If you’re a big fan of Corvettes, you might have seen them being sold at fancy car auctions on TV or even in person, like Mecum Auction and Barrett-Jackson Auction. These events can be exciting, and you may have decided that you want to buy a Corvette this way. But purchasing a Corvette at an auction is different from getting a regular car at your local dealership. It’s more like a competition, and we want to help you understand the basics before you dive in.
Classic Car Auctions: A Unique Experience
Welcome to your comprehensive guide on purchasing the Corvette of your dreams at auction. In this article, you’ll find invaluable tips, insights, and effective bidding strategies, all brought to you by Vette Vues Magazine, your trusted source for all things Corvette.
1. Go to an Auction First:
It’s a good idea to visit an auction without planning to buy anything. This way, you can see how everything works and learn from other people’s experiences. You’ll get a feel for the excitement and be better prepared when you’re ready to make a purchase.
2. Know What You Want:
Before diving into the bidding frenzy, conducting thorough research is key. Vette Vues Magazine offers a valuable resource in our ‘Corvettes at Auction’ category, where you can review the historical sales prices of Corvettes.
To delve deeper into the Corvette’s journey through the ages, explore our blog, where we’ve conveniently organized Corvette information by generation. Just click on the following links for insights into each generation:
Once you’ve settled on the Corvette model that captures your heart, it’s time to gauge its market value.
Utilize handy tools like Hagerty Valuation and the Kelley Blue Book, in addition to perusing our website’s auction results section for further insights into recent sales.
Moreover, when browsing the auction’s online catalog, it’s crucial to scrutinize not only what’s disclosed about the Corvette but also what might be absent from the car descriptions. This comprehensive approach will empower you with a wealth of knowledge as you prepare to make your winning bid.
3. Check the Corvette Carefully:
When you’re at the auction, take a good look at the Corvette you want to buy. Make sure it matches the description in the catalog. Look for any hidden problems like dents or scratches that weren’t mentioned online. If you can, talk to the owner and ask questions to get a sense of the Corvette’s condition. All of this helps you decide how much you’re willing to pay.
4. Set a Budget:
Decide how much you’re willing to spend before you start bidding. You’ll be competing with others who know what they’re doing, so it’s important to stick to your budget. If you know who you’re up against, you can adjust your strategy. For example, if you’re competing with a dealer, they may want to keep the price low so you can plan accordingly.
5. Understand the Rules and Costs:
Every auction has rules, and you’ll need to register to participate. Sometimes, you may need to show proof of payment, like having financing or cash ready. It’s often cheaper to register online in advance.
Remember to factor in the buyer’s fee, which is a percentage of the final price. There are other costs to consider, like registration, taxes, and getting your Corvette home, so be prepared for these.
In short, buying a Corvette at an auction can be a thrilling experience, but it takes some planning. By going to auctions, doing research, inspecting the Corvettes in person, setting a budget, and understanding the auction’s rules and costs, you can increase your chances of owning the Corvette you’ve always wanted.
How to Buy a Corvette at a Mecum Auction – Your Simple Guide
We are coming up to the January 2024 Mecum Auction, which is their largest auction of the year. Vette Vues has a special event you will want to attend, and we will share the details soon in our newsletter. So, if you have not signed up for our free newsletter, you can sign up here.
Mecum Auctions leads the pack as the top seller of Corvettes globally. Their auctions cater to a broad spectrum of enthusiasts, offering a diverse range of vehicles suitable for both budget-conscious collectors and those eyeing high-value, investment-grade models.
At Vette Vues, we closely monitor the major Mecum auctions Corvette results, ensuring that we bring you the latest updates and tips for your Corvette buying journey.
Perhaps you have never been to an auction but are keen on purchasing a Corvette at a Mecum auction. Here’s a valuable guide to help you navigate the process. Note: We have pricing in this article for our overview, but check their website to be sure of their current pricing.
Who can purchase a Corvette at the Mecum Auction?
Mecum auctions are family-friendly events open to buyers, sellers, and spectators. You don’t need to be a dealer to buy a car at Mecum; you can register as a bidder in advance, either online or at the auction itself.
A Bidding Experience Designed for You:
Mecum aims to make the bidding process easy and enjoyable. They pride themselves on providing excellent customer service, with knowledgeable staff ready to help you at every step, from registration to the final purchase.
Where can I get financing, auto transport, title transfer, and paperwork completion done?
Meum is an All-in-One service and offers a range of services to make your buying experience smoother. They can help you with financing, auto transport, and even the transfer of ownership, including title transfer and paperwork completion.
Mecum Registration Options:
Note: Check their website for the current pricing.
- Standard: This is the most basic in-person bidding option, and it costs $200 per auction. It’s perfect if you plan to attend the auction once in a while.
- One-Year Standard: For $400, you get access to all Mecum Auction events for 12 months. This is great if you’re planning to attend multiple auctions throughout the year.
- Gold: This option costs $500 per auction and offers a VIP experience. You’ll have easy access to the auction, a special lounge area, and a food and beverage credit. You can also enjoy exclusive shopping deals. This option is perfect if you want a premium experience.
- Internet-Only: At $100, this is the most cost-effective way to participate in the auction if you can’t attend in person.
How do I bid?
- In Person: If you can be at the auction in person, this is the most exciting option. You can see and inspect the cars up close, and you’ll be part of the live action. Make sure to get there early and allow yourself enough time to inspect the car of interest.
- Telephone: If you can’t attend in person, you can still place bids over the phone. Mecum provides one-on-one assistance and vehicle walk-around services to help you through the process.
- Internet: Bid from anywhere with internet access. You can join the live auction action online, and they have an easy system for placing bids.
So, whether you prefer being at the auction in person, bidding over the phone, or participating online, Mecum makes it accessible and enjoyable for everyone.
What is the buyer premium?
Don’t forget to include your cost, the buyer’s premium (and taxes). The buyer premium is an additional fee that is tacked onto the final sale price of each lot sold at an auction, and it is the responsibility of the winning bidder to cover this cost.
The exact amount of the buyer premium can differ depending on the type of item being sold and the method of bidding used. This fee is typically calculated as a percentage of the hammer price, which is the final winning bid for the item.
Understanding the buyer premium is essential for auction participants, as it contributes to the overall cost of acquiring your Corvete and should be factored into your bidding strategy.
Hopefully, you found this article helpful. Enjoy the excitement of the auction, and if you win, you’ll have a fantastic Corvette to call your own. Happy bidding!
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