As part of today’s growing economy, bank repossessed cars are a major contributor to the auto-trade and without these cars, many drivers would presently not be on the road. Much like tyre dealers cannot exist without the cars to use them, bank repossessed cars would not exist if there was not an unfortunate car owner who lapsed on their monthly payments. As standard practice, loans are distributed by the banks with the acquired vehicle used as collateral. If the bank then has to repossess the car, they will in turn lose money.
For the buyer though, this translates to lower sales as the car will, in all likelihood be headed directly for the auction room floor. For the lucky few who discover the right auction at the right time, they may be able to snatch the car of their dreams for a fraction of its original price. The following tips listed below may also assist you in finding the ideal bank repossessed cars:
Determine the value
Search through various price checking websites in order to discover the true value of a second-hand or repossessed car that you have your eyes on. If you know as much detail as possible before you begin your search then it will be easier to pinpoint the price range that you are able to afford. Always set a budget.
Pay Wholesale
Your reason for buying a repossessed car from an auction is clear: you wish to get your car for the lowest possible price. Before picking it up, scan it for any issues and factor the repair cost into the price – if the cost of the car is too good to be true, there may often be glaring problems with the car that are too costly to deal with. A website such as Assist247 can help you in locating a mechanic in your area to look over your car before purchase.
Avoid a piece of junk
If you cannot afford a mechanic to inspect your chosen car before purchase, there are still warning signs that you can discover for yourself in order to avoid a costly mistake. Check for dents or deep scratches, tyres that are worn down to the point of baldness, leaking oil, and a worn-down interior. Most of these signs point towards quick DIY jobs prior to the auction. Certain auction houses that deal in repossessed cars allow a grace period for inspection of the vehicle.
Factor in the price versus repair costs and always keep your eyes peeled for a ‘lemon’. A repossessed car can be found at a massively discounted cost, remember that your intuition is always you best guide. If it doesn’t feel right, simply walk away.