Car auctions can be more than a spectator sport
Attending a live auto auction can be exhilarating for participants, but also an intimidating experience for first-time attendees.
The Mecum Auction began Thursday and runs through Saturday at the Schaumburg Convention Center. If you're in the market for a new custom or classic ride, chances are good you may find just the right one here as more than 1,000 cars will cross the auction block.
Whether you're a seasoned veteran or it's your first ride at the auction rodeo, here are some general tips.
Study in advance which vehicles are going to be auctioned and get educated on values. Many price guides are online and free. While on-site, try to thoroughly inspect the vehicle(s) you're interested in before the bidding begins. The owner may be nearby and can share a wealth of info about the vehicle's condition and history.
Make up your mind, also in advance, which vehicle(s) you want to purchase and your top dollar bid. Doing so will help ensure that when the bidding gets hot and heavy, you'll be locked onto something — outside of the excitement of the bidding process — you have already decided is worth your hard-earned cash. Buying purely on impulsive emotion might work for some, but rash decisions often lead to regrets.
Pay special attention to words in the vehicle's description like “clone,” “tribute” or “re-creation.” These words indicate the vehicle may not have the authenticity some collectors or enthusiasts desire. If you're seeking an investment piece or genuine historical relic, consider passing on these kinds of restorations. However, if you don't need to have the genuine artifact, they look the part and can be had for much lower prices than the real McCoys.
Check your ego at the door. Bidding by definition is a form of competition. While a healthy sense is OK in small doses, blowing past your budget to prove a point to the “other guy or gal” is a costly practice.
Many wonder when is the best time to place a bid? Our eBay-saturated culture has many people waiting until the very, very last minute, trying to “snipe” other interested parties.
John Kraman, consignment director for Mecum and also one of its television commentators, suggests an alternative.
“In a live auction, time compresses and changes under the spotlight of having to make a high-dollar decision in a matter of minutes. It's not like sitting in a car dealership mulling it over.” Kraman suggests if the bidding level is affordable, get in as early as possible.
“You'll be better acclimated to the auctioneer's chant and the intense pressure. If you try to wait until the last minute, there's less time to think clearly.”
Bidder registration is $100. General admission tickets are available in advance and at the gate for $25. Children 12 and younger are free. For more details, visit www.mecum.com.
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