Repossessed Car Auctions: What Is All The Fuss About?

Turner's Car Auction
Image by Matt & Becky via Flickr

Many people who are looking for a good deal on a newer vehicle are finding that repossessed car auctions are giving them a great alternative. The vehicles that are becoming available at these auctions are often available at much more reduced costs than if a person went through a car dealer for the same type of car.

In the past a person attending a car auction would be limited on the number of cars that were available. Now, however, cars of all makes, models, and conditions are coming to the auction for individuals with the cash to purchase them. The auctions have grown in popularity and are now being held in numerous locations for people wishing to attend.

Many newer model vehicles with very low mileage are finding their way to the car auction. This is primarily due to the financial hardships and sudden setbacks suffered by many people during the economic crisis.

Before the economic downturn, many people were buying new vehicles that had all of the options, were very expensive, and had high interest rates. When financial setbacks occurred, they did not have any options for making the high payment that had resulted from the purchase. Most of these individuals turned their vehicles back to the lenders who then put the cars up for auction. The cars are often almost new and have extremely low mileage. They are in perfect condition and can be purchased for a very low price.

Other vehicles that are often seen at the auctions are late model vehicles that have average mileage. These vehicles have been driven on excursions or trips and may have some interior damage when there have been small children in the vehicles. In most cases they do not have damage to the engines, etc.

Individuals who use their vehicle as collateral on a loan may find they cannot make the payments. When this happens the lender repossesses their vehicle. These cars are user older vehicles that have a lot of mileage and have been driven regularly. An individual looking at these cars will want to be sure they have the cars’ history and other information to make sure that the car is in good condition.

Some car auctions will have a few hundred cars while others will have several thousand vehicles. When you know what type of vehicle you are interested in, you can go early and check the vehicles that are that make and model. Starting the engine and checking the car for damage will be very beneficial before you decide to bid on a vehicle.

Cars sold at the auctions are sold “as is.” Some auctions give a 90 day warranty however this is uncommon. When purchasing a vehicle at an auction it is important to remember that if there is damage or repairs needed, you will need to take care of that yourself. After winning a bid you will need to have cash or financing available to pay for the vehicle. Most auctions will accept cash, a certified check, or in place financing. They will not accept credit cards.

Before going to the auction it is a good idea to get a list of the vehicles you are interested in. By making the investment in a car history report you can see if the vehicle has been in an accident or has some other type of major damage. When a person purchases a car through the repossessed car auctions they usually will save up to sixty percent of what they would pay for the same vehicle at a car dealer.

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Posted under Repossessed Car Auctions

This post was written by admin on January 5, 2010

2 Comments so far

  1. Used Ford Parts September 24, 2011 10:26 am

    Repossessed car auctions often prove a good deal, if you are looking for a really cheap car. Thanks for sharing information on it.

  2. alkaline foods November 7, 2011 10:08 am

    I love the way you illustrated your post above. You are a blog mega guru!

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