The growing popularity of RM auctions
Car enthusiasts have been attending RM auctions for decades but in recent years, the popularity of this car auction house has really gone from strength to strength. The increase in popularity is due to a number of factors with the main one being that people are realising that they can get more money for their used cars by selling at auction rather than at a private sale.
In previous years there weren’t a great deal of car owners that would have considered selling their used or collectable cars at an auction house such as RM Sotherby’s. Now though, people have realised that there are circumstances when an auction sale is going to be favourable. They tend to offer advantages like being a very prompt and profitable way of selling a car, creating a potential business model that relies on volume rather than the individual value of a particular sale.
How RM Auctions can help you sell your car
In years gone by if you did decide to go to a car auction like RM auctions you would usually be greeted by a large number of professional car dealers who were the only ones privvy to a lot a saving that were going on at auction houses. These days though, you tend to get a lot a private car buyers bidding and competing with these car dealers. Unfortunately though, this development and shift in the way that people buy cars has pushed prices up significantly. With that being said, there are many deals to be had at classic car auctions still.
As used car prices have risen at auctions, many dealers have been pushed out of these sales as they are not able to get their returns, instead they now tend to rely on cheaper imported cars. That’s not to say that people shouldn’t attend these auction houses, for the casual buyers there are still many deals to be had that make it worth while. Any car that can be bought at lower than it’s retail value and still represents high quality is a win for the end buyer.
How Bonhams auctions are attracting more and more car buyers
If you’ve attended Bonhams auctions you’ll know that these events are extremely popular and are often very busy with car enthusiasts and buyers alike. This type of car auction house specialises in selling rare and vintage cars as well as the ordinary every day cars that most people go there to buy. The reason that Bonhams is so great to sell a classic car in is because the psychology of an auction house takes over, people get competitive which pushes up the price of rare and no longer in production cars even further.
One of the most important tips that we can give to anyone contemplating attending a car auction, whether they’re buying a used or vintage car is to do your homework before you attend. It is common for auction houses like Bonhams to publish the catalogue of all the sales that are coming up that day before they actually event occurs, this can be your best weapon. If you’re searching around for this type of thing, you can do so by searching for ‘auction lists’.
Winning successfully and Bonhams auctions
Determining what a successful win is at a car auction is a tricky thing. Bonhams auctions in particular manage to get bidding levels to fever pitch, so knowing when to stop can be difficult. It’s true that anyone but winning a bidding war successfully campy as much about walking away as it is buying the actual vehicle. Is always worth remembering that they will likely be another similar sale somewhere down the line so being able to say no is very important.
This is particularly true if you are a first-time bidder at an auction, if you haven’t had practice at bidding and then stopping it can be very easy to overbid. It is very important that you set a budget and do not go over it and it may be worth watching if you actually bid on the car that you’re after. It is also worth noting that are hidden fees in many classic car auctions, so it is worth checking this out first before you attend to get a true reflection of the final price that you are going to be paying. Fees are normally disclosed up from so if you visit somewhere like the Coys auctions homepage, you can normally find them there clearly marked.