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Purchasing cars from international auctions may provide an individual, dealer, or exporter a chance to get an increased range of car choices from various markets. Be it second-hand luxury cars or any other type of car, such as salvage or certified cars, international car auctions may offer many chances which might not have been possible otherwise.
But then again, the biggest mistake made by buyers is taking into consideration the winning bid at the auction. It is not just the money spent on the winning bid that matters, but there are several other costs which one needs to incur when purchasing cars through international auctions.
Here is where the need for auction car landed cost comes into play.
Total landed cost is the complete amount spent to purchase a vehicle and deliver it to its final destination.
In simple terms:
Total Landed Cost = Winning Bid + Car Auction Fees + Transportation + Shipping + Insurance + Customs + Taxes + Other Applicable Costs
The exact expenses will vary depending on the country of purchase, auction location, destination country, vehicle type, and shipping requirements.
When participating in online vehicle auctions, calculating the total landed cost is more important than simply looking at the vehicle's auction price.
A car may look like a great bargain since its winning price is low. But there could be other costs that would raise the final price.
Take, for instance, that you won a car for AED 40,000. Other costs could include:
A person comparing the winning price of AED 40,000 with the cost of a local car may not be comparing correctly.
What the person should do is compare the final landed cost of the auction car with the total cost of comparable cars locally.
Car auction fees are significant factors of the total cost of purchasing.
The auction fees may depend on the auction website and process; however, according to Galaxy Cars Auctions, its auction fees apply to participants and depend on the total amount of the auction. The current auction fee schedule of the platform provides for 2% of the total auction sale price, but it is highly recommended to check the current terms before participating in an auction.
Fees should be taken into account when making the maximum bid budget.
For instance, if the total budget is AED 50,000, it would be irrational to place the maximum bid equal to the total budget on the car. Some part of the budget should be allocated for fees and delivery services.
Your choice of method of payment can also influence the total amount you will end up spending.
For instance, Galaxy Cars Auctions explains that all payments processed through the website using either credit cards or PayPal come with a 3.5% fee. Bank transfers have been recommended by the company as an effective and cheaper alternative.
Other considerations buyers face when buying internationally include:
These fees may seem insignificant, but they can really add up when purchasing expensive cars.
Before the shipment process of your car to your destination, there may need to be transportation of the car from the auction to the point of shipment.
The cost of transportation depends on:
A damaged and non-running car will require extra handling and a different mode of transportation.
This implies that the physical location of the vehicle will directly impact the final auction car landed cost.
The cost of shipping is one of the most critical expenses when acquiring vehicles from online international auctions.
Some of the factors that determine the total shipping cost include:
Galaxy Cars Auctions mentions shipping of cars as part of its available services and provides types of vehicles that cater to buyers from all over the world.
It is advisable to estimate the shipping cost before you place any bid.
Each country has unique vehicle import policies, and in some cases, buyers may have to pay some government charges before the vehicle is allowed to be imported into the country.
Some of the expenses may include:
Always familiarize yourself with the importation policies before you make any purchase.
A vehicle that is affordable in an international auction can become very expensive due to high import duties.
The condition of the car is yet another key factor contributing to the total landed cost.
A low-cost car might need:
There are different types of auctions available on the Galaxy Cars Auctions website, like certified, pre-owned, used, salvage, and new vehicles. The bidders must examine the category and vehicle information before placing a bid.
As per the terms of Galaxy Car Auctions, vehicles are sold “As Is – Where Is.”
Before submitting a bid, compile a full cost estimate.
Items to be included on your checklist are:
After all these costs have been summed up, you will be able to compare the total estimated cost with the budget available to you.
Total landed cost allows buyers not to make an emotional bid.
Instead of thinking “how much can I bid?” think “how much can I afford spending and still earn profit from the complete deal or make it affordable?”
This approach is crucial for dealers/exporters purchasing several cars at once.
A vehicle having a bit higher auction price but smaller costs related to transportation, shipment, and repairs will provide a good deal compared to the cheapest car at auction.
Galaxy Cars Auctions is a platform for Global Car Auction which acts as a medium through which buyers and sellers conduct their business via the auctioning of vehicles. The platform provides services such as inspection of the vehicle, car towing services, car shipping services, among others.
Online vehicle auctions can benefit from these services at different stages of the buying process.
The successful bid should not be the only figure considered when purchasing cars from international auctions. The true cost of a car should include all charges incurred from the auction, payment fees, transport and international shipping, customs duties, taxes, insurance, and potential repair costs.
Knowing the total landed cost of auction cars allows buyers to compare cars easily and prevents any unforeseen costs. This will enable one to formulate a better maximum bid before taking part in international car auctions.
If you are either an individual buying a car for yourself or a dealer looking to buy inventory from international car auctions, it is vital to know the costs involved in international car auctions.
Using a global platform like Galaxy Cars Auctions, buyers can explore international car possibilities as they budget their total cost.
Galaxy Cars Auctions LLC is a Global Cars Auction Platform, allows Buyers and Sellers to bid on cars globally. The aim of this Unique Cars Auction is to bring Car Buyers and Sellers closer.
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