What to Expect at Your First Classic Car Auction

What to Expect at Your First Classic Car Auction

Last Updated October 17, 2024

As the demand for classic muscle cars like the Chevy Camaro, Chevelle, and El Camino continues to rise, these iconic vehicles are becoming more expensive and harder to find. For many enthusiasts, auctions are now the best way to track down these legendary rides. However, car auctions can be a bit overwhelming, especially for first-time buyers. If you're planning to attend a classic car auction, here’s what you should expect and how to prepare.

Know What Car You Want

Walking into a car auction without a clear idea of what you're looking for can be a costly mistake. While it might be tempting to bid on any vehicle that catches your eye, this can quickly lead to overspending or buying something you don't want or need. Before you even step foot in the auction house, make sure you’ve identified the exact make and model you want. For example, if you're specifically looking for a 1969 Camaro SS, stick to that. Have a list of key features or options you’re after, and don’t get sidetracked by the excitement of the bidding process.

A close up picture of a classic Chevy Camaro in need of restoration

Do Your Research

Research is key to making a smart purchase at an auction. Start by investigating the vehicle you want. Understand its typical market value, known issues, and common restoration costs. Be sure to verify the auction itself by checking the reputation of the auction house, reading reviews, and understanding their terms and conditions.

Many auction houses provide detailed catalogs with descriptions of the cars that are up for auction. These detailed catalogs have high-definition pictures, ownership information, and a quick rundown of the history of the vehicle. Review these thoroughly so you know what to expect in terms of the condition and price of the classic muscle car you're looking for.

Consider Additional Costs and Fees When Building a Budget

Auctions come with more expenses than just the winning bid. You’ll need to factor in taxes, auction fees (which can range between 5% and 10% of the sale price), transportation costs for getting your vehicle home, and possibly even temporary insurance if you're driving it off the lot. These extra costs can add up quickly, so it's essential to build them into your budget before making a bid. Knowing the full financial picture will help you avoid overcommitting yourself during the auction.

A wide-angle shot of an orange 1969 Camaro SS with white stripes

Understanding the Bidding Process

The bidding process at car auctions can move fast, and it’s easy to get caught up in the excitement. Typically, a vehicle will come up for bid, and potential buyers will raise their paddles to signal their offers. It’s important to keep calm and stick to your budget. Don’t get into bidding wars just because the competition is high. Some auctions allow for online bids, while others may require you to be present in person, so make sure you know the rules ahead of time. Watching a few auctions online or in person before you actually bid can also help you feel more confident and prepared.

What to Do After You’ve Won the Bid

Winning a bid is thrilling, but your work isn’t over yet. Once you’ve secured the car, you’ll need to finalize the paperwork, settle any outstanding fees, and arrange for transportation. It’s also a good time to thoroughly inspect the car again to make sure it matches the auction description. Depending on the auction house, you may have a limited time to pick up the vehicle, so plan your logistics ahead of time. If you purchased a car that needs restoration or aftermarket parts, start lining up the necessary repairs or upgrades as soon as possible.

A variety of exotic classic cars in a parking lot

Start Looking for Your Dream Car Today

Attending a car auction for the first time can be an exciting and rewarding experience, but preparation is essential. Knowing what you want, doing thorough research, understanding the fees involved, and being familiar with the bidding process will help ensure that you walk away with the classic car of your dreams. Once you've made your purchase, you can rely on aftermarket automotive parts to bring your classic back to its original glory or upgrade it with modern performance components.

This article was researched, written, edited, and reviewed following the steps outlined in our editorial process. Learn more about our editorial standards and guidelines.