Everyday, used cars repos auctions are held all over US. This is because there is a constant influx of vehicles repossessed by banks and government agencies everyday. Nobody knows the actual number but it is estimated that close to one hundred vehicles are repossessed everyday across the country. These automobiles are then auctioned off in used cars repos auctions at prices anywhere between 90 to as low as 10% of their market value. In order to truly benefit from this source of buying cars at low cost, there are a few things to note with regards to used cars repos auctions.
How Do These Auctions Work?
Typically these auctions are held in the same locations within a period of time and may move from place to place within the states. The mandate of the auctioneers is to sell off the cars within the shortest time at the highest price due to the costs involve in storing and maintaining the vehicles. Most of the time, not only cars are auctioned, but other properties like real estates as well.
Minimum age to participate is 18 and the bidder has to have a driving license to bid on automobiles.
Some of these auctions are open only to car dealers but majority of them are open to the public for bidding.
Most auctions offer a preview lasting about 2 days to allow bidders to take a look at the automobiles and check their conditions. Usually you won't be allowed to drive them out but may start the cars for inspection purpose.
What To Expect In These Auctions?
Be prepared for competition from car dealers in these used cars repos auctions. Cars that are popular and in good condition will naturally draw more attention and hence higher bids. Try to set a budget for yourself on a particular car and that should prevent you from over bidding. The older cars that are in less-than-perfect condition may not be so popular and may prove to be good deals you can go for. A little refurbishing may just restore these vehicles to their original condition.
You will be required to pay on the spot upon successful bidding. Therefore, you should get your pre-approved used car loan or credit union ready before the auction just in case. Credit cards, money orders, certified checks, and traveler's checks are usually accepted while personal checks may not be.
How To Locate These Used Cars Repos Auctions?
There are 2 ways to locate them.
These auctions can be found advertised on newspapers. You can also call up the auctioneers if you know who and find out when and where they are holding their next auction.
The other method is to go for online listing of used cars repos auctions. Although these services costs around $50 but entitles you to unlimited access to updated information on repossessed vehicle inventory and where these automobiles are sold or auctioned. It saves time and is a small price to pay for the potential huge savings you can get.
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