Auction

Khoa · 20-01-2007, 01:23 AM

I've found an XT i've been searching for a while now for the price of 14460, however it belongs to an auction company, i know they are putting it for sale (at a fixed price) for a while before putting it on auction.

Does that mean if i choose to go for it before the auction, i won't be able to bargain right?

Also if it does go on auction how does the starting price work?

Anyone know how these auctions work? Thanks

JC · 20-01-2007, 01:38 AM

Auctioneer asks for a bid. Someone yells one out. If it's too low, the auctioneer may just suggest a bid, and when someone sticks their hand up - they get that bid. Bidding may start in $500 or 41k bids, but as it slows, it may be $250 or even $100 bids.

The best way to win at auction is to save your bid until last - let all the riff raff get their bids in, and if the price is still right for you, bid at the second call of the price ; you know going once, going twice (bid here). If the price is already higher than what you wanted to pay, then you've saved yourself some unneccesaary arm movements, or head nods, or whatever method you choose to use to signify your bid.

Good luck with it, and don't let the excitement get to you - ie stick to the price you want to pay, and if the car goes for more than that, there will be another one along anyway.

Khoa · 20-01-2007, 01:44 AM

so for the BA XT that im talking about,a fixed price does mean that the 14460 wont be able to be bargained right?

Also what happens if like 2 guys rock up for the whole auction? is that possible? or there must be some way to make sure tons of people come right?

normxb · 20-01-2007, 02:12 AM

Don't think they'll bargain much , they know their prices pretty well.
You'll find heaps turn up at auctions , Dealers , Private buyers etc. An auction only needs 2 people wanting the same car and try and "out-bid" each other . If you don't take the offered price now , when the auction comes , go to the price "you want to pay" if it goes more , turn and walk away , I've seen it heaps of times , people get carried away in the competition and pay too much .

Khoa · 20-01-2007, 02:22 AM

True,

stupid question but what if there is one car thats worth over 9000 and one person bids for it at like 500 bucks and no one else is interested, he will get it for $500 i guess?

JADED6 · 20-01-2007, 02:23 AM

BA XT's at approx 15k are a dime a dozen even at dealers. Let it go to auction.

normxb · 20-01-2007, 02:27 AM

Quote:

Originally Posted by Khoa

True,

stupid question but what if there is one car thats worth over 9000 and one person bids for it at like 500 bucks and no one else is interested, he will get it for $500 i guess?

Naa , there would be a reserve on it and would be put up at the next auction .

Khoa · 20-01-2007, 02:55 AM

Oh Ok

yeh im into this one though coz its an LPG, and ive been looking for one plus its in my preferred colour,

i justed checked its website and the price has increased, dont know whats going on, dodgy.

peterban · 20-01-2007, 02:30 PM

Watch out for dummy bidders.
If you watch closely at some auctions the same couple of people are there week after week bidding up to a certain price then drop out.
Now it may be that they are dealers but I think they have special auctions for the dealers