Over the past few years, more and more bikers have begun to see the value in buying repossessed motorcycles at auction. Not only can you make huge savings, but you can also pick up quality motorcycles which are brand new and barely have any miles on them.

However, most people don’t understand how repo auctions operate and end up out of pocket and out of luck because they didn’t follow the basic rules of repo bidding. Therefore, here are the three most important things to remember when bidding on repo auctions.

Spend Time with the Bikes

It is important to spend a decent amount of time looking at the bikes on sale before the auction begins. A lot of bidders presume you have to “think fast” in order to come out on top in the middle of a rapidly moving auction. You don’t have to be a quick thinker to win the bike you’re after; it requires intelligent homework. You must look at the service history book as well as the condition of all the repo motorcycles for sale carefully. This will save you a lot of hassle in the long run.

Check your Emotions at the Door

The auctioneer is there to work you up. You are there not to fall under his spell. This is why it is so crucial to do your preparation and make your decisions ahead of time. You know which are the ones are the ones for you after looking at them carefully. Now you need to you should establish a limit for how much you are willing to spend; and stick to it. There are auctioners who can be very pushy and press you to up your bid. They may say things like, “I know you can do another $50.” Don’t fall into this trap.

Make Sure You Read the Regulations

Buying repossessed motorcycles is the same as any other major purchase. Carefully read ALL the rules particularly the small print. Read the documentation fee, buyer’s fee, payment terms, bidder’s deposit, in what time frame you have to pay, rules of arbitration, refund policy, and how long you have to take the motorcycle from the auction site.

Also check your state or province to find out what you need to do to register your motorbike. By checking all of these, you will prevent any unfortunate surprises and means you can set your bidding limit without having to worry about covering all the additional charges.