Between canceling car insurance
policies and finding a respectable car dealer
, selling your old vehicle can be quite the involved process. However, living in the digital age gives us more options than ever for selling off old cars. It's easy to list a car on Facebook or eBay, as well as on specialized websites like Kelley Blue Book. Sometimes, you can make more money when selling a luxury or classic vehicle if you run an auction instead of offering a buyout price. Cars & Bids
has become one of the most popular vehicle auction services, but is it worth the hype? How does Cars & Bids work?
For sellers, making an account and creating listings on Cars & Bids are both free. Every listing requires a few photos and the car's VIN number. A moderator will review this submission before asking you to provide more information, such as service history and detailed photos.
Sellers also have the option to set a reserve price, which will be invisible to the buyer. If the minimum reserve price isn't meant, you're not obligated to sell the vehicle after the auction ends. While this can help you get your money's worth on a car, listings without reserves generally get more bids.
Auctions last for one week. After a successful auction, the winner is contacted to arrange delivery or pick-up. If the winning bidder fails to pay, the website moderators will reach out to the next-highest bidders on your behalf.
To place a bid, buyers have to register with a valid credit card and phone number. Buyers also must pay a fee of 4.5% per transaction.
Buyers can arrange an inspection for any vehicle before they place a bid. They can have it inspected at a local mechanic or arrange to visit the car in person.
After you win an auction, you must pay for the car within one week. Payments must be made in full, so Cars & Bids allows you to set up financing through its website. If a buyer fails to pay, they forfeit that 4.5% fee and get banned from the site.
What are the most popular vehicles on Cars & Bids?
Cars & Bids showcases a variety of listings, containing cheap modern cars and rare classics alike. On the front page, there's currently a 1993 Chevy Corvette coupe that's only up to $7,420. KBB
prices this model around $13,000-$21,500 depending on the body style and mileage. Other affordable luxury coupes are up for auction from makers like BMW, Porsche, and Audi. You can also find uncommon vehicles from other countries, such as a Toyota HiAce imported from Japan.
MORE: Tom Hanks Is Auctioning off His Collection of Vehicles, Including His Movie Trailer
Are you guaranteed a reasonable profit by using it?
While buyers can get good deals on older cars, sellers can get higher profits for the most in-demand vehicles. For example, this Rivian R1T Launch Edition is currently over $112,000 on Cars & Bids
. The seller likely only paid around $85,000 for it. In addition to vehicle selection, Cars & Bids has many rules in place to protect both sellers and buyers. It's a legitimate service backed by positive reviews, so you can feel safe using it for your next auction.
MORE: New High-End Car Auction Site Launched
Don't forget to purchase car insurance
After you've won a vehicle auction, it's important to buy car insurance as soon as possible. It's illegal to drive without car insurance throughout the United States. With no insurance, you're also on the hook financially for any damages.
With the Jerry
app, you can purchase all the policies you need on the same day of your vehicle's delivery. Not only is it fast, but Jerry also saves drivers an average of $800 annually!