It does not cost much to buy a new car at the repossessed auto auctions. So it is really within your reach if you have dreaming of driving home a BMW 3 Series. Here are some quick tips that you can pick up if you are not sure how a repossessed auto auction works.
Repossessed Vehicles - How They Came About
These vehicles are part of repossessed properties which of course can include other valuables like real estate, cash and so on. These are all seized, surplus and unclaimed property which the government and banks try to sell off to recover their losses. Auctioned cars can originate from government offices, banks or lenders generally.
Types Of Vehicles Put On Auction
The types of vehicles sold come in a wide variety. You can find sedans, 4-wheel drives, race cars, sports cars, sports utility vehicles, motorcycles and even vintage cars. As for their condition, majority of them are in excellent working condition. Of course, you can expect some to have slight flaws like scratches, dents and therefore require minor repair work. But occasionally, you do find brand new cars offered at more than 50% off their retail value. It is quite likely that their original owners could not afford to service the loans.
Prices of Auctioned Vehicles
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, repossessed vehicles make a great bargain as compared to what dealers and private resellers offer.
Basic Rules and Requirements
For anyone to participate in a repossessed auto auction, the minimum age requirement is 18 years old. You also need to show proof of identification as well as driver's license. Some charge a registration fee while others are free. Always be sure to check out the prices of the cars on display prior to the bidding or carry a Kelly Blue Book for an estimate of the car value. Find an experience car mechanic to accompany you as he can help you to assess the vehicle condition especially the engine.
Repossessed Auto Auctions Venues
These auctions take place at various states throughout the entire nation. You would be able to find one if you are willing to do some searching and calling. Contact the local branches of banks, government agencies as well as auctioneers. They can advise you on the next auction schedule and where and what vehicles are offered. Also spend time browsing through car magazines as well as classified ads.
There is a lazy man's method nowadays that is gaining enormous popularity among car buyers. Online auction directories offer instant information to details of the auctions taking place at any point of time. So, once you pay the one-off affordable fee, you get unlimited access to the database. From there, you would know where the repossessed auto auctions are taking place, what time are they happening as well as the type of vehicles they are selling.
Start your instant search now at my car blog.
Repossessed Vehicles - How They Came About
These vehicles are part of repossessed properties which of course can include other valuables like real estate, cash and so on. These are all seized, surplus and unclaimed property which the government and banks try to sell off to recover their losses. Auctioned cars can originate from government offices, banks or lenders generally.
Types Of Vehicles Put On Auction
The types of vehicles sold come in a wide variety. You can find sedans, 4-wheel drives, race cars, sports cars, sports utility vehicles, motorcycles and even vintage cars. As for their condition, majority of them are in excellent working condition. Of course, you can expect some to have slight flaws like scratches, dents and therefore require minor repair work. But occasionally, you do find brand new cars offered at more than 50% off their retail value. It is quite likely that their original owners could not afford to service the loans.
Prices of Auctioned Vehicles
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, repossessed vehicles make a great bargain as compared to what dealers and private resellers offer.
Basic Rules and Requirements
For anyone to participate in a repossessed auto auction, the minimum age requirement is 18 years old. You also need to show proof of identification as well as driver's license. Some charge a registration fee while others are free. Always be sure to check out the prices of the cars on display prior to the bidding or carry a Kelly Blue Book for an estimate of the car value. Find an experience car mechanic to accompany you as he can help you to assess the vehicle condition especially the engine.
Repossessed Auto Auctions Venues
These auctions take place at various states throughout the entire nation. You would be able to find one if you are willing to do some searching and calling. Contact the local branches of banks, government agencies as well as auctioneers. They can advise you on the next auction schedule and where and what vehicles are offered. Also spend time browsing through car magazines as well as classified ads.
There is a lazy man's method nowadays that is gaining enormous popularity among car buyers. Online auction directories offer instant information to details of the auctions taking place at any point of time. So, once you pay the one-off affordable fee, you get unlimited access to the database. From there, you would know where the repossessed auto auctions are taking place, what time are they happening as well as the type of vehicles they are selling.
Start your instant search now at my car blog.
About the Author:
Want to know more about seized car auctions such as where to find cheap seized car auctions in your locality? For further reading, check out this on seized car auctions. Click here for other unique 'auto' articles.
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