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Discussion Starter · #1 ·
Hey Guys,
How much can you actually save, if any, by going to a car auction. Now i dont mean a public auction, one that is exclusive to dealers. My buddy owns a used car lot and sells 8-16k cars (canadian) and i wanted to go with him to get a IS (which he says he see's quite a bit of).

How much do you think i can save if i go with him? A few hundred? Or More?

Also, do i have to pay normal taxes on the car from an auction?

Thanks, Steve
 

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You should be really careful about buying a car from a dealer auction. Most of those cars are ones that didn't sell off dealers' lots or from wholesalers who buy the same sort of cars. Lots of the cars have problems.
 

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If your friend is honest, you may save about $4K Cdn off list prices.

Ex
$32.5K asking price (before negotiation)
$04.0K auction savings
$28.5K auction price + 15% taxes

These auctions typically have cars from dealers & manufacturers (ie Toyota Credit Canada Inc.). Each car will be listed as being from TCCI or a dealer w/ the name of the dealer listed.

The ones from TCCI are overwhelmingly off-lease, & auctions list which are leased. Also, full disclosure is required from all auction sellers. If it has been in an accident, it will say so in the book. Dealers who buy cars aren't stupid, they make sure they don't get screwed. This book is often inside the auction lot's office, & is available for all to see (it'll also list the mileage & VIN).

If there are problems, you are covered by warranty. During the actual auction (the next day), only dealers are allowed to be there - if your friend isn't honest he can claim it'll likely cost X, knowing it'll actually cost much less - then win the auction for much less than X & keep the difference.
 

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Discussion Starter · #4 ·
Thanks for the info JPis,
The buddy im talking about is real close so i know he will be honest (i know his family well and he knows mine)

My biggest worry was getting a POS. Do you know if the books have VIN history?

Yah, he said something about 'sneaking me in' the actual auction...

I just wanted to know if i would be safer going private or auction. Im sure i have the same worries as anyone else who would be getting a used car; i dont want someone elses problems.
 

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Accident, mileage, & lemon status are disclosed ie if the car is a lemon, the book will say it's a lemon.

As long as those above areas check out, you shouldn't have to worry about getting a POS. The car should still have a Lexus 1 yr basic & 3 yrs powertrain warranty.

I would highly recommend auction cars from Toyota Credit Canada Inc. as opposed to auction cars from dealers (the auction lot will have cars from both). The ones from TCCI are mostly coming off leases whereas the ones from dealers are likely ones they can't get rid of selling it themselves - your friend can bid cars from both TCCI or dealers.
 

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Discussion Starter · #6 ·
Thanks,
My buddy actually mentioned the Toyota Credit......so i know im in good hands :)
 
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