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How far above the minimum bid do cars usually sell for at public or government auctions.?

Also, what sort of fees and closing costs can I expect? I'm looking at a 1997 Nissan 200SX with fairly low miles, less than 100,000 and the minimum bid is $2,000. I have $2,800 but I don't know if that will be enough. I have no experience with these auctions. Also, if you bid, are you obligated to buy?

Public Comments

1. Just keep in mind thoes public auction cars are the cars the dealers didn't want. Dealers know the cars to stay away from by year make model engines trans ect. Some years are better than others some models came with more than one engine transmission combo. All that plays in the mix. Plainly said dealers know the good cars and not just by looks, model year and models. I think the minimum bid is 1 penny BUT you have to pay a auction fee that anywhere from 50 bucks to 300 PLUS tax and other stuff.
2. When you go to the auction, you will have to register and normally get a bidding number, that you will use to place a bid on a car. You can check out the the wholesale prices on the model that you are looking for. Auctions are a funny thing, it takes two or more people to really drive up the prices, but cars tend to go for the wholesale price or a little more or a little less. It is hard to say. You will have to pay the auctioneer's fee, find out what it is before you place a bid. A lot of the time will be a percentage of the bid price, say 10% or so. If you bid then you are required to purchase the car. If you backed out of it, then at the very best, you would have to pay the actioneer's fee. Good luck to you.
3. Keep in mind the these auctions also have people in them that work with the auctioneers just to keep the bids up higher. Example you bid 2000 they bid 2400 but have no intentions on buying that car.I really don't suggest buying from auctions bec Ive known several people that by the time they payed for the car and payed the repairs they ended up paying more then the dealers lot prices.
4. There's no set markup to expect. Bids vary according to supply and demand from auction to auction and from vehicle to vehicle. If you are the winning bidder, however, you are obligated to buy. So, it's best to set your budget and "walk away" if the bidding goes above it. Actually, here's a good read on public car auctions I'd suggest before actually taking part in one: http://www.auto-broker-magic.com/car-auction.html
5. Several things to know about any auction: 1) Read the terms or rules of the auction and understand them before you bid. This is your job as a bidder. 2) Know your bid is a contract and you will be expected to follow through on the contact. 3) Try to find out about the auctioneer and auction you plan to visit. Many auctioneers are honest people and will treat you fairly. However like in any business some are not honest. buyer beware. Visit to National Auctioneers Assoication website to see if the auctioneer is a member. That is a place to start.