How to Bid on a Repo Car Auctionby Contributor
The police confiscate thousands of cars every day all over the country. These automobiles eventually go up for auction to the general public. You can get a good deal on a used car by bidding at a repo car auction.
Attend a few auctions without bidding first so you can get a feel for what you're getting involved in. This way, you know how to bid, how they present the vehicles and what the auctioneer's terms are.
Bring a knowledgeable friend with you if possible. They can determine whether or not you're getting the best deal. Someone who knows cars can tell you whether or not you're buying a lemon or getting away with a steal.
Ensure you have enough money in hand. Some car repo auctions accept cash or check only and will not take credit cards. Almost none provide financing, so be prepared to pay in full.
Bid carefully and quickly. Pay special attention not to go over your bid because you'll still be obligated to buy the car. If you win, you now have a new vehicle at a great price.
- check Keep in mind that almost all cars sold at these types of auctions are sold as-is. You won't be refunded or have any protection if you have issues with the car later.
- check Know what you want ahead of time. Decide on the car type and manufacturer you desire in advance so you're aware of what to look for when bidding.
- close Many police repo cars were once owned by drug dealers or other criminals. Find out the history of the car as much as possible to avoid problems in the future.