subject: Buying repossessed Vehicles [print this page] Buying repossessed vehicles can bring massive savings but for the unwary, there can be potential hazards. When a new car has a problem it is protected by a warranty. A secondhand car doesn't have this support, which is why before you go close to an auction it is important to at least introduce a mechanic to check the vehicle. Because the deal is usually as-is-where-is at an auction. So that you may be prepared for whats involved, let's look at a few tips to consider when buying repossessed vehicles. Try to find some information on the vehicle you fancy. Most cars have their strengths and problems, always see the previous owner log and service record before you go to auction. Use the internet for general information because anything that you need to know can be found here - whether the model of car you seek, or the venue and time of the auction. You may even go so far as to bid online buying a repossessed vehicle, but be sure that you check the vehicle out personally beforehand and really know its condition. Set a budget. Auctions make buying repossessed vehicles very cheap and easy, but it is always best to set your limits so that you go home afterwards feeling you gained something rather than lose out. Bidding, in most cases starts at $100 but may end well within 10% of the real market value of the vehicle. Recognize that this is an auction. There will likely be a contest over the newer and better cars, especially because there are good chances of repossessed vehicles being only one or two years old. Find out what actually goes on at a vehicle auction before your visit. Buying repossessed vehicles can be fun, especially when you are the type to try to find the best deal you can. Although it will take time and patience to finally find and bag the one you want, though you willenjoy the satisfaction of being able to get something very good at a fraction of the cost it actually is. You may wonder how this is possible. Most of the cars you'll chance on usually come from previous owners who have defaulted loan payments for extended periods, or who have not been paying their taxes, and even sometimes have commited fraud and other illegalities. Various law enforcement agencies take these automobiles into custody and centralize them for disposal to the public. The reason they sell them so cheap is because if they sold them through dealers, the sales would not move as fast and it costs a lot for them to store and maintain these vehicles. Finally, buying repossessed vehicles is a more hardheaded way of owning a car but - let the buyer beware. Remember to short list the cars you might buy, set a budget, get a mechanic to inspect the cars before you make a bid, and be patient, there will always be another car. The internet is invaluable, read reviews of auction procedures before you start. This alone could save you much grief and expense.
