How to Buy Cheap Repossessed Cars From Government Repossessed Car Auctions
Government repossessed car auctions can be great hunting grounds for cheap repo cars.
There are literally thousands of cars being offered for way below their retail values at such auctions daily.
There is a high chance you can find a car you fancy.
If you are a used car dealer, needless to say, these places are probably exciting places for you to find great bargains.
Right here, I offer you 5 hot tips to find and buy cheap repossessed cars from government repossessed car auctions that could be taking place right now within your neighborhood.
1.
Be Prepared to Pay Higher than the Auctioned Prices Repossessed cars put on sale are offered at rock bottom prices since the government are only interested in clearing the backlog of vehicle inventory which it does not wish to hold.
Sometimes, you can even find a one year old car at $200 or less.
But you probably would not be able to walk away with the car for that price.
Since it is an auction, there are also other competing bidders who would be bidding higher than the lowest bid.
It is important that you get mentally prepared to pay higher than the starting bid.
This is why it is so vital that you already know what the highest price you should offer is and what is your personal limit.
2.
Consult the Experts Before You Place a Bid I am presuming you are not a trained car mechanic.
If you are, then it is good for you.
If not, you need to check out with a professional.
Buying a repossessed car is not like shopping for groceries.
You need to know what each technical jargon and the terminology of cars before you can understand about the car you might wish to purchase.
Since you are allowed to enter earlier before bidding starts, ask a professional or at least someone knowledgeable to come with you to the government repossessed car auctions to assess the condition and estimated value of the car.
With these help, you can make a well informed decision when bidding.
3.
Inspect the Repossessed Cars Always try to be one of the earliest to arrive at the government repossessed car auctions.
This is so that there are less people there and you can start to view and check out those cars you are interested in.
Do a visual inspection and check out if the doors are working well, and see if there are any defects such as dents, scratches and so on.
Check the VIN# and make sure those numbers on the dashboard, car doors etc all tally.
If they don't, this could mean that the vehicle has been assembled with other vehicle's parts for reasons such as a major car crash and so on.
4.
Bid Low and Set Your Target Bidding can be an emotional process.
Start low no matter how desperate you might be in buying the car of your choice.
If there are competing bids, exercise control and only bid within your comfortable price range.
Do not enter into a bidding war with others if you realize that the bid price has exceeded your budget or it is way above the predetermined value of the vehicle.
There are always other good quality cars around so let go if the bids are getting rather uncomfortable for you.
5.
Discuss On the Payment Mode Presuming that you have won the bid, it is time to talk to the organizer of the government repossessed car auction about the payment settlement mode.
Depending on which State your auction is and which government agency is the organizer, generally, you may pay in cash or check.
So be prepared.
At times, they do allow for payments in installments.
So in short, be prepared mentally and financially, come with a friend and get there early and you are in a good position to buy your cheap auto.
Are you ready to read my car guide on where to zero in on the existing government repossessed car auctions in your neighborhood?
There are literally thousands of cars being offered for way below their retail values at such auctions daily.
There is a high chance you can find a car you fancy.
If you are a used car dealer, needless to say, these places are probably exciting places for you to find great bargains.
Right here, I offer you 5 hot tips to find and buy cheap repossessed cars from government repossessed car auctions that could be taking place right now within your neighborhood.
1.
Be Prepared to Pay Higher than the Auctioned Prices Repossessed cars put on sale are offered at rock bottom prices since the government are only interested in clearing the backlog of vehicle inventory which it does not wish to hold.
Sometimes, you can even find a one year old car at $200 or less.
But you probably would not be able to walk away with the car for that price.
Since it is an auction, there are also other competing bidders who would be bidding higher than the lowest bid.
It is important that you get mentally prepared to pay higher than the starting bid.
This is why it is so vital that you already know what the highest price you should offer is and what is your personal limit.
2.
Consult the Experts Before You Place a Bid I am presuming you are not a trained car mechanic.
If you are, then it is good for you.
If not, you need to check out with a professional.
Buying a repossessed car is not like shopping for groceries.
You need to know what each technical jargon and the terminology of cars before you can understand about the car you might wish to purchase.
Since you are allowed to enter earlier before bidding starts, ask a professional or at least someone knowledgeable to come with you to the government repossessed car auctions to assess the condition and estimated value of the car.
With these help, you can make a well informed decision when bidding.
3.
Inspect the Repossessed Cars Always try to be one of the earliest to arrive at the government repossessed car auctions.
This is so that there are less people there and you can start to view and check out those cars you are interested in.
Do a visual inspection and check out if the doors are working well, and see if there are any defects such as dents, scratches and so on.
Check the VIN# and make sure those numbers on the dashboard, car doors etc all tally.
If they don't, this could mean that the vehicle has been assembled with other vehicle's parts for reasons such as a major car crash and so on.
4.
Bid Low and Set Your Target Bidding can be an emotional process.
Start low no matter how desperate you might be in buying the car of your choice.
If there are competing bids, exercise control and only bid within your comfortable price range.
Do not enter into a bidding war with others if you realize that the bid price has exceeded your budget or it is way above the predetermined value of the vehicle.
There are always other good quality cars around so let go if the bids are getting rather uncomfortable for you.
5.
Discuss On the Payment Mode Presuming that you have won the bid, it is time to talk to the organizer of the government repossessed car auction about the payment settlement mode.
Depending on which State your auction is and which government agency is the organizer, generally, you may pay in cash or check.
So be prepared.
At times, they do allow for payments in installments.
So in short, be prepared mentally and financially, come with a friend and get there early and you are in a good position to buy your cheap auto.
Are you ready to read my car guide on where to zero in on the existing government repossessed car auctions in your neighborhood?