Drivers 'scared' of car auctions
7th September 2010
Used car buyers could make huge car insurance savings if they dared to buy their car at auction rather than from a dealer, research has shown.
Unfamiliarity with how things work at an auction house meant 85% of motorists had never thought of attending one, even though picking up a bargain vehicle could offset the cost of insuring an older car.
More than half of these drivers said they were put off because they believed participating in an auction would be intimidating, even though bidding for a recent model could provide cheap car insurance quotes.
Manheim Auctions, which conducted the survey, said this was not the case as 75% of people who had been to a used car auction said it was a "great experience", and 22% said they would rather buy a vehicle this way because it was much faster.
The company recommended that novice car bidders attend an auction as an observer before attempting to buy anything, to stick firmly to an agreed budget, and to arrive early in order to inspect possible purchases.
Auction catalogues list all the available vehicles, while listening to the auctioneer will provide bidders with details about service history, tax and mileage, the group added.
Copyright © Press Association 2010
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