Repo cars are generally sold at auction and yes you can get good deals on repo cars however you can also get easily burned buying repo cars so I hope this article will help you avoid common issues that people face when buying repo vehicles….
Repo cars are available at all types of auctions, they don’t have their own repo car auction that is only for re-possessed vehicles, they can be found at local government auction, State auction, institutional auction, Federal Gov’t auction or any other type of car auction both private and public.
Keep in mind that buying repo cars in general is the riskiest type of vehicle to purchase at one of these auctions, they are less likely to have reliable history, are less likely to have accurate up to date service records, repos are always more likely to have been abused or damaged and it is also more likely that repos were not properly maintained while they sat for who knows how long and in what conditions they sat around in.
In general I would recommend that you consider Federal car auctions where you will indeed find repo cars but you will also find de-commissioned vehicles that are much more likely to have reliable history available, these are simply cars that the Government has retired, much less risky than buying repo’s folks.
Here are some tips that you can use if you plan on buying repo or any other cars at auction:
1) Before you do anything else, secure a membership to a legitimate online car auction site typically involving a one time membership fee of anywhere from $ 30-$ 50 bucks… This way you can easily check for the available inventory of the vehicle you are potentially interested in within a certain number of miles of your location, this will substantially speed up the skip tracing process.
2) Once you have located the vehicleor vehicles of interest you can contact the respective auction houses and find out not only when the pre-auction day is scheduled (typically 2 days prior to auction), but if a complimentary CARFAX reports will be available and weather or not test driving will be permitted.
3) If reliable car history will not be availablethen you will need to secure your own, you can visit carfax.com for this information, it will also cost typically between $ 30-50 for this information but you must have it, deal with it, otherwise forget about buying repo cars.
4) Be prepared to inspect the vehiclesof interest in person at pre-auction, I suggest that if you are new to this you use a call out mechanic service to assist you until you get the hang of it, there is allot involved in this process so don’t cut corners here, it is very easy to miss something if you don’t know what you are doing.
5) Make sure that the repo car you are interested in has up to date maintenance records available, this is much more likely to be the case if your considering bidding on a retired Federal vehicle and less likely for repo vehicles this is why I recommend going the Federal auction route Versus the Repo route.
I hope that these tips will help you avoid getting taken advantage of because at the end of the day, buying repo cars can either be a great profitable experience or your worst nightmare if you are not properly prepared.
Jack Polard as a hobbie buys and sells cars that he purchases at public auction, for him there is nothing like the great satisfaction of walking away with a vehicle that he purchased for below it’s trade in value.
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