Classic Car Auctions - Top 10 Tips

Introduction

Classic car auctions used to be the domain of professional motor traders looking to make a few quid or shift a lemon. But in recent times, there's been a big-time revival! Thanks to reality TV shows like Bangers & Cash, Ant Anstead's Born Mechanic, Richard Hammond’s Workshop, and Chasing Classic Cars with Wayne Carini, everyone’s getting a peek behind the curtain at how classic car auctions really work. You’ll see the canny ones making a tidy profit flipping motors, and let’s be honest, who doesn’t want a slice of that pie?

For us car enthusiasts, walking into a classic car auction feels like being a kid in a sweet shop. Beautiful, luxury cars left, right, and centre—makes and models galore, some polished to perfection, others a bit rough around the edges, ready for a second chance at life. What’s not to love?

1. Online vs. In-Person Auctions

Online platform such as Car & Classic, Collecting Cars, Piston Heads, and even eBay make bidding easy for the average shopper but it's the bricks-and-mortar auction houses which is where the real magic happens They’ve still got that live atmosphere, but now many are on the internet with live streaming and online bidding, so you can still get involved from the comfort of your own couch. Some of the big names in the UK worth a visit are Anglia Car Auctions, Bonhams, and Silverstone Classics.  There's nothing like the thrill of being there in person, waving your paddle at the auctioneer and scooping a great deal.

2. Condition Reports & Inspection

Some auction houses offer condition reports, an official assessment of the car’s condition. If you're serious about buying a beautiful car, think about giving the auctioneer a ring beforehand and asking for a report. They can save you a lot of heartache. Be cautious, online photos can be deceiving! It's best to get yourself down to the auction and have a proper look at the car. Bodywork’s always the trickiest, costliest bit, so you want to make sure you're not biting off more than you can chew.

It pays to view in person, check out this tin worm not seen in the online listing

3. Auction Fees and Bidding Strategy

When you’re bidding at auction, the Buyer Premium’s always going to slap on a little extra on top of the hammer price. This can range from 7.5% to 12.5%, and if you’re bidding online or by phone, expect to pay a bit more. Make sure you’re doing your sums before you raise your paddle. Know your limits. Don’t get carried away in the heat of the moment. Do a bit of homework beforehand, check out current market values, look at online classifieds and read the mags.

4. Consider Spare Parts and Running Costs

Some cars are a dream when it comes to parts availability—like your MGs and Minis. They're a doddle. But if you’re looking at something rarer, it could be near impossible to find parts. If you’re looking at a classic that's a bit thin on the ground, you want a well-preserved example. Before you get striped up, search out an owners club, or Facebook group, and check out YouTube— It pays to spend a few hours searching on the web to uncover the common issues that you may not already know about.

With fantastic spares support this MGBGT Jubilee looked like winner!

5. Before Your Visit

Line-up a few cars that you like the look of and check the auction house website. Print off the details. Have a look at the lot numbers and make sure you know when they’re going up for auction. Some run over a couple of days, so you don’t want to miss your chance on that motor you've got your eye on. And, trust me, read the terms and conditions—if you raise that paddle and the hammer falls, you’ve bought it!

Don’t go to the auction thinking you’re going to make a quick profit flipping cars. You’ve got to love the car you’re buying. If you’re just there for the money, you’ll miss out on the real fun. You’ve got to be prepared to walk away if it’s not right for you, Don’t rush in—be patient, and you’ll find a better one next time. After all, it's your hard-earned money at stake so it’s fine to be a bridesmaid. And, if you’re feeling lucky, auctions during the colder months can get you a good deal, but just make sure the car’s got a solid history behind it!

6. How Much is Registration?

You’ll need to register, and put down a deposit to get if you want to bid. But don’t worry, if you don’t end up buying, they’ll refund it. Just be ready to splash a bit of cash up front.

Mind your T's & C's

7. At the Auction

When you roll up to the auction, get there early. Head straight to the office, get yourself registered and ask for the history file on any cars you’re interested in. A well-kept car’s going to have a comprehensive history file with everything in it—restoration pics, service history, and repair records. You want to check that out before you even think about inspecting the car yourself. If it’s got no history It’ll be a lemon, so run for the hills!

If it’s your first time, it’s a good idea to watch how things go down without getting involved. See how the prices are moving and get a feel for the pace.

Fifteen minutes before the lot’s up ask the staff to start the car, and listen for any funny noises from the engine. Check for warning lights, and get the driver to test everything—horn, lights, indicators, wipers, all of it. You don’t want to buy a problem.

It’s a rarity today, but some auction houses will allow cars to be driven in and out of the auction hall.  If you notice a car that has trouble starting or is being jump-started, it could be a sign of a mechanical issue. However, if you're savvy, this can present an opportunity to buy the car of your dreams at a lower price, reducing the competition in the room.

Perhaps one to take a closer look at!

8. Below Reserve

If you’re the highest bidder but the lot doesn’t hit reserve, don’t panic. Get on the blower to the auction house. The seller might be willing to take your bid or meet you halfway. Sometimes you can strike a deal.

9. Visit with a Friend

Think about bringing an associate. Not just for a laugh, but they’ll keep you grounded, stop you from getting carried away. Plus, they can help you drive the car home when the deal is done.

10. Post-Auction

Once the auction’s over, don’t assume the costs stop there. You’ve got fees, transport, potential repairs, and if the car needs restoring—well, that’s more money. Get a quote from a transportation company like Shiply.com or AnyVan.com, and make sure your car’s insured while it’s being moved. Contact a specialist garage for a full inspection and a list of costs for any work it needs. Owners’ clubs like the MGOC have a list of trusted suppliers, they’re full of good advice.

Finally, if you’re planning on driving your winnings home, make sure it’s registered, insured, and roadworthy before you hit the road. You’re responsible for making sure it’s safe to drive and roadworthy. You don’t want to end up getting pulled over for not having your paperwork sorted.

Disclaimer

This guide is intended to provide helpful tips for purchasing a classic car at auction. However, please note MGOC Spares is a parts specialist and does not give investment advice, nor advise on market values. Always conduct thorough research and proceed with caution.

Who are MGOC Spares?

At MGOC Spares, we provide dedicated parts and accessories for classic MG vehicles, including the MGB, Midget, MGC and many more. 

With thousands of products in stock, we are your one-stop shop for all your classic car needs. Our wealth of expertise means that you can trust us to find the right part for your classic MG vehicle – whatever it may be.

Need support finding the right parts for your MG? Contact us today, we're happy to help!