1. While you are likely to get a good price (since this is a market-driven sale), you can't be entirely sure what you are purchasing. You may have seen the ads for government repo sales where you can get a Porsche 911 for three hundred dollars. That's usually a sucker line.

2. Since these auctions involve repossessed cars, cars sold by dealerships, and some privately sold vehicles, you still might get screwed over. True these vehicles may appear in great shape, but unless you are a very knowledgeable auto mechanic, you may be purchasing someone else's damaged goods without knowing it. Auction cars may have been previously damaged in an accident, by floodwaters, by pre-teen sexual activity, or by owner abuse. Yes, they might be reconditioned, but the parts used are often substandard and the work less-than-perfect.

3. On top of all of these caveats, it is usually difficult to get any sort of warranty on an auction-purchased car.

Our advice: forget about auctions. It's just too risky. But if you're determined, just look in the auto section of your newspaper under auctions. You'll find plenty.

SoYouWanna know more? Check out our full-length article SYW buy a used car?