@KngT said in How do you go about with Auctions?:
I bought my 3 Alfas on BaT. I overpaid for 2 and underpaid for the other.
Do I compare other similar dealer vehicles or private party? what would be closer?
Since I'm mostly interested in old Alfas, I used BaT prior auction history to research. My '96 Alfa purchase was bought impetuously. I didn't research much and probably overpaid by $4k or more. Oops. For research, I would look at any other sales you can find - auctions, private sales and dealers. That will give you a good idea of what something is worth. I did a lot of research and watched sales of GTVs for about a year before I bought mine. That led to a good deal when I finally won an auction.
This one has a minor accident and that complicates things, how much do I realistically reduce from one without?
Not sure on this.
Do you set a max limit bid up to there and stop? I always feel I might overpay in auctions rather than an upfront price I can negotiate down
I try come up with my "number" prior to bidding. When I bid that number, I close my laptop and walk away. If it wins, it wins. If it doesn't, oh well. I didn't really do that when I bought the '96 Spider and ended up overbidding.
I heard that the last hour is when it gets frenzied, are people literally bidding every minute?
Depends on the vehicle, but yes, the last hour is where it's at. A car can start that last hour with a $10k bid and then end up selling for $65k. So, don't be super optimistic of a low current bid as the last hour starts.
Can you swoop in last 30 seconds and put a $50 (or minimum) extra and win it? I feel I am not suited to such a frantic way of buying a car.
BaT has a no sniping set up. At the end of the auction, every bid resets the clock to 2 minutes. Some auctions can go an extra 30 minutes because of this reset.
Good luck and happy bidding.