minutes and the rest of the payment is expected within 24hrs of purchase. Bids are usually binding, if your bid is hammered then you are legally bound to pay for the car. The balance can also be paid by means stated earlier. Buyers are expected to also come with valid identities and utility bills.
Online auctions have slight modifications. The only parts that can be inspected by the buyer are those shown by means of digital pictures to the buyer, hence higher risks and as a result the bids are generally lower. Online auction sites make use of consent to terms that are binding such as “THIS VEHICLE IS BEING SOLD AS ‘AS IS – WHERE IS’ ALL BIDS ARE BINDING AND ALL SALES ARE FINAL”. This term when agreed to binds the buyer. Online bids may last for days giving ample time for a sufficient number of people around the globe to view the product and multiple products can be auctioned simultaneously.
The list shows clearly how the above stated factors affect pricing and bidding of such salvage cars and how wide the range of costs can be, depending on what one is looking for.