By Simon Monk
Used-car buyers are missing out on potential bargains because the concept of visiting a car auction intimidates them, research has revealed, potentially increasing the cost of car insurance for many.
Some 85% of drivers have never thought of visiting an auction, with many citing the perception that it is an intimidating experience as the reason, according to a study by Manheim Auctions.
However, the survey also discovered that three-quarters of those who did attend a used-car auction described it as a "great experience".
Manheim advises buyers to attend an auction as an observer first before buying a vehicle, just to see how the auction process works.
The auctioneers also advise that potential buyers get a catalogue which lists all the vehicles entered in the auction, and arrive before the auctions starts to view the vehicles they could be interested in.
The firm says that listening to the auctioneer is also important. He will include vehicle details, whether it has V5, full service history, road tax and if the mileage is warranted.
It is also vital to stick to your budget, trying not to get caught up in the frenetic bidding action of the auction hall.
