Impound car auctions sell many cars at much lower price. You can buy a car much less than its market value when you choose repo auctions. Seized car auctions sell those cars seized and repossessed by government and financial institutions. These institutions seize many cars everyday increasing their number in the car shed. As you know, cars depreciate over time and the value of the car decreases with the age. Government departments and financial institutions like banks wish to get rid of their seized vehicles as early as possible to reduce the maintenance cost.
You will find that the starting price of these impounded cars will be very less. You won’t be cheated by money minded auctioneers because the auctions are conducted by reputed financial institutions and various government departments. These people sell seized cars not to make money but to recover their pending debts. The bid price depends on the debts owned by the debtor.
As you will be provided with all information about the car, you should estimate the repair cost of needed by the car. If you are not a car expert, you can get the help of a mechanic to examine the car. This has to be done prior to bidding so that you reduce the bid amount taking the repair cost under consideration. Used car auctions sell used cars which will need minimal repair work. The cost of the car decreases with the repair work required. You should never bid with the sole intention of winning the bid.
When you participate in repo auctions, you cannot simply imagine that you can drive away your favorite car dirt cheap. This will not be possible if many bidders bid on the same car. High quality cars attract more attention, raising the competition. Before bidding, you should know how much you could pay. It is important to know the worth of the car when you take part in live car auctions. You will be given complete reports about the car including car history. You can inspect the car at any time to know its worth. You have to then bid for reasonable price increasing winning chance.
Impound car auctions are not advertised like other live auctions. Police auctions and government auctions are local to the area and you must watch local papers for car auctions. If you find big car dealers and resellers taking active part in bidding, you should watch silently because these big persons will increase the price of the car. It is not possible for an average Joe to compete these people in an auction.
However, you can still drive away cheap cars from repo auctions. You should behave like an experienced bidder and bid intelligently to buy the car. Rather than participating in weekend auctions, you have to take part in impound car auctions conducted during weekdays. This will reduce the competition enabling buying of cheap cars. Look for less known auctions which will have very minimal competitors.
