If you are reading this blog, there is a chance that you are in the market for a used car. An option that is not known to many is that of buying a repossessed or seized car, often called as car repos or car repo. These are cars that are taken back by the banks after people are not able to make payments on them anymore.
The best part about car repos is that they are "clean title cars". This is not like a salvage car that has undergone some major work. They are just good cars that do not have an owner anymore. There are many people out there who will skip on repossessed car auctions simply because they think that the cars sold in repossessed car auctions are junk cars.
Though car repos can help you find great cars at great prices, you will find that information on them is a little hard to find. However, some websites maintain a database of these cars that have been seized by the Government and other banks and also allow auctions on it. You will just be blown away with the prices that you will find at some of these auctions.
One such website is this one - Government Car Auctions, which will allow you to first search for your car to see if it is available in area and then allow you to bid on it. You can either physically visit the car repos or car repo auction to inspect the car personally or you can just bid on them from the comfort of your own home. If I were you, I would make a trip to the car repos auction to check out the car. It is just common sense to inspect the car to be assured of the purchase. However, you can still buy a great car without ever leaving your home as some of these car repos or car repo auctions will sell cars that have been certified as green light or problem free cars. A green light car in an auction means that it has been tested out by a mechanic. You can read more about these options when you visit the site mentioned above.
If you are really going to drop some cash on a used car, get a great deal by cashing in on car repos. It is the biggest kept secret in used car buying that is slowly becoming less and less of a secret. Take advantage while you can by visiting the link mentioned above for more information. In fact, most dealerships buy their cars from such car repo auctions and then mark it up about 50-100% before selling it to the general public. So, just imagine what you will pay if you skipped the dealer and bought a used car straight from a car repo auction.
Most people who miss out on car repos are people who are just too lazy to do a little bit of research to find out about good deals. They would rather go to a dealership and pay hundreds or even thousands of dollars extra just to get a convenient deal.
But, one has to understand that by spending just a few hours on research, you can save thousands of dollars. The most important thing about buying from car repos is that you will never ever find some deals anywhere else in the market. Repossessed cars are routinely sold for about a 30-60% discount off the sticker price you will find for a similar car that is sitting on a used car dealership.
Car repos or car repo auctions and done in an effort to liquidate cars quickly. The bank has to pay expenses like storage and maintenance to keep these cars running while they just sit on a lot without a owner. Car repos help these banks liquidate these cars quickly, thus saving money and costs for the banks and Governments.
Loans that are not repaid are written off as bad debts and the banks are well aware that these cars can be sold for a lot more. But, they sell it cheap anyways as car repos or car repo auctions allow them to sell quickly, which is the key. That is where you as a user stand to benefit.
Don't buy a used car in a conventional way when you can possibly save thousands of dollars by spending less than $40 on a site that will show you where to get that great buy. You can either buy yourself a great car for personal use or make a very tidy income buy buying and selling these cars to the general public. You can make as much as $1,000 with just a few hours of work once you figure out the best practices in buying cars from car repos or car repo auctions. I have friends who knew nothing about car sales but these guys make anything between $500-$2,000 in PROFIT per week just by buying and selling cars from these car repo auctions.
You can also learn about car repos from popular sources such as wikipedia. Here is a technical explanation about repossessions at a site related to banking.
In conclusion, I would like to say that you should at least consider buying a used car from a car repo auction before you go over to the dealership. Chances are that you will never go to a dealership as the price difference is just too much.