Buying a repossessed car is a great way to claim a quality motor vehicle at a sometimes incredible price. The best and generally safest way to buy a repossessed car is at the auctions. Repossessed car auctions are not very well known and generally escape the general public because of their low publicity. These auctions sell cars at considerably prices and it can be a dream come true for potential car owners who would have paid a much higher price for the vehicle at a dealership.
Lets take a look at car repossession and why these cars go to auction. To begin with what is a repossessed car? Well to put it simply it is a car that has been repossessed by the bank. Most of the time repossession occurs when the owner has defaulted on their car loan or lease repayments. When a car is repossessed it is normally held for a period of time to give the owner a chance to catch up on payments, if the owner can not catch up the bank takes full ownership of the vehicle. Car repossession is on the increase every year.
The main reason repossessed cars are so cheap these days is not because the car is a wreck, in a bad mechanical state nor that it is a bad brand name for that matter, but it is because of the shear number of cars that are repossessed. Many people wrongly think that repossessed cars are mechanically unsound or in some way unreliable, however in most cases this is simply untrue. It is the rising costs storage and maintenance of these vehicles that lowers the price considerably. The cars need to be sold quickly to make room for new repossessed stock
So if they are that cheap why doesn't everyone buy their cars this way? Here are a few reasons why:
1. Ignorance - Basically peoples lack of valid information in regards to these kinds of auctions and also the general public tend to have little idea as to where to find information regarding these auctions.
2. Car Dealers - Car dealers don't want you to know or even get a glimpse of these kinds of auctions. They are constantly buying these cars at auction for resale. Often times making thousands of dollars on each car.
3. Fear - People can be fickle and also want security. If you think about it the word repossessed screams at you that something must be wrong with the car, however the only problem with them is their owner who could not pay the loan.
There are many positives to buying a repossessed car at auction, but could most of it just be hype? Are we really able to save big dollars buying at the auctions? I mean we have all heard the stories, like getting a car for $100, but could this be a reality? Could these stories be just a flash in the pan? Or are they the everyday norm? If it is a reality many of us would be be wanting to know where these auctions are being held and how to go about buying from these repossessed car auctions.
Frederick Brown specializes in Repossessed Car Auctions and has been in business for over 10 years in the Automotive Industry. Frederick's website Allows people to Gain Access to Special Automotive Auction Information which is normally only available to car dealerships. Visit his website Here: http://1407autopark.com
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