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Buy Repo Car - How to Buy a Repo Car

auction auto cars reputation

In these tough economic times, people are trying to save money wherever they can. At the same time, more and more people are falling behind on their car payments. This eventually leads to a repossession of the car by the bank or the dealer. They do not want to hold on to the car, so they then sell it as fast and smoothly as possible. This is accomplished by putting these repo cars up for sale at an auto auction. These repo cars at auto auctions present incredible values for the savvy buyer looking to save some money. The following is a guide on how to buy a repo car at an auto auction.

Just like any other kind of auction, an auto auction involves people making bids on items until there is only one bidder left. This winning bidder is obligated to purchase the item, in this case a repo car, for the final bid they made. The great thing about bidding on repo cars at an auto auction is that they are almost always lower priced than any of the other cars there. This is because the bank or dealer wants to get rid of the repo as fast as they can. Therefore, they will not have a reserve for the repo cars. A reserve is a minimum dollar amount the bidding must reach for the item at an auction to be sold. Since repo cars will often not have a reserve price, they can many times be purchased for much lower than their Kelly Blue Book values.

Although buying a repo car at an auto auction presents an incredible opportunity to save some money, the process must be approached with a certain amount of caution. Like any other place a buyer could possibly purchase a car from, there are shady characters looking to unload lemons in the repo car auction world. Follow these easy steps to make sure you buy a repo jewel and not a repo lemon.

First, you will want to do a little research on auto auctions in your area. Try to find one that has a good reputation for providing sellers with high quality vehicles that are sold at cut-rate prices. You will also want to check what their policies on returns are, in case the repo car you buy turns out to be a hunk of junk.

Next, you will want to do some homework on the seller of the repo car at the auction. Make sure the seller has a good reputation around town. If the seller’s reputation is good, then you can feel fairly secure that he will not be trying to unload a lemon repo into your lap.

Although it is best to find an auto auction that has a return policy, many times this may prove impossible. Repo cars are most often sold “as is” at auctions. This means no matter what the condition of the auto, the buyer can never return it due to any reason whatsoever. Because of this, it is very important to inspect the repo car before you decide to bid on it. Take a good look at the vehicle’s interior and exterior. Make a very, very detailed inspection of the engine. If you are not very mechanical in nature, then ask a friend that has some mechanical aptitude to come with you. If you don’t have any mechanically inclined friends or acquaintances, you could always hire a mechanic to spend an hour of his time looking over the potential vehicle purchase.

Finally, let everything the seller says go in one ear and out the other. The people involved in the car selling business have a very bad reputation for dishonesty. Unfortunately, this reputation is well deserved. Many auto sellers will tell flat out lies to get their vehicles sold. Even the fairly honest ones will usually bend the truth now and again. Just make sure to take everything they say with a grain of salt, keeping in mind they are putting everything in the best light to make a sale.

Follow all of these steps on how to buy a repo car, and you will find yourself driving home from the auction with a smile on your face and a lot of extra cash in your pocket.

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