If you wonder how your neighbor got their new car while they could not afford one, you might think it is a stolen car. You may be one of the persons who do not know that not all luxurious cars will be bought in the nearest car display. When you think of buying a car, you will probably think of going immediately to a car display. But the prices are always high. You may be thinking to have it financed; however, chances are these cars might end up being seized. You might be adding to the statistics of delinquent payers. But if you will take a closer look, there are lots of car deals at the cheaper price. You might be rushing to this new car display site. But it is not the car display site you will be going, it is the auction site. Perhaps, your neighbor got his new car from one of these auction sites.
You might be thinking how these auction sites can get these cars. You might not know that there are lots of cars being seized by the internal revenue agencies, police and other investigative bodies from tax delinquents to criminals and lawbreakers. In order for the government to compensate the lost revenues, seized properties, especially from the tax crooks, disposes these cars through auction. One can find a variety of BMW’s, Lexus, a convertible Mercedes and even a Ferrari. Aside from these luxurious cars, a wide variety of sedan type and SUV’s can also be found. These cars are of no commercial value to the auctioneers that would make it cheaper and affordable to those who are interested. The goal for the auctioneers is to sell these cars immediately to compensate revenues and at the same time save unwanted storage spaces.
There are advantages in getting cars from these auction houses. The first is the price you will pay for the auctioned vehicle. Prices are way too low you can get even up to 90% less the price if you would be buying it from the local display shop. You can even buy an SUV at a very unimaginable price of $ 2,000.00. The other advantage is the very big possibility of getting very good conditioned vehicles. These cars have been seized from the owner who used in less than 5 years. One can always be assured of a lesser mileage for these cars.
For some, collecting cars is one of their hobbies. In a seized cars auction, a collector can always find a great variety of cars, most especially luxury vehicles like Ferrari. While regular bidders might be competing with them, these guys will always fight for their bid to win even up to the point of bidding the car more than its original value. The thing is that once they get into possession of this collectible item, chances are it will be priceless in the future. It is always advisable not to compete with this kind of bidders when they will be around.
The disadvantage of this seized car auction is the unknown history of the car. The auctioneers will never unveil the original owner of the car. Likewise, it is an additional legwork for the bidder to do the research of its history. A way of determining the history of this car is to check the Vehicle Identity Number. Catalogs, which are distributed prior to the auction day, usually indicate the Vehicle Identity Number of the cars to be auctioned. Once this will be known, a bidder must find immediately if the car has been involved in previous accident. Previous owners will also be identified through the Vehicle Identification Number. In this way, one can establish how the car has been used. If the bidder can obtain a contact from the previous owner, it will be a good way in confirming how the car has been handled. Likewise, knowing more history of the car is a thing to consider before purchasing it. Otherwise, a bidder might be getting an accident-prone vehicle.
Before getting to any auctions, one must be ready if he has the enough funds to bid. Most seized car auctions demand from the winning immediate payment of at least a percentage of the bid price. However, the vehicle will remain unless all dues will be settled before a due date. However, when due dates occur, the auctioneers will have the option to void the bidding winner. The car will be bid again in the next seized car auction. Payment can be made on any form depending on the auctioneer. When paying in check, auctioneers will always have the checks cleared before releasing the car. In this way, payments will always be assured.
Every car part has its own identity marks. A potential bidder must check if this identity marks with numbers on it is consistent in every parts. In this way, one can avoid a car with some parts being stolen from others.
The last most important thing to do for a buyer is to be familiarized with all the selling conditions of the seized car auction. Conditions like “As Is” can waive the claim of the auctioneers of any damage that can be found by the bidder. There are also vehicles to be auctioned which have more favorable condition for a bidder. But take note, bidders might be swarming to this vehicle.
These guides may help a bidder in his buying decision. However, it is always best to customize the buyer’s need in order for him to be satisfied with what he just bought.