Car auctions
 

I am looking at following my lease car to auction at the end of its lease and there seems to be quite a bit more to it than just turning up and bidding especially around the fees/costs etc.

Can someone who has recent car auction experience please just explain the basics of what you need to know such as on top of the winning bid what fees you will be paying?

"I am looking at following my lease car to auction..."

Do you mean you want to buy your current car ? -- if so, try asking the leasing firm how much they want for it (I bought my van this way some years ago..)

The law must have changed since then because you now cannot buy a lease car directly from the lease company due to tax laws. I already asked and told me this, however they said once they have it back to call them and they will tell me what auction they have sent it to and I can then go and bid for it.

It's crazy as I just want the car and it would save them all the hassle but no the law prevents them selling it to me directly.

I've found out it's going to British Car Auctions so need to do start doing research as seems to be a lot to know before trying to buy a car at one of their auctions!

fit it with one of those immobilisers where you can cripple the car remotely - then pay a ridiculous price for a non-runner getting pushed into the ring, and still get the car you know and want for a steal!

Ha ha, what a cunning plan.

With BCA you just need to go in on the day of sale get a catalogue and bid. When the hammers down they will call you the desk and get a £500-£1000 deposit off you (use debit card - they charge a % for handling cash). The only fees you will pay are a buyers premium and I think they charge about £40 admin fee for the V5c filling and posting.

The buyers fees are a good whack for a private buyer which are posted in the reception areas and vary on value of the car. Alternatively if you know someone with an account (trade) you could buy on that account and save a little on the fees.

If its at BCA Brighouse let me know and i'll sort something out for you.


Raf

Lol I think the lease company might have something to say about that when it goes back and is fully inspected.

Cheers Raf. It's down South otherwise i'd take you up on that. And yeah i'm a private buyer and the car will also be having VAT on it so I need to work out what my top price is with all the fees and VAT added.

I was hoping to do online bidding but it's exclusive to motor traders so i'll have to take the day off work and go along to it. I'm tempted to go to one before hand just to familiarise myself with it before my car comes up so I know what i'm doing and what to expect.

Sign up to bca online and youll be able to bid on it that way, save messing around attending auction etc

Thanks but it says that is only for registered motor traders?

I’m led to believe they take a fee and indemnity of about £300-500 depending on hammer price.

I bought a 330d from a BCA auction about 8 years ago, and it was an extremely easy process.

Basically knew what cars were going through (was BMW only, up to about 3 years old). 3 cars I was interested in. First one I got outbid on, the second I won the auction for - and after the hammer fell I just went up to the podium and paid a deposit on debit card.

Then went through to the desk inside and paid the outstanding balance and filled in the V5, then got the keys and log book, went and found it in the car park and drove off!

Extremely easy process. Price-wise it seems to vary a lot, and generally the savings over a dealer aren't as much as you'd expect, but you do see the odd bargain. I saved a few grand on the 330d and it was a great car, kept it 3 years.

Yes only trade can bid online. With regards to VAT it wont be 'added' to the final sale price. The invoice is just done to include VAT however the final price is the hammer price plus the fees. So say you bid £5k hammer you wont pay vat on £5k. It will be invoiced at £4000 + VAT @ £1000 so £5k total plus the fees

Hope that makes sense :)

Cheers and yes makes sense as I phoned them up and they explained it all to me. My car's average price is around the £10k mark so fees will be £609 and they explained the VAT categories on the listings and was all to do with those who are VAT registered and what can be claimed back and nothing to do with adding VAT on.

Edited for 20% VAT :D

:)

I've never bought from auction but have seen cars of interest listed on the BCA website in the past. I recall seeing a Lotus Carlton ex police car around 5 years ago that tickled my fancy! They must be almost 30 year old now!