How to bid for a used car

How to bid for a used car

Updated on July 22 2024

METRO MANILA, – Are you planning to get a used or repossessed through an online auction?

Let us show you the ways to do it without getting burned.

Pick the car  

Usually, online auctions have a list of used cars that you can either view on their website or showroom.

There, you can check the basic information of the vehicles, including the brand, release date, model, fuel and mileage. Other important deatils like the plate number, location of the warehouse, initial price of the unit and color are also available.

You can also download the list in your device so, you can view everything wherever you are, even without an internet connection.  

Before bidding, think carefully if a particular vehicle meets all your needs. Conversely, consider the price tag in your decision making.

Can you afford it? Or would getting a lower-end model be more practical for your part? Don’t worry! The used market is large enough to accommodate your needs as the buyer.

Seek advice

In case you haven’t decided yet what vehicle to bid on, you can go to a car expert and ask for some useful insights.  

Send the file that you have downloaded to that person and see if he or she has some helpful input about it. Additionally, seek advice if it is the right vehicle for your personal use or in your small business.

If he or she has had any experience with auctions before, you can also include that in your conversation so that you can get ideas on how to bid a used car online.

Just take note, though, that online auctions don't last forever. Make sure to have a clear decision before you bid.

Make your offer

Once you have made up your mind, it’s time to go back to the auction site and make your offer.

However, make sure that your bid is within your budget. By doing this, you will not face financial struggles once you win the auction and start paying the entire amount.

Most auctions award the car to the highest bidder. Tempting as it is to go a little higher than your maximum bid, resist the temptation and keep looking for other cars.

Wait for the result

After making your offer, wait for a few days for the result. Usually, you will get a confirmation email or call from the auction house about it.

For instance, if you bid an SUV from Automart.PH on Monday morning, the result for that particular model will be available by Friday afternoon. With that said, you have four days to know if you got it or not.

If you did not win the bidding, don't be disheartened easily! You can still get the vehicle if the winner does not accept the repossessed car after the inspection and you are the next highest bidder.

In this case, do not hesitate to get that automobile before someone else does!  

Settle the payment

If you win the bidding, it’s time to pay for the unit price.

During this time, remember the payment option that you have chosen when you filled out the bid form. If you opted to pay through cash, you must settle the entire amount within the given timeframe.

But in most cases, this can fall within two banking days after the awarding notice was sent to you. Failure to do so might result in possible consequences like awarding the car to another bidder.    

However, if you choose to finance that automobile through an auto loan, you are required to pay for the reservation fee within several banking days and submit the necessary requirements for the application of your car loan to the bank.

Conduct a thorough inspection  

After settling the payment, the auction house will call you and arrange for a car inspection.

You will then be advised to see the awarded vehicle at their warehouse location. You may bring a mechanic to help you check everything.

Meanwhile, make sure that you are fully aware of the current state of the car during the inspection. Remember, most of the cars in an auction are sold in an “as is-where is" basis.

Automart.PH offers a wide selection of used cars at great prices, ranging from compact cars to pick-up trucks, that suit your needs.

And if you’re looking for the finest used cars, check out Automart.PH Certified Used Vehicles. These are restored until they feel like new again. They also come with a three-day money-back guarantee and, for Gold Certified units, a one-year warranty.

Automart.PH Senior Content Creator VJ Bacungan contributed to this story.