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Summary

This video guide provides an in-depth look at how ordinary people can participate in used car auctions, particularly through Auto Mart, courthouse auctions, and Onbid. It emphasizes the importance of inspecting cars carefully before bidding and understanding vehicle grades, history, and market prices. The script walks viewers through the process of assessing cars, checking for accidents or repairs, and calculating bid amounts. It also highlights the pros and cons of auction participation and offers practical tips for making informed decisions, especially when aiming for good deals on higher-end vehicles.

Takeaways

• 😀 Courthouse and Onbid auctions are available for ordinary people but come with challenges such as unclear vehicle condition and limited access to detailed vehicle histories.
• 😀 Scrap car dealers participate in these auctions, ensuring the price at least equals the scrap value, but the true condition of the car can be hard to assess.
• 😀 Auto Mart is the most accessible platform for ordinary people to bid on used cars, with over 200 to 300 vehicles auctioned per week.
• 😀 It's important to check the vehicle's inspection history, including mileage, damage, and grade, before participating in an auction.
• 😀 The model year of the car should be accurately checked, as errors in the model year can affect the auction price significantly.
• 😀 If bidding online, always verify the car's grade and options, and compare it with the vehicle's market price before making a bid.
• 😀 Some cars listed at auction may appear cheap but could be overvalued, so always cross-check the real market value before bidding.
• 😀 It's crucial to check for any past accidents or damage; a car listed as ‘accident-free’ is a better option for purchasing.
• 😀 Be mindful of auction agency fees, and make sure to account for all potential costs when placing a bid on a vehicle.
• 😀 Bidding on cars over 30 million won is often safer, as these vehicles are more likely to come with warranties and after-sales service.

Q & A

What are the three main places where ordinary people can participate in used car auctions?

The three main places are courthouse auctions, Onbid, and Auto Mart. Courthouse auctions and Onbid are government-run, while Auto Mart is an online car auction platform.

Why is it difficult for ordinary people to access courthouse auctions and Onbid?

Courthouse auctions and Onbid are challenging for ordinary people because the exact parts of the vehicle that are damaged or exchanged are not listed. Additionally, scrap car dealers are involved, which means the prices are often inflated to the level of scrap car value, making it hard for the average person to assess or secure a good deal.

What is a critical step before placing a bid at a courthouse auction?

A critical step is inspecting the vehicle in person at the courthouse. This allows bidders to assess its condition, even if it's just minor issues like a small scratch. However, it's challenging for ordinary people to accurately assess the vehicle's value.

What kind of vehicles are listed at Auto Mart?

Auto Mart lists a wide variety of vehicles, including government-inspected cars, with many vehicles coming from city halls or other government institutions. These cars are auctioned weekly, and the platform provides photos and inspection lists for each vehicle.

Why is Auto Mart considered more accessible than courthouse auctions or Onbid?

Auto Mart is considered more accessible because it’s an online platform, allowing users to bid from anywhere. The platform is free to sign up for, and you can easily browse through cars being auctioned, often with hundreds of listings per week.

What factors should you consider when bidding on a car at Auto Mart?

When bidding on a car at Auto Mart, consider the vehicle's condition, model year, mileage, accident history, and any additional features like a sunroof. It's also essential to check the market price of similar cars to ensure the bid is reasonable.

What should you do if you're unsure about the car's history or condition?

If you're unsure about the car's history or condition, it's recommended to inspect the vehicle in person. Additionally, use resources like the vehicle identification number (VIN) to search for the car's full inspection report and accident history.

How can you determine if a car at Auto Mart is a good deal?

To determine if a car is a good deal at Auto Mart, compare its auction price to the typical market price for similar models. Also, ensure that there are no significant accidents or damage that could lower its value. A detailed inspection of the vehicle, along with checking the estimated value and options, is crucial.

What is the importance of checking the vehicle's model year and mileage?

The model year and mileage are crucial in determining the car's market value. Incorrectly assessing these factors, such as misjudging the model year or underestimating the mileage, can result in overbidding or purchasing a car that's not worth its price.

What should you do if the auction price is much lower than expected?

If the auction price is much lower than expected, it could mean the vehicle has issues that bidders are avoiding. In such cases, it’s important to thoroughly check the car's history, inspect it in person, and carefully evaluate whether the low price is justified.