Those rumors you’ve heard are true! It is absolutely possible to buy surplus or repossessed cars at ridiculously cheap prices, often saving you thousands of dollars!
Local and national government agencies such as the IRS, DEA, and FBI, as well as banks and local police departments, hold public auto auctions where they unload used cars for the highest bidder at incredible prices. These could be formerly owned by criminals who have had his assets seized or simply John Doe who failed to keep his car payments.
The cars are usually almost new (especially in the case of repossessions for non-payment) and are usually in very good condition. Many agencies also auction their fleets when they come to renew them and it can be guaranteed that these have been rigorously maintained with all service history included. Simply put, if you want to find your dream car at the absolute lowest prices, then you need to know how and where to look for these public auctions (they often don’t get much publicity), all the better for you if you’re in the know!
Instead of the tedious old methods of checking hundreds of local newspapers and magazines or calling every local government administration office in every city in your state, it is now possible to literally type on a website and receive all the information in department.
OK, let’s get down to business! When you find your local auction for repossessed cars, government surplus or bank repossessions, what’s the best way to get that special offer you’ve only dreamed of? Follow these ten insider tips, gleaned from experienced auction bidders, and you’ll be armed with everything you need to know to secure that flashy SUV or sports collectible for a price you wouldn’t have believed.
1. Auctions can be overwhelming if it’s your first time. Get acquainted if you can, without bidding, by attending a couple where you can get some insight into how they work. Take note of other bidders, especially if they appear to be bidding on and purchasing more than one vehicle. They could be professional buyers. Learn how to identify local dealers who frequent your local auctions.
2. Optimize for minimum bid competition. The worse the weather, the better. Attend the weekend auctions instead of the weekend ones. Look for winter auctions on cold, rainy days.
3. Set your budget and stick to it. It may be like a child walking into a candy store, but you have to stay within your means and not get carried away.
4. If you are inexperienced, look for cars with light damage. Professional auction bidders will be there and outbid you to sell the best cars. They will not be interested in cars that they cannot sell immediately, without problems and maintenance. You can still get a real bargain and pay minimal to repair cosmetic damage.
5. Know the payment method. Most auctions will accept cash, but there may be an upper limit. Please inquire about payment methods well in advance of attending.
6. Learn to identify the professionals. Experience at your local auctions will let you know who you’re up against. If they are in it to make a profit, they will almost certainly outbid you. But they will also know all the ropes. Watch them like a hawk and learn from them.
7. Learn to be a tough competitor. It can be like a game of poker. You need to learn to know when your opponent may be bluffing with an overbid. Don’t show emotion in the form of ads when you make an offer. He exudes an air of confidence and stone-faced determination. Don’t show frustration if you fail on an offer. Be jaded and move on to the next.
8. Other bidders will undoubtedly be watching you, so early on, use this to your advantage and bluff your max spend on cars you don’t care about and walk away at a low bid price. Do this a few times and competitors will be surprised later when you raise your bid for the one you really want.
9. Take a skilled mechanic with you if possible and inspect the cars thoroughly. Dealers aren’t in the business of ripping you off, but you do need to make sure the car you want to bid on is solid. Cars are generally sold “as seen” and repairs or maintenance are your responsibility.
10. There are always other auctions. When you’re looking for your dream car at the best possible price, you may need multiple auctions. Be patient. It will serve you well in the end.
There are a number of reputable sites online that will provide you with the latest and most accurate information on local auto auctions. They can save you valuable time and identify your searches. They also have regularly updated databases and excellent customer service. Beware of scam sites that offer the world but only offer dead links or poorly populated databases. Little to no value will be gained from these sites. Here you are insuring the dream car you have always dreamed of! Health!