subject: Tips for Buying Repossessed Cars at Auto Auctions [print this page] Tips for Buying Repossessed Cars at Auto Auctions
A repo car auto auction has vehicles that are seized; surplus and unclaimed which can come from banks, financial lenders, police and other government agencies. These auctions take place all throughout different states. You can find an auction near your home by using online auction directories.
Look at online auction directories. This is one of the most easy and quickest ways to find a repo car. Here are some tips to buying a repossessed car at auto auctions. You can browse, at your leisure, at the inventory on hand.
You can customize your search ahead of time. By this I mean you can look for a particular model in the year that you want. It's best to analyze the whole auto market. For example you'll want to know the average market price for the car model and year that you want. Take a look at ongoing auctions in your local newspaper or weekly white sheet ads. You can check out what the current prices are for the vehicle you want.
Repossessed car auctions are a great place to find luxury cars. For the most part, people can never afford them but you may be able to find your dream car at a car auction.
Make sure that you ensure the car comes with the necessary papers and documents. If the necessary documentation is missing don't ignore this red flag warning.
Here's another point. Bid on those cars that you think have lesser competition. These will probably be cars priced at mid-range. The more expensive vehicles often attract bids that can range way out of your budget. Be sure you have a budget figure in mind what you are able to pay for a car. You need to do this before you go to car auction. Don't get too carried away by the auction atmosphere and forget about the type of car you want and can afford to buy.
Another thing to consider is to carry a Kelly Blue Book. Even if you know ahead of time the estimated value of the cars, it's a good idea to have this handy reference tool with you just to double check the figures.
