Is it Safe to Buy Repossessed Cars?
How to safely purchase a repossessed car at auction
Repossession auctions make up a big part of the auction industry and are a great way to save money when buying a vehicle for your company or for your own individual use. After all, you don’t have to deal with high markups from dealerships or negotiate with an individual trying to sell their own car. In a repossession auction you start at the lowest price possible and only go higher if there are other people trying to purchase the same car that you are. Repo auctions offer a fantastic way to get a great vehicle at an awesome price! While repossession auctions are great, we often hear people asking if it’s safe to buy repossessed cars. The short answer – yes!
Repossession auctions can be very safe, but as with the purchase of any vehicle, it is always best for you to be careful and do your research before diving right into the bidding process. Some repossessed cars come to us in amazing condition, others may require a little TLC. Repossessed vehicles may give people some concern since the history of these vehicles is often unknown and the overall quality and condition cannot be guaranteed. However, we know that there isn’t anything to be worried about if you do the right research before heading into an auction!
The first thing to do when checking out a repossession auction is to find as much information you can about a vehicle online. There should be an in-depth description with everything that is known about the vehicle, from general information like the make and model, to the odometer reading and transmission type. There will also be pictures of the car that will give you a good idea of the condition the vehicle is in. Here at Repocast.com we try to give our bidders as much information as possible about the items that we
have listed so that you can make an informed decision about what car you want to bid on. We take care to inspect the vehicles ourselves to the best of our ability. We photograph the entire interior and exterior of the car to record any damage (or lack thereof) so that potential bidders can see the repossessed vehicle from every angle.
After you have found all you can about a car on the auction site, you will want to inspect a repossessed vehicle in person – just like you would if you were going to a dealership. Here at Repocast we have available inspection times during our regular business hours. Items can be inspected as soon as they are listed for an upcoming auction. If you don’t know a lot about cars, bring a knowledgeable friend with you so that they can tell you what you need to know about the vehicle to determine your maximum bid. For liability reasons we aren’t able to let potential bidders test drive any vehicle, but they are able to start it in order to test the engine and any other interior features. After an inspection you will have a good understanding of the working condition of the vehicle, the exterior and interior appearance, and any updates that you may have to make
After you have determined the condition of a vehicle, you are able to decide if you want to bid. Think about any major repairs that you may need to make and factor that into your maximum bid. As long as you know what you are buying you should be safe and free of any surprises when you end up as the wining bidder! Repossession auctions are safe if you know what to expect. If you have any further questions or concerns regarding repossession auctions, please contact us here! We want to make sure that you are comfortable with our auction process and know how to navigate the world of repossessions so that you can get the best deal you can!