Could you buy a car for just 1p?

Ford is holding auctions across the nation next week, with starting bids at just 1p!

Ford Retail is holding a national car auction on 19th February, with bids starting at just 1p.

Auctions will be held at seven locations:

• Dagenham Motors, Edgware;
• Dagenham Motors, Ripple Road, London;
• Heartlands Ford, Erdington;
• Brunel Ford, Ashton;
• Lindsay Ford Lisburn, County Antrim;
• Polar Ford, Huddersfield.

However, don’t fret if you can’t make it to any of the live auctions – Ford Retail will also be hosting an online auction on eBay on the same day, running until the 23rd February.

Each dealership will have one car on offer with the reserve price of 1p. Part exchange of your old car is available if necessary. The models available will range from Fiestas to Focuses, will all proceeds going to Cancer Research UK. There will be discount deals on other vehicles during the auctions too.

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Buying a car at auction

Buying a car at an auction is risky. It can save you a fortune, or cost you a fortune if you end up buying a car that needs plenty of expensive repairs. So what should you do to ensure you come out of the auction on top?

Do your research
The British Car Auctions website has details of what auctions are coming up, with sale catalogues, so you know what’s going to be up for auction ahead of time. That way you can work out what it’s worth and what you’re willing to pay in advance.

Go and watch
Go along to an auction and don’t actually take part. Take it in and get a feel for how the process works.

Inspect the car
Don’t bid blind – give the car (or cars) a proper inspection on the day. If you don’t know much about cars, try to take someone along with you that does.

How is it being sold?
The selling description of the car is very important. With no major mechanical faults, it should have no issues in the engine, gearbox, clutch, brakes, etc. With specified faults, the defects of that particular car will be made clear. If it is sold as seen, the vehicle is for sale as it is, with no warranties whatsoever from the seller. Alternatively there may be an engineer’s report, which will have been placed on the windscreen before the sale, detailing what issues, if any, the car has.

How will you pay?
There may be other fees to consider depending on how you want to pay for the car. Make sure you know exactly what they are beforehand.

There may also be things like ‘buyers’ fees’ to cover you for all sorts of things, such as discovering the car was stolen property or had a false mileage reading.

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Cutting the cost of buying a car

Of course you don’t have to rely on auctions like this to secure a new car without paying through the nose. There are plenty of simple things you can do to ensure you don’t spend a fortune, whether that’s doing a little research first, haggling with the dealership or even leasing rather than buying.

For more tips, read our guide How to buy a car for less.

Have you ever bought a car at an auction? Would you consider trying it? Let us know your thoughts and experiences in the Comments box below.

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