If you are saving money for your dream car, you can stop doing so, because the budget you have is most probably sufficient to purchase it right now on one of the many repossessed auto auctions, taking place across the country. In case you are not sure what a repossessed/seized car auction is and how it works, here are a few quick facts.
What a Repossessed Vehicle Is
Repossessed property, including all kinds of vehicles, is seized, surplus and unclaimed property, which the government tries to get rid of and recover losses fully or partially. The auctioned cars come from various government offices, banks and lending institutions, police and law enforcement, etc.
What Kind of Vehicles Are Sold
Basically, you can find any kind of vehicle on repossessed vehicle auctions. From popular family models to race cars, to rare luxury autos. The condition they are sold may vary greatly as well – from slightly used to trashed, but the majority of the vehicles are in good running condition; in fact, you can even get a brand new car at 50% off its showroom price.
How Cheap the Vehicles Are
As a rule, bidding starts very low, but depending on the car’s model and the number of people involved in the bidding, the final price can reach unreasonable heights. However, it is not uncommon to purchase a vehicle at 80-90% off its retailer value. Generally, seized vehicles make a great bargain as compared to what dealers and private resellers offer.
What You Will Need
In order to be able to take part in these, you must be over 18 and have a driver’s license. In most cases, you will have to pay a registration fee. You may also want to have the Kelly Blue Book in order to estimate the value of the cars and a professional mechanic for vehicle condition assessment in case you are not auto savvy. As the pace of car auctions is rather fast, previous experience won’t hurt as well.
Where to Find Repossessed Auto Auctions
With the auctions taking place regularly nationwide, you are sure to find one in your area. You can try and contact government agencies, banks, auction companies, etc to find out when and where the next auction is scheduled. Watch for advertisements and notices in national and local newspapers as well as on government official websites.
Another way of locating these car auctions is easier, and can save you a lot of time and trouble. Using online auction directories you will know what kind of auctions, where and when are going to take place across the country. Unlimited access to the constantly updated database is granted for an affordable one-time fee, making it possible for everybody to find lots of repossessed auto auctions without extensive research and legwork.
Start your instant search now at my car blog.