Are There Hidden Fees at Police Vehicle Auctions?

The simple answer to this question is no, there are no hidden fees as such at police vehicle auctions. However there are expenses, some of them common to other types of auction as well, which the buyer needs to be aware of.

Firstly there may be the requirement to put down a (refundable) deposit at the same time as registering to bid. Obviously this does not increase the overall price paid, but it has to be borne in mind especially if registration takes place a day or two before the actual auction.

After that, there are the costs associated with checking the background of any vehicles which are of interest. This can be done online, via various websites, but any detailed and worthwhile verification usually involves payment. Block purchases exist whereby a certain number of cars can be checked for a lump sum fee, or access is granted to the reports for a certain number of days. Where you are likely to be considering several vehicles, this can represent a saving.

If you are successful with a bid, the amount recorded by the auctioneer is not the total amount you will pay because there is invariably an additional service fee, paid by the winning bidder, called the Buyer?s Premium. It is usually in the region of 10% of the car?s final sale price and is used to offset the various costs incurred in selling the vehicle. It is not a hidden fee but it is easily forgotten when assessing the price of your chosen car against list valuations for the same make, model and age of vehicle.

The status of the car?s title should be reflected during the auction, often by means of red, yellow and green lights, but it frequently occurs that the title is ?in transit? so you are unable to drive the car away even though you have already paid for it in full on the spot. This may compound the issue of travel distance from the auction site as you are faced with either returning to collect the vehicle at your own expense, or paying for its transportation.

Once the vehicle is yours, it may be worthwhile obtaining an extended warranty for it. However extended warranties are not valid for a salvaged car with a rebuilt title. If you have bought a salvaged car, you should have it looked at by an inspection company straight away so that you can repair whatever is wrong with it and be sure it complies with all regulations for your area. There are many scams afoot concerning, for example, mileage, emissions, airbags, tires, paintwork, flooding out, etc.

The real hidden cost of buying at a police vehicle auction, and indeed at any used car sale, is that everyone in the business is out for themselves and no-one feels any duty of care towards you.? In the case of the Police, the motivation may be to get rid of the encumbrance of a vehicle as quickly as possible, but through the very nature of an auction, it amounts to the same thing.

Source: http://www.govseizedproperty.com/police-auctions/hidden-fees-at-olice-vehicle-auctions.html

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