A Simple Max-Bid Sheet: Bid, Fees, Tow, Parts, Tax, Inspection

Most bad auction buys have the same story: the bidding got exciting, and the buyer went over the number they should have stopped at. Or they never had a number at all.

Fill this in before every bid. Then don't go over it.

01Step 1: What's it worth when it's done?

Look up what the same year, model and trim sells for with a rebuilt title in your area, not a clean title. Rebuilt cars sell for less. Use real sold prices, not asking prices. See salvage vs. rebuilt titles.

Worth when done: $______

02Step 2: What will it cost to get there?

• Parts (be honest; add for what you can't see in the photos): $______
• Paint and body (if you're paying someone): $______
• Your shop supplies: $______
• Inspection, title and registration: $______
• Sales tax (rules vary; some states tax the bid, some the bid plus fees): $______
• Transport from the yard: $______
• A few days of storage, just in case: $______

Repair and paperwork total: $______

03Step 3: What will the auction charge?

Look up the buyer fee for your target bid and payment method, plus gate, environmental and internet fees. See what a $3,000 Copart bid really costs and wire or card. If you use a broker, add their fee too. See broker fees.

Auction and broker fees: $______

04Step 4: What do you need to make?

Your profit, for your time and risk. Be realistic. A car that takes 40 hours should make more than one that takes 8.

Profit: $______

05Step 5: Your max bid

Worth when done − repairs and paperwork − fees − profit = max bid.

Since fees go up with the bid, you may need to check it twice. Plug your max bid back into the fee calculator and adjust.

06Then stick to it

Put your max bid in as a pre-bid, or decide before the live auction that you'll stop there. If you lose, there's another car tomorrow. There always is.

Keep your sheets. After a few cars you'll see where your guesses are usually off, and your next sheet gets better. See also pricing a salvage flip.

Photo by Deeezy on Pixabay.

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