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🇮🇩 Indonesia /Economy & Trade

5 things to prepare before joining a used car auction

From Republika · () Indonesian

Translated from Indonesian, summarized and contextualized by DistantNews.

At a glance

News Official statement Context piece
  • Potential buyers at used car auctions should prepare a budget to avoid overspending, according to AUKSI platform head Bady Qadarsyah.
  • Budgeting should include not only the bidding price but also administrative fees and potential initial maintenance costs.
  • Buyers are advised to set a maximum bid price beforehand and have backup vehicle options to avoid impulsive decisions.

Individuals looking to participate in used car auctions are strongly advised to establish a clear budget beforehand to prevent exceeding their financial capabilities. Bady Qadarsyah, head of the used car auction platform AUKSI, emphasized the importance of financial preparedness for prospective bidders.

Qadarsyah explained that the final bid price is not the sole expense to consider. Potential buyers must factor in administrative fees and the likelihood of needing initial maintenance or repairs. "In participating in an auction, participants need to have calculations prepared from the beginning. The bid price is not the only component that needs attention because there are administrative costs and the possibility of initial maintenance needs that also need to be included in the budget," he stated in a press release on Saturday.

In participating in an auction, participants need to have calculations prepared from the beginning. The bid price is not the only component that needs attention because there are administrative costs and the possibility of initial maintenance needs that also need to be included in the budget.

— Bady QadarsyahExplaining the comprehensive budgeting required for used car auctions.

To avoid impulsive purchases driven by escalating bids, Qadarsyah recommends that potential participants determine their highest acceptable price before the bidding process commences. He also stressed the importance of thoroughly researching the vehicle and understanding the auction mechanics. Key information includes the list of vehicles, lot numbers, auction schedules, and the condition of the available units.

Furthermore, Qadarsyah suggested that prospective buyers identify more than one target vehicle. This strategy provides alternative options should they fail to win their primary choice. "At least choose two units to aim for so there are still opportunities to buy other units if the first target unit is not won," he said. Ensuring sufficient funds and understanding the payment and settlement terms are also crucial steps for successful bidders.

At least choose two units to aim for so there are still opportunities to buy other units if the first target unit is not won.

— Bady QadarsyahAdvising bidders to have backup vehicle options.
DistantNews Editorial

Originally published by Republika in Indonesian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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