If you want a used set of wheels for a reasonable price, you can get a great deal at a repo car auction. The cool thing about such auctions is that you can find the car of your dreams, buy it and then drive it home the very day you win the auction. The haggling, botheration and bureaucratic red tape typically associated with the used car buying process is noticeably absent when it comes to a repo car auction.
Rest assured that such auctions are not part of some well-orchestrated scam. They’re completely legit. In some cases, the federal government makes vehicles that were used by its own officials available for sale at prices often cheaper than those found at used car lots. In other cases, the vehicles on the auction block were seized from criminals who used their cars and trucks in the commission of offenses such as drug dealing.
While you can certainly get a sweet deal at such auctions, you need to do your homework because not all that glitters is gold. If you keep in mind the following suggestions courtesy of the repo cars guide , you’re more likely than not to be happy with whatever vehicle you secure.
- Sufficient Funds: You need to ensure that you have sufficient funds in your bank account before heading off to a car auction. If you win an auction, you will be expected to pay the full cost upfront, so you need to be appropriately capitalized.
- Sold “As Is”: Vehicles sold at auctions are usually sold “as is.” This means that the auction house is basically telling you that it makes no guarantees as to whether or not the vehicle will need expensive repairs soon after you drive it home. For your own peace of mind, you might want to purchase an extended warranty in the event that you come across issues that might otherwise cost an arm and a leg to fix.
Know How Much to Bid: To avoid paying more than the repo car is actually worth, arm yourself with a Kelly Blue Book so that you don’t bid too much.
Bring a Professional: It might be worth your while to bring along an automotive professional who will be able to tell you whether or not a specific car is even worth bidding on.
Be Careful: Be sure to consult Experian, Carfax and Autocheck before bidding on any repo car. These sources will alert you to potential title or odometer issues.
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