Contents of a Cycle Shop in Southampton are being auctioned. Over 300 lots of new and NOS at some amazing starting prices.
Auction is now live.
had a look and just watch out that there is an auction fee of +16% commission +20% VAT
Just over 1 week to go until the auction closes. Remember, to register is free.
Here are some examples of the lots
Lot 32, WCS 26" wheels RRP £400 Start Price £90
Lot 90 Kona project 2 road forks RRP £89 Start Price £20
Lot 150 DT Swiss 240s hubs, new and boxed RRP £245 Start Price £150
Lot 125 Ryde Pulse Comp Disc rims RRP £160 Start Price £40
So if a rrp £400 set of wheels have a start price of £90, but sells for say £150, add on 16% fees, then add the 20% vat to get the real price of £208.80, also note there's a delivery cost of £14 or £30 depending on size.. so you'll be in for potentially £240 for a £400 pair of wheels, which are probably available for £240 new online somewhere else.
Please correct me if I'm wrong with these fees, but they seem extortionate!
peted76, I think you'll find the VAT is only on the commission, so effectively you pay the bid price + 19.2%. On a £150 bid, the total would be £178.80 + any carriage. Quite why auctions don't just give an all in percentage is beyond me.
It's really not very clear.. it says 'VAT/Sales Tax on Hammer 20%' ... I read that as on the 'hammer' there would be 20% added.
However you could be right, it could just be 20% on top of the selling 'fee' making 19%.. it's not clear at all.
You will pay VAT on the commission or buyers premium if you like) , this is standard everywhere in auction houses.
16% buyers premium is a bit of a mickey take but if the seller is not making it clear that there's VAT on the commission then the seller could get a rather large headache by not doing so, especially when people complain and they would have legal redress if it's not patently clear.
£150 start price for DT 240 hubs, a new pair recently sold on ebay for less than £200 posted so already cheaper than the auction here when you take the commission + Vat never mind postage on top. Available already for £250 incl post and not an auction so a couple of bids and you're already paying std price anyways.
They're good hubs but were always well over priced @RRP when compared to other top end hubs IMHO.
good luck to anyone if they get a bargain.
Note that you'll also pay at least £3.95+VAT handling and £5.75+VAT shipping.
The steel Ritchey Logic WCS 57cm frame and forks looks like a serious bargain for somebody. I'm desperately trying to resist buying it myself .
LAST REMINDER- the auction closes tomorrow, friday 29th, from 3pm.
Lots of talk about the commission the purchaser pays but the seller also has a commission to pay.