Part 2 of 2 – Online Classic Car Auctions?
Paying Sales Taxes for the Car if Bought?
Paying sales tax on online purchases can be a confusing issue. Generally, when you buy a car in person you are charged sales tax at the dealership. If you buy it from an individual, you pay the sales tax when you go to register your vehicle. Getting a car online usually works in the same manner. You pay the sales tax when you register your vehicle, but not to the state it came from. However, be sure to check with your state to see if any sales tax is required to be paid. You should expect to pay about 10% for tax and license in most states.
Getting Your Car From an Online Auction?
When you use an online classic car auction site, there is someone at the auction representing your bid. So, if the car is being auctioned at a dealership, a live car auction, or elsewhere, the representative will be on hand to claim the car if their client has the winning bid. If you get the car, you can put a deposit down to hold the car. Usually, there is a specific period of time in which you have to pay the remaining cost of the car if you are the bid winner. Once the remaining funds have been paid, the owner releases the car to you or someone who is representing you. After payment is made, make sure you have a good shipping company that is insured just in case something happens or goes wrong.
Notable Classic Car Auctions?
Most classic car auctions are done live, but there are also companies that offer online auctions. Russo and Stele is one of the best-known names in the auto auction business. GRG Auction is another company that does both live and online car auctions. Both companies auction off collector and classiccars, as well as newer car models.
If you are thinking of participating in an online classic car auction, get all the information you possibly can on the car you want. Not every classic car on an auction site has been fully restored. Some cars come from storage and have been cleaned up, but they haven’t been fully restored and you could have some mechanical, body, or interior work to do once you get it. If you don’t want to put the effort or money into repairing a car, make sure you are buying one already restored.
Next Week: Tips Before Purchasing a Classic Car – Part 1 of 3