A repo car auction is the place to be to get that dream car at a price you never thought possible. With bidding starting at up to 90% off market value, and auctions available in nearly every city, you are practically guaranteed to find that very special buy...
Many folks are unaware of the possibilities of a repo car auction - otherwise nearly everyone would join up to get access to the auction details. In fact, because these public sales are where many dealers get their stock, it is not a very widely publicized source of vehicles.
Where do these vehicles come from and why are they often available at such low prices? Under a variety of laws these cars - literally often thousands per month - are repossessed or seized by the relevant agencies.
The high cost of storage means these vehicles need to be moved in a short space of time, and this urgency to sell often leads to magnificent price reductions!
Many of these autos are practically new with very low mileage, and because the original owner would have carried the luxury tax, this falls away when they are sold on.
There are no hidden costs, only the standard fees such as title and registration which will apply in the same way as if you bought the car elsewhere at a dealership.
So what kind of deals can you expect at a repo car auction? Well, to mention a few real life examples: it could be an Acura CL 3.2 valued at $21,000 purchased at a third of that price; or an Audi Allroad Quattro at less than half the $31,000 book value, or a lucky - and satisfied - father who bought a Hyundai Elantra for his daughter at about 6% of the book value!
If you feel you need to do more research before committing yourself to a particular course of action, there are many excellent sources of information. Motor Trend Magazine offers useful and comprehensive information about used cars, road tests, new cars, concept cars, auto shows. To immerse yourself in all this and other general car buying information Motor Trend Magazine is a valuable place to start.
One of the most well-known repo car auctions is held by Barrett Jackson Auto Auctions. Imagine, for example, being among a crowd of almost 70000 people at the 5th annual sale in the South Florida Expo Center. The total value of the autos were around $32,000,000! From classics to sports models were in the offing. Imagine getting your hands on a Shelby GT-H convertible or a vintage Corvette... No chance for cheap auto insurance if you have one of these beauties!
A repo car auction name that is bound to crop up if you are in the United Kingdom, is the British Blackbush car auction festivities. Located at the Blackbushe airport, this is one of the main public sale venues in the country. Holding more than 1000 cars, the auctioneers provide for everything from valet services to appraisal resources. A fast food restaurant caters for growling stomachs and footsore bidders. The British Blackbushe car auctions on Mondays, Wednesdays and Fridays are often packed with rare classic and historic vehicles.
What you end up paying will of course depend a lot on who turns up at the repo car auction to join in the bidding, but with so many auctions and so many vehicles, you're bound to find an excellent bargain!
