Whether you’re selling a damaged or roadworthy vehicle, our online car auction service is a great way to get the best price for your motor. When you put your car up for auction with us here at RAW2K, you have the option to set a ‘reserve’ price, which is the minimum price that you're willing to sell your vehicle for. There are pros and cons to setting a reserve price on your vehicle though, so to help you decide whether your car should be auctioned this way, we’ve put together a pros and cons guide to putting a reserve on your car.
Pros to setting a reserve price
On the one hand, setting a reserve can ensure that you get a fair price for your car. If the bidding doesn't reach your reserve price, you can choose to not sell your car, and this can be particularly useful if you have a specific price in mind that you want to get for your vehicle. Essentially, a reserve price is there to give you peace of mind that you’ll receive a minimum price for your vehicle. If that price is not met, then you can always list your car for sale again instead of taking a lower price. If you’re going down this route, we’d always advise setting a reserve that isn’t too low, as this may result in you not getting the price that you want for your car - which makes setting a reserve price a bit of a pointless exercise.
Cons to setting a reserve price
Although setting a reserve price on your vehicle guarantees you a minimum return, that’s only provided that anyone meets it. It’s worth keeping in mind that setting a reserve can also deter potential buyers, as they may be hesitant to bid on your car if they know that there is a reserve price that they have to meet. This in turn can limit the number of potential buyers who bid on your vehicle and may result in your car not selling at all. If you do decide to set a reserve, it's important to set it at a reasonable level.
Ultimately, whether or not to set a reserve on your car at auction is a personal decision that depends on your goals and circumstances. If you have a specific price in mind that you need to get for your car, setting a reserve may be the best option. However, if you're open to selling your car for a fair market price, it may be better to skip the reserve and let the bidding process play out.
Whatever you decide though, we can connect you with thousands of potential buyers around the UK here at RAW2K. It only takes two minutes to list a vehicle with us, and 83% of our listings sell within the week, with most getting bids within hours. So, if you’re looking for the best online salvage vehicle auctions, then look no further. We’ve a leading figure in the world of online salvage vehicle auctions for over 20 years now, and pride ourselves on providing only the best service when it comes to salvage vehicles, their auctions, and your experience.