If you just can't make up your mind whether you want an older used car or a new car, then maybe it is time to compromise. You can get near new cars at Norman, OK repo auctions on a regular basis. These cars carry the low prices of an older used vehicle with the “newness”, durability, and long lifespan of a new vehicle. When most people think about a used car auction, they often imagine a bunch of beat up cars that may never run again, let alone be road worthy. However, these types of cars are not repossessions, rather they are salvage vehicles. There is a huge difference and by shopping smart, you can land a great deal.
If you have been to a repo auction recently, you may have noticed that over the past few years there has been a number of near new cars available. Here is a quick look at why this is happening and how you can benefit.
There are two contributing factors as to why there are more near new cars at Norman, OK repo auctions. They are the car manufacturers and the current economic environment. Over the last 5 years, car manufacturers have been under a lot of pressure to maintain a high level of sales, even though less people are looking to buy new cars. In order to achieve this, they are offering higher cash back deals, lower in-house financing, and overall lower prices. If you could afford to purchase a new car with cash, now would be the time to do it. While most people recognize this great opportunity, because of the current economic environment they cannot afford to do so. Unfortunately, they tend to go ahead and try to buy a new car anyways. After a few months or even a year or two, they can no longer afford the payments and their car gets repossessed. This trend has become more common which is why there is an influx of near new cars at Norman, OK repo auctions.
Now that you have a good idea about what is going on, how can you take advantage of it? The first thing to do is always keep an eye out for upcoming auctions. If you don't know when the auction is, you have zero chance of getting a great deal. Once you have found the next auction, it is time to create a strategy. For most people, the best idea is to create a short list of prospective vehicles and then wait until they see the best deal. However, another common strategy is to always wait until the car hits the auction block for the second time. In most cases, lending institutions will set a starting bid equal to the remaining balance on the previous owner’s loan. If the car does not get any bidders, it will normally get a “second chance” later in the auction with a lower starting bid. By waiting until the second chance bidding, you will not only get a lower starting price, but also less competition because most people will have already purchased a car earlier in the day.
With a good strategy, looking for near new cars at Norman, OK auto auctions will often be your best option.