How to win at classic car auctions

Buying a classic car at auction has become a popular way of securing a good quality classic car at a fair and reasonable price. There are classic car auctions held all across Australia on a regular basis, giving car enthusiasts a huge variety of cars and locations to buy the car they have been chasing.

Classic car auctions have been around for a while now, and for quite some time they were a place to snap up a bargain or two. These days, modern auction houses are well-equipped with all the latest technology, as are car savvy buyers. Most auction houses also have the option to bid on cars online from the comfort of your own home.

Buying at an auction is very different to buying a car at a dealership or from a private seller. It is a fast-paced environment, you can be left behind or miss out if you are not well researched and prepared for the auction.

We have been in touch with specialist auctioneers and industry insiders to put together the best tips on how to buy a classic car at auction.

Buying at an auction is very different to buying a car at a dealership or from a private seller.

Do your homework

While auction houses will do their best to provide you with the most accurate information about the particular classic, it's always good to double check all the important details. Ask to see any ownership history or service books, so you can verify details like previous owners and locations, maintenance and repair records, ensuring it all lines up and makes sense.

Each auction house will have their own set of terms and conditions and rules for participating in the auction. Don't just sign the forms, make sure you read them so you are across the expectations of the seller – and the requirements for the buyer on the night.

You will likely need to pay a deposit immediately after winning an auction lot, to secure and confirm the sale.

Each auction house will have their own set of terms and conditions and rules for participating in the auction.

Inspect the car

It is always good advice to inspect a car before buying, especially a classic car. Make sure you take the time to view the car in person (if possible) or of you cannot attend in person, hire an expert to inspect it on your behalf.

If the car is a limited edition or special model, contact the relevant car club or manufacturer to verify and confirm is validity. The cars will always present well in the photographs, so viewing the car prior to purchase is vital and gives you peace of mind before proceeding with the purchase.

It is always good advice to inspect a car before buying, especially a classic car.

Set a budget

When buying at auction it is very important to set a budget and (mostly) stick to it. Don't be concerned about where the auction price starts, it is all about where it finishes – and who is in front!

Auctioneers are trained in reading body language and understand bidding patterns, it is their role to get the best result possible for their vendor. If you are too excited or emotionally invested in the auction activity, then you might end up spending more than you intended.

Having said that, you would hate to miss out on your dream car by one bid – so be firm on your budget – give or take a couple of hundred bucks!

If you are too excited or emotionally invested in the auction activity, then you might end up spending more than you intended.

Be ready

After all your homework and research, you don't want to miss out on your opportunity to buy the car because you're in the queue at the hot dog stand or perhaps in the loo!

Don't be late to the auction, make sure you arrive early and get comfortable in your surroundings. Be fully prepared, with your bidder card or paddle and catalogue at the ready, and if possible have one last look around the car before the auctioneer begins introducing the car.

Auction sales are all about actions and not intentions, it is a place where money talks, and the talkers and dreamers walk.

Auction sales are all about actions and not intentions.

Place your Bid

There are many strategies to bidding at an auction, be sure to give this some thought before you raise your hand in the air.

Some buyers prefer to wait until the last second as the auctioneer closes the lot, however you run the risk of missing out as the gavel comes down. Others bid strong and with confidence making sure that all other bidders are aware of the buyer's intentions, in an attempt to knock them out of the bidding war.

No matter what your strategy is, make sure you're comfortable and stay in control.

The final check before the cheque

Congratulations! You've bought your dream car!

Before you pay and collect your new ride, make sure you've got your insurance and transport sorted out. The last thing you want is for something terrible to happen and you're not insured, and driving an unfamiliar classic car on a long journey is not a good idea – you're better off having the car transported to your home or mechanic to have a really close look at it before you hit the road cruising.

In the modern era, there are many way of buying a classic car. Whether you prefer the old fashioned printed classifieds, browsing car selling websites, monitoring online auctions, or attending physical auctions and clearing sales, you are sure to find the right classic car for you offered for sale somewhere.

The key is to be prepared and informed, being in the right place at the right time can be everything. Are you going to let someone else buy your dream car?