Mike Brewer has issued a vital tip to used car owners (Image: X / @MikeBrewer)
star Mike Brewer has warned that for secret hidden fees.
The presenter of the popular restoration series stressed individuals could be
Most auction houses will slap a “buyer’s premium” on the sale price, sometimes adding hundreds of pounds to the final bill.
These extra premiums are usually a percentage of the sale meaning the higher their offer runs.
The little-known charge could leave motorists stuck if they have decided to throw in every last penny in order to secure their dream car before the hammer falls.
Buyers fees are charged to motorists after car auctions (Image: Getty)
, Mike said: “Don’t get carried away. Auction houses are really existing places. You can stand there and get carried away with the emotion of being in an auction room and outbid yourself. I’ve seen that many, many times.
“Set your ceiling price and stick to it, absolutely stick to it. And remember once you’ve stuck to your ceiling pierce and stuck to it, when the hammer goes down that’s not the end of it.
“You have to pay a premium on top of that to the auction house for the privilege of buying the car. So you need to make sure all of those things you’re wary of before you turn up at an auction house.”
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operates a sliding scale with motorists paying more depending on the sale price of the vehicle.
Leading classic car auction experts at charge road users a 15% buyer premium on the first £500,000 of a sale.
This is cut to just a 12% fee on any excess over £500,001 of the final hammer price.
added: “There is a buyers premium of 8% (+VAT) to be added to your bid price which is applicable to each purchase.
“Please note that a minimum charge of £160 (+VAT) applies on any purchase up to £2,000.”
stressed buyers’ premium fees usually go straight to the auction house and not the seller.
Specialists have urged road users to always factor the charge into their final costs before heading to the sale to ensure road users do not get carried away.
They said: “To avoid surprises, it’s advisable to factor in the buyer’s premium when determining your maximum bid. Calculating the total cost, including this fee, before bidding ensures that you stay within your budget.
“By understanding the buyer’s premium and incorporating it into your bidding strategy, you can make more informed decisions and better manage your auction expenses.”