How to Buy Cheap Repossessed Cars From Government Repossessed Car Auctions

Cheap repo cars can be found at government repossessed vehicle auctions. These auctions offer thousands of cars at a fraction of their retail value daily. It is possible to find the car that you love. These are great places to buy used cars at incredible prices if you’re a dealer. Here are 5 tips that will help you find cheap repossessed cars at government auctions.

1. You should be prepared to pay more than the auctioned prices

Because the government is only interested in getting rid of the vehicle inventory it doesn’t want to keep, repossessed cars are sold at rock bottom prices. You may even be able to find a used car for $200 or less. However, you won’t be able walk away with the car at that price. There are other bidders competing for the car, so you might not be able to bid lower than the lowest.

Mentally, it is crucial that you are mentally ready to pay more than the initial bid. It is important that you know exactly what your maximum price should be and what your personal limit is.

2. Before you place a bid, consult the experts

I assume you don’t have any experience as a car mechanic. It is fine if you are. If you are not sure, consult a professional. It is not the same as shopping for groceries when you buy a repossessed vehicle. Before you can fully understand the details of the car you are interested in purchasing, you need to be familiar with the technical terminology and terms used by cars.

You can enter the auctions earlier than bidding begins so ask a professional to accompany you to the government-repossessed car auctions. They will be able to evaluate the condition of the vehicle and determine its estimated value. These details will help you make an informed decision when bidding.

3. Take a look at the Repossessed Cars

Try to arrive early at government repossessed vehicle auctions. This allows you to see and inspect the cars you are most interested in. Check the doors for defects and dents.

Verify the VIN# by checking the numbers on the car doors, dashboard and other areas. If they do not, it could be that the vehicle was assembled with parts from another vehicle.

4. Be humble and set your sights high

Bidding can be a stressful process. No matter how desperate you may be to buy the car of your dreams, it is best to start low. You should only bid the price you are comfortable with if there are other bidders. If you are not comfortable with the price or the budget, don’t enter into a bidding battle.

If you are uncomfortable with the current bids, there are always quality cars available.

5. Discuss the Payment Method

If you have won the auction, it’s time to speak to the organizer about the payment settlement method. You can pay by check or cash depending on the State where your auction is located. Be prepared. Sometimes they allow installment payments.

You can buy a cheap car if you’re prepared financially and mentally. If you bring a friend, it will be easier to get there on time. Ready to learn my guide to buying a car?