Buying at an auction is a great way to save money on the things you need. Whether you head to a car auction, a household goods auction, a storage unit auction or even industrial machinery auctions, you need to understand the rules of the auction and know when to put your paddle down. Most facilities have rules in place regarding when you and how you register, what happens after the auction and even how you can find out about upcoming sales. No matter what type of auction you attend, make sure you rely on some simple tips.
Do Your Research
Spending more money than you should is the biggest mistake you can make at an auction. Many bidders find themselves so caught up in the action and excitement that they keep bidding until the price goes over the value of the item. Doing your research and taking that research with you ensures that you get that item at a great price. Jot down notes that affect the price, including condition or age, and remind yourself of how much you want to spend before the auction starts. If the price climbs too high, make sure you know when to walk away.
Get There Early
Make sure you get to the auction at least one hour before it starts. This gives you time to register for a number and read over the rules of the auction. When viewing machinery, vehicles and other larger or more expensive items, most facilities let you inspect and examine those items up close. This lets you see things you didn’t see online or in the auction listing, including scratches or broken pieces. If you are the high bidder and later find something you don’t like about the object, most facilities will still hold you responsible for paying for that item.
Showing your excitement is the worst thing you can do at an auction. This can make other bidders think the item is more valuable or make them bid higher simply to make you spend more money. Keep a cool head, listen to the auctioneer and bid smartly. Give the auctioneer time to drop the price a few times before raising your paddle instead of bidding right away. This might help you get that item at a much lower price. Bidding smart, getting there early and doing your research can help you win big at any auction.