Rip-Off Or Reason To Celebrate At Repossessed Car Auctions?
Rule number one for repossessed car auctions is to make a firm decision beforehand as to what you are willing to pay for a particular auto make and model. Do not be swayed to go higher during a heated bid exchange. If you become caught up in a I-must-have-this-car situation, a bidding war that will leave you totally out of pocket, is likely to develop.
A repo car auction needs to be at a reputable dealer or agency. Study the rules and regulations beforehand. A bit of homework can save you thousands of dollars in the long run. A fly-by-night auctioneer can leave you with a very expensive lemon.
Remember that you purchase the auto as is. With auction buying, you have to know your stuff. Make sure that there are no latent defects that will result in expensive repairs after the fact. Any vehicle has to be inspected carefully. If you feel that you may be out of your depth, try to engage the help of a friend or colleague who is more of an expert and who can give you sensible advice about the pitfalls.
Use common sense, keep your feet firmly on the ground, and a government or police car auction can offer a highly lucrative buying opportunity. If you are lucky, the deal can leave you with a terrific set of wheels at 50% to 90% below the price tag of a new auto bought at a dealership.
Drop us a line about your repossessed car auction experiences. Feel free to share all the tips you picked up along the way!
