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Buying Repossessed Cars At Auction - What Does It Entail And Should You Buy One?

Buying Repossessed Cars At Auction - What Does It Entail And Should You Buy One? 

Buying a car at auction is a sure way to get your hands on a car for a decent price. The same can be said for buying repossessed cars at auction. However, to avoid any misconceptions and disappointment, there are a few considerations to be made when looking at buying a repossessed car at auction. Here is what buying a repossessed car at auction entails and whether you should do it or not. 

In the present auction climate, we are looking at an influx of repossessed cars arriving at auction houses due to the economic blow seen over the course Covid-19 pandemic. During the pandemic, many cars have been repossessed by banks as owners are unable to meet payment deadlines. Thus, although it is by unfortunate circumstances, buyers are more likely to find their desired set of wheels on auction today. 

Inspections 

Auction houses allow potential buyers to view and inspect the cars up for auction physically, allowing the opportunity to gauge what they feel the car is worth. This usually happens a few days before the auction is set to take place and is an opportunity for buyers to get a closer look at the repossessed car before deciding to bid for it. 

Go in with a good idea of what you are looking for and be sure to enquire about service records and vehicle history. It is generally risky business bidding on a repossessed car that lacks service history documentation. The viewing days are your only opportunity to draw your own conclusions about the value of the car and what you are willing to pay for it as you cannot test drive the repossessed cars. 

Budgeting 

If you have your eyes on a repossessed auction car at a viewing, ensure that you have the personal funding to potentially secure the winning bid at the auction date to avoid disappointment and overbidding. There are also financial commissioners present at viewing days that offer support that ensures that you will have adequate funding to place the winning bid as an alternative to collecting personal funding. 

All other aspects of buying a repossessed car at auction remain otherwise the same, and so the final question is whether you should do it or not. Ultimately, after consideration for the above points, the decision is yours to deduce, keeping dealing with trusted auctioneers as a golden rule. Get in touch with our consultants today for more on buying repossessed cars at auction.

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