Hi
Thought i would jsut share my experience at my first auction for those who are thinking about going to one
Anyhow the vehicle that i went there to chase, was a BMW Z4 M Coupe 2009 with 16K on the clock
I did all the neccesary background checks went to view the car the day before the auction
The car was still under MP and had no comments and was not involved in an accident
The car to me was in a very good condition bar one small scratch on the front grill. It smelt like a brand new car and there was no sign of any panel work on the car. The engine bay looked good as if the car just rolled of the show room floor.
The first thing i did was make a list of all the prices i was willing to spend on the car excluding VAT and then coverted them to prices including VAT as its pretty hard to this on the spot at the auction.
i wud recommend doing this as u can get quite excited whilst bidding
Anyhow i said the maximum price i was willing to go to was about R335K incl VAT since u cant drive the car and hence dont really have any idea what is possibly wrong
So anyway the bidding started for the car (i was a bit nervous).
**All prices below include VAT
One guy blurted out R280K as a starting bid and I went to R290K
From there the bidding went to about R310K which accoridng to the dealers there was the book value so all of them tapped off and there were only 2 of us private bidders left.
I was quite confident that when i offered R320K for the car that i wud get it cos the other guy didnt look too convinced,
THEN out of nowhere another guy appears and starts to bid against me. We go up in increments of a R1000 before he gets sort of irritated with me and then offers R370k for the car!!
I was dumbfounded and so were most of the other guys in the auction cos according to them, this was 60K above book value for a car he had never driven!
Anyhow i spoke to guy afterwards and he said he was a car collector and he has like 20 cars
I was very depressed cos i thought the car would have been a really great buy for R320K
Anyway i am pretty sure that the dealers got the book value wrong cos the 2007 M coupe book value os R309K so higly doubt the 2009 is R310k
All in all it was a good experience, but a very depressing one was well
The search goes ON for the Z4M that has now eluded me for the sixth time!
Thought i would jsut share my experience at my first auction for those who are thinking about going to one
Anyhow the vehicle that i went there to chase, was a BMW Z4 M Coupe 2009 with 16K on the clock
I did all the neccesary background checks went to view the car the day before the auction
The car was still under MP and had no comments and was not involved in an accident
The car to me was in a very good condition bar one small scratch on the front grill. It smelt like a brand new car and there was no sign of any panel work on the car. The engine bay looked good as if the car just rolled of the show room floor.
The first thing i did was make a list of all the prices i was willing to spend on the car excluding VAT and then coverted them to prices including VAT as its pretty hard to this on the spot at the auction.
i wud recommend doing this as u can get quite excited whilst bidding
Anyhow i said the maximum price i was willing to go to was about R335K incl VAT since u cant drive the car and hence dont really have any idea what is possibly wrong
So anyway the bidding started for the car (i was a bit nervous).
**All prices below include VAT
One guy blurted out R280K as a starting bid and I went to R290K
From there the bidding went to about R310K which accoridng to the dealers there was the book value so all of them tapped off and there were only 2 of us private bidders left.
I was quite confident that when i offered R320K for the car that i wud get it cos the other guy didnt look too convinced,
THEN out of nowhere another guy appears and starts to bid against me. We go up in increments of a R1000 before he gets sort of irritated with me and then offers R370k for the car!!
I was dumbfounded and so were most of the other guys in the auction cos according to them, this was 60K above book value for a car he had never driven!
Anyhow i spoke to guy afterwards and he said he was a car collector and he has like 20 cars
I was very depressed cos i thought the car would have been a really great buy for R320K
Anyway i am pretty sure that the dealers got the book value wrong cos the 2007 M coupe book value os R309K so higly doubt the 2009 is R310k
All in all it was a good experience, but a very depressing one was well
The search goes ON for the Z4M that has now eluded me for the sixth time!
