If you have been thinking of buying a car from a repo auto auction, then you need to start here because unlike buying from a new car dealer, there are certain important things you need to know about the vehicles up for sale and about the repo car auction itself. Things such as what to expect and what to do before you bid are two main points you need to be well aware of. For bidding at repo auto auction can be both simple and complicated, it is time to know first what you should to.
First, expect that all cars at repo auto auction may require some minor repairs here and there. They have already covered some thousands of miles so they may have minor mechanical problems that need immediate attention.
Speaking of market value, cars at repo auto auction is actually cheap. And if you are lucky enough, you can drive home a used car that is 90% of its actual market value. Who would not be willing to pay some extra bills for repairs at this price? Anyway, bidding at repo auto auction is not very difficult to master. All you need to do is to follow this set of tips.
Whether you are buying a car online or on site, you need to inspect the cars first. You should go to bidding location early and see all the cars on the lot. It is best if you take down notes and make some preliminary choices. If you have an idea of what are the cars up for auctions, make an online research about the current market value of these vehicles. This way, you can set your budget within the amount that you will not end up as spending more than what you should.
It is also wise if you bring to the auction a friend who knows about cars. An expert mechanic will give you much help as well since most auction sites do not allow test driving the car. Remember that you are bidding for the vehicle “as is” so there is no way you can detect if it has some problems on the road and thus, someone who can help you decide if it is worth bidding is pretty much a big factor.
If you are bidding at repo auto auctions online, be aware that you cannot request for a test drive before you bid but the CarFaxVIN is always available for you to check the history of the car. While there is a danger that the information given here is not accurate, you can settle with the fact that you are bidding for a car that is well under its current market value.
Whether or not you are bidding online or on site, always keep in mind to stay on your budget. Do not bid if you are uncertain about the car. Do not bid if you think the price is too much. And do not bid as if you are too desperate to own anything with wheels.