With repossessions on the increase there is an ever-growing number of good used cars available and these cars are usually sold to the highest bidder at car repo auctions. Since you are doing some research I know you are smarter than some, but I am going to provide the information you need to ensure that you are well prepared for the process of buying repossessed cars and that you get a quality vehicle at the lowest possible price. Some people wait until they are desperate for a new car and rush along to an auction with shiny object syndrome and the pressure of having to walk away with a vehicle, any vehicle. The only thing you really need to ensure at this stage is that you are in control of your bidding. Stick to the limits you decided on before the auction begins. With this list in hand you can check out the history of the vehicles you are interested in and also the current market value. Buying repossessed cars is a great way to take advantage of the current economic climate. While attending any car auction, the cars available are normally on what you see is what you get basis. However one advantage of repo cars is that they are normally well maintained by the original owner right up until the repossession. Now auction novices, who are buying repossessed cars, will often be bidding against experienced car dealers who are attending the auction to find stock for their car lot.
By doing this you will have confidence that you are bidding on a good used car and you will avoid the headaches of repair bills in the future. Be sensible about your criteria at this point. By doing this you can discount any vehicles that have a problematic past and also decide in advance what your top bid will be for the vehicle in accordance with the prevailing market value. I always advise that you set this limit below the market value to ensure you are getting a real bargain. I would also advise you to check the electrics are working and to dip the oil and transmission fluids. Start off with a visual inspection for signs of any damage to the body of the car and then start the engine and listen to the sound of it for any unusual noises. I will definitely disregard a vehicle if I suspected an engine fault but if it had a few scratches on the body work, I will bear in mind that value of the saving I could make on the car and make a judgment based on that. You can get a list of repossessed cars for sale at the auction prior to auction day.
If you have researched the market value, the car history and completed your inspection, you are ready to start bidding with the best of them. These people will never get the best savings. Also given the sudden impact of the recession we are in, you will find a great number of late models available.