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Car auctions can be exciting places to be for classic car enthusiasts. Whether you’re selling a cherished vehicle or bidding for your next, auctions are the perfect place to add to your collection – as long as you know the ropes!

Whether it’s a bargain in need of some TLC or a beautifully preserved original, there are plenty of ways a seller can entice a would-be buyer. However, there are many car auction myths floating around, among both buyers and sellers, that need busting!

Once you’ve bagged your new classic, remember you’ll need classic car insurance in place before you drive away.

So before the gavel comes down, read these top tips so the experience is one to remember – for all the right reasons.

Myth 1: Auctions are not for first-time buyers

At first glance, auctions can feel like intimidating places for the first-time buyer. However, this doesn’t need to be the case.

If you do your research into your target vehicle and attend a couple of auctions to get a feel for the event, then you should be fine. Better yet, take a mechanic friend or more experienced classic car buyer with you to help you spot a gem.

Do your homework and know the true state of the vehicle – you’ll be better prepared to find the most appropriate classic car insurance cover to suit your needs.

Myth 2: A low starting price means the car will sell for more

Years of exposure to low starting bids on eBay and other online auctions has led to this myth developing. Sellers commonly believe a low starting point will result in a better final price.

The reasoning goes that more interested bargain hunters will lead to more bids and more money for the seller.

Unfortunately, this isn’t necessarily the case. Recent research into car auction trends has shown a low starting price doesn’t typically affect the final sale price of a classic car for better or worse!

Myth 3: The rarer the car, the higher the bids

While we’re all aware of the headline grabbing auction antics of low production Ferraris, just because a car is rare doesn’t necessarily mean it will achieve a high value.

While scarcity is important, it’s the following of the car that can often be the deciding factor. For example, the demand for a perennial favourite such as the Mk1 VW Golf GTI may push the price way above rarer cars without such wide appeal.

Whatever model of classic you’ve got your heart set on, our team at Lancaster Insurance can provide a classic car insurance quote for virtually every car available – even those models that are hard to insure.

Myth 4: No reserve means no interest

Don’t be fooled by a no-reserve auction. Sellers will typically use this strategy to promote interest in a car before the auction.

They’re hoping that the potential for a bargain will encourage more bidders to get involved. It’s easy to see why as bidders on no-reserve or low-reserve auctions are more likely to bid again than on vehicles that have high reserves.

This doesn’t mean you won’t get a bargain but it does mean there’ll be more competition – so keep your wits about you.

Myth 5: If you’re a serious buyer you’ll need a viewing first

In the past getting up close and personal with a car at auction was the mark of a serious buyer.

But that is getting less so with the growth of the internet and the ability of buyers from far and wide to get involved remotely.

Auction teams and classic car sellers are increasingly pulling together high-definition photos, videos and in-depth listing information.

This means many buyers are confident enough to buy without seeing the vehicle in the flesh.

That said, there’s really no substitute for doing your own research into a classic. And, if you have the opportunity, always inspect the car yourself.

Myth 6: Describing a car as an untouched ‘barn find’ will increase its value

Lost, forgotten and now worth a fortune, the ‘barn find’ classic is an irresistible dream for most car enthusiasts.

Whether it’s the idea of years of investigation, the teasing out of complex ownership histories or the thick layers of dust, there’s something enthralling about forgotten classics discovered after decades of neglect.

However, just because something is dusty and excessively rusty doesn’t mean it qualifies as a ‘barn find’.

While there are many such vehicles, it can be tempting to label one as such simply when it’s been kept too long in a garage.

Honesty really is the best policy as bidders and auctioneers will soon see right through such a ploy.

Myth 7: Cars bought at auction are difficult to insure

People often assume that it’s very difficult to get classic car insurance coverage for cars bought at auction. This really isn’t true as long as you do your research beforehand.

Classic vehicles that are in decent shape will give you no trouble in arranging insurance. However, those in need of work can present more of a problem.

Shopping early for insurance will mean no nasty surprises further down the line.

Choosing the right cover for your cherished classic

Once you’ve taken the plunge and handed over the cash for that desirable auction classic your responsibilities don’t stop there. The vehicle may be tax exempt but you’ll still need

We’re passionate about cars and as a leading, reputable provider of insurance for over 30 years, we offer classic car owners our wealth of experience, knowledge of the industry and exceptional customer service.

By working with carefully selected underwriters we can offer bespoke insurance solutions, with our customers in mind.

Policy benefits can include:

• Car club member discounts up to 25%
• Static show cover
• Historic rally cover
• Choice of repairer
• Salvage retention
• Free EU cover up to 90 days
• Two year agreed valuation available for £18
• Laid up cover available
• 24 Hour claims helpline
• UK based call centre
• Limit mileage discounts

Call our friendly team for a quick quote today.

Policy benefits, features and discounts offered may very between insurance schemes or cover selected and are subject to underwriting criteria. Information contained within this article is accurate at the time of publishing but may be subject to change.