Bicycle auctions are much like car auctions. It’s a buyer beware situation where the bidders must inspect all the items before buying. Make sure that there are no cracks on the frame or on the seams of the welding. Then make sure the frame is not in any way bent or misaligned from a previous crash. Next, check the wheels to make sure they are somewhat true (not rubbing on brake pads), then brakes and cables. For the most part, if a bicycle has a good frame and wheels, then replacing a rusty chain, cables and brake pads will be an inexpensive project that would cost less than $20.00 for parts. However, there are bicycles that will be sold that are in great riding condition, but be prepared to compete in bidding with other bidders.
If you’re not too sure which bike would be a great purchase, take a friend that knows something about bikes. Chances are they could save you from purchasing a bike that may look great with its shiny paint job, but underneath the pretty facade is trouble waiting to be ridden.
As always, do comparison-shopping before attending a bicycle auction, so you can go in knowing the market value of the items you want to bid on. The key to successful bidding is market knowledge.
If you are planning to resell the bicycle at a profit, you may want to subscribe to eBay’s Market Research (link here), which will allow you to save a report that you can print out and take with you. It will show things like average selling prices, which could really help you form your bidding strategies.
A great example of knowing and NOT knowing what to look out for at an auction appeared at a US Treasury Auction. Three bicycles of various models at different prices were being offered. The first bicycle sold was a Fuji Sun crest for a low price of $50. Even if the Fuji was a few years old, the price paid for it makes it a great bargain. Brand new the Fuji would have cost over $500. Another bike that was sold at a bargain was a Specialized Rock Hopper for only $75. Again, even if this bike was older, it’s still a bargain due to the fact it’s a name brand and when purchased new, it would have cost nearly $800. On the other hand, the third bike was sold for a whopping $150. The bike purchased was a Pacific Titan DS. If you recall, Pacific brand bikes are not the best quality bikes. They can be found at your local Wal-Mart and Target stores. Though the Pacific Titan has an MSRP of $350 new, it doesn’t justify paying $150 for a used low quality bicycle.
