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| Autos |
Under the Hood of the Auction
Michael Duffey
01/01/2004
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The Mechanics of Buying
All these factors make the classic car auction, strictly speaking, the wrong place for the uninformed beginner. But, luckily, many resources are available for nonexperts to smooth out the bumps in the auction highway. Auction catalogs are released more than a month before most events; this is usually enough time to perform basic research on the car in question. This preliminary research should include verification of any facts claimed in the auction catalog description. Details such as color, engine number, chassis number and special options are fairly easy to verify on most popular collector cars. A combination of books, the Internet and marque experts should provide sufficient information for a prospective buyer to proceed. Marque experts and appraisers who offer prepurchase inspection services (advertised in the "services offered" section of car collector publications) are especially valuable resources. Certain cars, after all, turn up at auctions repeatedly, even after they have appeared to sell; others have been advertised for months
(or even years) prior to going to auction. An expert follows specific cars closely enough to often know which cars one should avoid (the ones that have "stories") and which cars one should pursue.
Spending time
in the vicinity of
a desired vehicle
will likely
reveal some of the
buzz around the car—
or lack of it. |
A car that passes these first tests should next undergo a physical inspection. Once again, hiring an expert is recommended, unless the buyer is extremely knowledgeable concerning the details that make or break a car’s value. A professional will often spot these inconsistencies and flaws, such as a car with apparently matching numbers that have been restamped, or even more alarming, a coupe that was cut to become a convertible. Cars that have suffered major collision damage as well as color changes or rust that can be difficult to spot can profoundly impact the actual value of the vehicle. An expert knows where to look and what to look for.
The major auctions hold the consignments in a staging area that receives cars up to three or four days before the auction date. It should be possible to make arrangements to inspect a car at this location. The auction company accepts no responsibility for the accuracy of any statements made by the consignor, including the model year and serial number. Though the time available for checking the dozens of details that can make a car a candidate for purchase is limited, a little preparation and organization can at least reassure the buyer that the purchase of a given vehicle is not a costly mistake.
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