Buying repossessed cars is a great way to save some cash and get a deal provided you know what to look for
. Now with sources like the internet you can find relevant and local listings as well as compare prices. This guide will give you a break down and what to look for when purchasing repossessed cars.
There are a few places to look for repossessed cars and trucks. The first place is your local government auctions. Most of the time these will be police auctions. Law enforcement takes in tons of repossessed vehicles annually and usually has a monthly or by-monthly auction. You can find them by calling local police stations in your area. Make sure you to ask for a local website as they will have some more information on there. Also, you may have to watch out for things like providing your own wrecker to remove the vehicle from the lot. A lot of police auctions will not let you drive the cars away and force you to remove it with a tow-truck.
The next place to look is your local dealerships. A lot of dealerships will have access to repossessions. You will be able to find many in your local paper. Give them a call and ask to speak to the sales manager. Due to the downturn in the economy dealerships are loaded down with inventory and bank repossessions so take advantage of this by asking for discounts, even if it seems like a great deal already.
Finally, the last place to find a repossessed cars for sale is banks and credit unions. These places will sometimes outsource the cars and trucks to a local auction house. Some banks are known to keep their own lots though, especially when it comes to commercial vehicles. Again, many banks will have cars priced to sell but be careful as the cars may have serious problems. It is best to have a friend who knows his stuff go with you and buy him lunch after. It may be one of the best returns on investment you ever get. If you are in a bidding war and you see too much competition, it's best to let the car or truck go. There will always be another one come along so try to keep that in mind when at the auction. There is nothing gained from overpaying as the whole reason why we are buying repossessions is to save money.
Finally I want to say that this really is repossessions are a great way to find a deal but I must reiterate that you need to do your research and make sure the car is in decent condition. Please make sure you have the proper paperwork and dont be hesitant to ask many questions. Although you are getting the repo at a discount, it still can be thousands of your hard earned money going into this purchase. Its always better to look stupid upfront than to look stupid driving away in a lemming.