By: Gov Auctions | 14 January 2013

Setting Your Limits Before an Auction

These days you can buy just about anything at auction, from houses and repo trucks to art and sporting equipment, but while you can often find some incredible deals at auction, it is vital that you control yourself. The following is a look at the importance of setting spending limits before an auction starts, as well as a few tips to help you stick to these limits during the excitement of the auction.

Do a budget first

Before you even consider buying anything at auction, first establish a budget you can afford, because regardless of how great that auction item is, it is not worth creating a financial crisis over. Don’t forget to account for any extras a purchase many entail, such as insurance, additions or upgrades, and if you share money with a spouse or partner, be sure to decide on your budget together.

Know what you are looking for

It will be a lot easier to stick to your spending limits during the auction if you have a clear idea of what you are looking for, so whether you are searching for a house, cheap cars for sale or even office furniture, know what you are after before you start shopping. If you are unsure exactly what you are looking for it can help to make a list of features you want or need, as this way you won’t be tempted into buying something you have little use for.

Go with someone who knows your limit

It will be a lot easier to stick to your spending limits during the excitement of an auction if you have a friend there to keep you focused on what you need and avoid being tempted by things you can’t afford. Consider bringing a mate along to the auction with you and be sure to tell them how much you can afford to spend, as this way if you start getting carried away, your friend may be able to intervene and keep you from losing your shirt


Only take limited funds with you

A great way to ensure you stay within your spending limits at an auction is to only bring a limited amount of funds with you, and be sure to leave those credit cards and cheque books at home. This way, if you start getting swept up in the hype of the auction, there is only so much damage you will be able to do, and even if you do end up losing your head, the auction will be over before you can get more money.

Set a spending limit on your accounts

If you are concerned you won’t be able to control yourself once the auction starts, a great way to enforce those limits of yours is to arrange for your bank accounts to have spending restrictions for the day. By being forced to wait to access that extra money, the auction will be over before you can overspend, so talk to your bank before that big auction day and have those limits firmly established."If your business has its own fleet of company vehicles it is important that you keep them in good working order, a big part of which means clearing them out and updating them as need be. The following is a brief look at some of the easiest ways to clear out older vehicles from your company’s fleet.

Gift them to retiring staff

A great way to clear out older fleet vehicles is to give them as gifts to long-term staff that are leaving, as they will likely have become quite attached to their ride over the years and will be thrilled to take it with them when they go. You will be able to write off the vast majority of the value of the car in this way, as well as free up some room in your company fleet to introduce a new vehicle.

Auction them off

Whether your fleet consists of five cars or 500, it is smart to upgrade the entire fleet all at once if you can afford to, as this way you won’t have to worry about it again for at least a few years. Vehicle auctions offer an efficient and effective way to clear out as much of your ageing fleet as you want, so if your company has a vehicle or 10 needing to be cleared out, consider selling them at your local auto auctions.

Sell them via online classifieds

Selling your older fleet vehicles via online auction is a great way to clear them out and replace them, but only if you are willing to invest some time into your effort, because it will require you to stay on top on responding to all those interested parties. There are a huge amount of free online classifieds that see thousands of visitors a day, and providing you have good photos and something decent to sell, brace yourself for a big response.

Donate them

If your older fleet vehicles still have a lot of life left in them, donating them is a thoughtful gesture, and you will often be entitled to claim the majority of the vehicle’s value as a tax credit. If you are unsure who to donate to, look for charities or even grassroots groups in your local area, because often these smaller groups will benefit far more from your donation than some of the larger and more established charities.

Sell them to your staff

If your business has a few older fleet vehicles you have decided to clear out, a great way to get rid of them quick is to offer them for sale to your staff. Providing that those prices are low enough, you should have no problem selling those vehicles fast, which will free up the space you need to finally make those fleet upgrades you’ve been saving for.

If you have a few older vehicles in your company’s fleet, clear them out and upgrade, because apart from being safer and more reliable, your fleet upgrades can also provide a significant boost to your business brand.