Most of the cars in Nigeria are imported. As a matter fact like 90-95% which are imported as foreign used or New.
1. Incurring Additional Charges
Failure to pay for car won after 3 days during bidding attracts a payment of $400 to $1000
Failure to remove the car from the auction yard after 5 days of payment attracts a payment of $50 per day because most auction yard have limited parking space
2. Membership payment required
You won’t be able to bid for cars online with a free account, the online bidding account that will allow to bid will require you to pay like $200 membership fee yearly. If you are buying for the first time, you might want to factor this into cost of the car you are buying.
Also, you will need some form of identification for registration. So you should get this ready before you proceed with registering your bidding account.
You might not find the kind of car you want to buy immediately. So you have to keep checking the website because they add more than 10,000 cars every day. Till you will get the kind of car you need. Don’t rush into buying any car that doesn’t meet your desired specification.
You will always get another or if not better one.
4. Inspect the car
If you are buying big car or cars that have sensitive electronic cars, inspect the car very well or pay expert to inspect and send you report before you bid for the car.
Based on expert inspection report, you will able to know what is wrong with car and whether it’s what can be fixed or whether the part or component will be available in Nigeria and how much you can get the replacement part.
5. Don’t buy wrecked cars because they are cheap.
Instead go for salvage cars that have been involved in minor accidents and can easily be repaired or refurbished.
Wreck car are beyond repair cars and you should only buy them through auction when you need specific parts or you want to pieces them and sell as spare parts
6. Check the body of the car
Always check the body of the salvage car you are buying. If the car has rear or front impact during accident.
If the impact of the accident is in the front, be sure it’s only fender and it has not affected the engine. If it affects the engine, then you will need to replace the engine if you buy such car
As for rear damage, make sure it has not affected the chassis. So that the car doesn’t go out of shape.
There are specific locations you are advised not to buy your salvage cars even when the cars looks good and cheap.
This is because you might need to present additional documents, you might need to spend more on delivery of the car because they are very far from the ports or they cars might have been affected by flood.
8. Have a budget
It’s highly recommended you have a budget for the car you want to buy. This will prevent you from over bidding on a car.
Let say your budget for a car is $1000, if the bid exceed this you might end up losing on the car
9. Get your payment method right
You have to get your payment method right before you start bidding for cars.
Do you want to pay through ATM card, wire transfer or cashiers cheque.
A lot beware of the limitations on the amount you can send with your ATM cards. For example, you can send more than $1000 with a dollar ATM card and you can drop more than $250 per day with a naira ATM card.
10. Confirm payment before sending towing van to pickup your car
If you are paying through bank wire, the payment might not reflect immediately, so make sure the money reflects in your bidding account before sending towing truck in order not to incur 2 times expenses. Once the towing truck is out, whether it bring back your car or not, you have to pay. And if the auction company doesn’t release your car, they will go back until you settle with them, that is additional expenses on your side.