What You Need to Know Before Buying Classic Cars at an Auction in Australia

20 Jul 2018

What You Need to Know Before Buying Classic Cars at an Auction in Australia

For many people, owning a classic car is a dream come true. Iconic vintage vehicles exude class, history and culture, transporting us into a world of glamour and luxury. While it’s easy to get caught up in the wonder of classic cars, it’s essential to understand the auction process and experience before you buy.

At Xoticar, we specialise in guiding you through the classic car auction process in Australia. Our experienced team has in in-depth understanding of necessary preparations, laws, taxation and requirements to ensure a positive and rewarding experience for all bidders.

Here’s what you need to know before purchasing a classic car at auction.

Preparing for an Auction

When it comes to auctions, knowledge is power. In order to make the most rewarding and beneficial decisions, you need to be thoroughly prepared and well researched. We recommend attending a few auctions to familiarise yourself with the atmosphere and action as well as the process of bidding.

In order to pay a fair price for your classic car, it’s essential to have an understanding of what the car is worth. To do so, evaluate similar models in private and dealer markets – bearing in mind that prices actually paid are generally lower than the listed price. Consider mileage and features and evaluate industry sales data for an accurate price range to depend on. Ensure that you’ve checked service histories and condition reports and set a firm budget to stick by.

With experience and expertise in classic car auctions in Australia, Xoticar guides you through the necessary preparations to ensure that you’re feeling confident and informed before bidding on your dream car.

Bidding at the Auction Proper

It’s auction day. You’re excited and ready to potentially secure your very own classic car. Now that it’s time for the auction, you need to think with a clear head.

Arrive early to register and closely inspect the vehicles you’re thinking of bidding on. If you’re serious about bidding, sit or stand somewhere you can’t be missed to ensure that your bid is recorded. When your desired vehicle is up for bidding, focus on the task at hand and make sure that you’re paying attention to both other bidders and the auctioneer.

Once you’re in the game, stick to your budget. It can be tempting to get carried away in a bidding war, but you may have regrets if you blow your budget and spend too much. Even if you think you’ve found the ideal car, the price may not be right. Know when it’s time to let go and consider bidding on your other options.

Come prepared with arrangements take ownership of your car if you’re the lucky winner.

Auction Laws

When participating in an auction, you need to adhere to certain laws and requirements to ensure a fair and proper process.

Xoticar guides bidders through the process of auctions to provide personalised advice on adhering to auction laws and regulations while bidding. From the commitments of bids placed to the obligations of auctioneers, we help you understand all processes and laws for a smooth and confident auction experience.

Tax in Australia for Classic Cars Sold at Auction

Many potential bidders only factor in the cost of the car they’re bidding on, forgetting that they should also add applicable taxes and costs into their budget.

When you purchase a car, you’re required to pay a variety of taxes and fees. With some included in your registration and others excluded, it can be confusing to know just how much to include in your budget. Depending on the classic car you purchase, you may have to pay a registration transfer fee, stamp duty, motor vehicle tax, compulsory third party insurance and luxury car tax.

Potentially extending into the thousands, learn more about the taxes and costs applicable to you. For advice and guidance on additional costs when purchasing at auction, chat with the team at Xoticar.

Find Your Dream Car

At Xoticar, we’re home to a number of exciting auctions showcasing rare, restored and prestige classic cars at competitive prices.

Secure your next classic car at auction. Get expert guidance and support from Xoticar. Contact us on (08) 9313 3200.