As a classic car enthusiast I enjoy going along to the classic car auctions with HH Auctions. They are found in a number of venues across the country and it is always a fantastic day out wandering around all the classic cars it is an enthusiasts heaven.
Most recently I attended the auction at the Donington Park Motor Racing Circuit which many people know as the Grand Prix Exhibition. I found that there was an exhibition there of classic cars which was 2nd to none.
I found that buying a car at HH Auctions is really easy. When you arrive at the auctions you go through a registration process where you give all your details. Then you are given the auction brochure and you are allowed several hours to go around and inspect the vehicles before the auction. However I would warn you make sure you get there nice and early to avoid the registration cues and also to maximise the time you have to check out the auction lots.
One tip I would give you when it comes to the bidding is make sure that you have good eye contact with the auctioneer if you are wanting to make a bid on a particular lot, this works at any auction including bonhams classic car auction. Sometimes it is so busy there they won’t see you so you may have to wave or even stand to get their attention. Once you have put in your first bid the auctioneer now knows where you are sitting and they will automatically come back to you should you be out bid.
The next step is paying for whatever you have bought and you have up until 1pm on the next day to make your payment but what out because if you don’t get the payment to them by 1pm they will put the car into storage and charge you. Payments are easy to make and you have several options. You can pay by debit card like in any other shop. Alternatively you could do a bank transfer and BACs payments or even a cash payment but it’s not advised you carry that amount of money around in cash. One warning I would give is that if you are paying by credit card then be aware that there is a 2.5% surcharge which doesn’t sound like much but can add up to a considerable amount on a £50,000 purchase. The last thing is collecting the car and you can bring in a transport company of your own or there is one linked with the auction that you can use. Its best to use your own though as it is cheaper.
Years ago buying a classic car was something that was only done by the upper classes however lately this has become an option which is open to many with the finance deals that are currently available. No longer are we bound to private banks which would frown on the purchase but now we a choice of finance deals. New companies are offering deals on classic car finance as they now see the classic car as an investment which is often better than purchasing on the property market.
When I bought my first classic car the first thing I looked into was how to get a good finance deal. I found that there were a lot of suppliers out there that offered finance deals for cars. Some suppliers would only give you finance if you were buying privately or from a dealer. Whereas there were other companies that would make bespoke classic car finance to meet your exact requirements. Moreover these companies would offer finance for cars bought at the classic car auction and would also offer deals for financing restoration work on classic cars.
What ever circumstance the application processes where quite lengthy with complex forms and an underwriting process which had to be overcome before any decisions were made as to the granting of finance. However once granted the options for payment were many including spreading the payments over a longer period of time to balloon payments.
If you are a classic car enthusiast with several motors you’ll be interested to know that some insurance companies will offer you an equity release programme which allows you to borrow money against the value of one of your other classic cars. This is a new thing in the current market and you will have to search around for a company who offer this however the deals are usually really good. With the increase in value of classic cars lately the deals are very generous.
As part of the procedure to set this up the finance company will ascertain if you are the owner of the vehicle with the DVLA. They will then find out the book value of the car and set up a finance package to enable you to purchase your new car.