First time buyers miss out on auction bargains

First time car buyers looking to pick up a bargain are being urged to visit their local auction centre to make the most of their limited budgets. Almost half of young motorists who own their own car bought it themselves without any help from the bank of mum and dad, but missed out on great deals because they’re wary of buying at auction.

“Young motorists buying their first car need something that represents good all round value; cheap to buy, insure and run,” commented Craig Mailey, Client Services & Marketing Director, Manheim Auctions.

“First time buyers can pick up a great value motor at auction as your budget stretches further.”

Recent examples of bargain buys seen at auction include:

2003 Citroen Saxo 3 door with 42,000 miles which sold for £875
2002 Fiat Punto 5 door with 67,000 miles which sold for £1,200
2004 Ford Ka 3 door with 74,000 miles which sold for £1,550
2003 Nissan Micra 5 door with 50,000 miles which sold for £1,850
2003 Ford Fiesta 3 door with 43,000 miles which sold for £1,925

Research by Manheim Auctions revealed that 85% of motorists have never considered visiting an auction, with over half perceiving them to be intimidating places, due to a lack of understanding of the modern auction buying environment. But 75% of those who have bought at auction thought they had a great experience.

The research commissioned by the world’s largest vehicle auction company showed a general misunderstanding about buying a car at auction. Fearful Brits expressed concerns about the history of cars, the lack of warranties and the unfamiliar environment. But a quarter of those who had experienced an auction thought it was a better way to buy a car than more traditional methods. 22% even preferred auctions as the process is much quicker, leaving them more time to enjoy their car.