Today I'll be giving you some tips and general information on repossessed car auctions. Even though it all seems pretty straight forward at first, fact is there are quite a few things to consider if you don't want to end up losing your money or, at least, not earning as much as you could. Let's see.
1- First of all, whenever you want to buy a repossessed car for sale, you ought to know how much money you can spend. In order to do this, you need to take into account not only price you're willing to pay for the repo car itself, but also all associated legal costs, transportation costs, repairs, etc. Once you have your number, don't ever go beyond that when bidding on a repo car. Don't let yourself get carried away.
2- Attend quiet a few repossessed car auctions in advance. If you've decided to bid at internet repo car sales, that will be as easy as visiting a few sites and checking past auctions, reputations and bids. If you're attending offline repossessed or government car auctions, then you'd have to physically go to a few local public auctions and check the same. Also, see who the usual attendants are (generally car dealers) and try to learn from them. Also, learn the codes and regulations of the repo car sales you're attending.
3- Always use the opportunity to personally check the repossessed cars you're about to bid on. Take a mechanic with you if you must, but do take a good look at the vehicles. Repo auctions usually give you a day to do this, generally around 48 hs before the actual repossessed car auction begins.
4- Never forget to get a car's VIN (vehicle identification number) and get the used car's history report. I personally like to use Autocheck for this, but it's not the only online service where you can do this.
5- Remember: When it comes to repossessed auto auctions, the less amount of qualified competition present, the better. Therefore, if you see there are plenty of professional dealers (or worse, passionate individuals who "would give anything to get that car"), just leave it at that and wait for the next one. Do not start a bid war.
On my next post, I'll be telling you about some of my experiences at repossessed car auctions. See you then.
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