Ever wonder how dealers get their cars so cheap before they mark them up and sell them to you at a profit? Sometimes they do it by purchasing government and bank seized cars at auctions. Auctions on government and bank seized cars are held throughout the United States. How much you end up saving depends, of course, on a number of factors. The most important factors are the type of vehicle (make and model) and how much competition there is for the vehicle you want. Many times, there is little competition at auctions. It is often possible to buy seized cars for as much as 90% off blue book value.
There are also online auctions almost daily where you can purchase the exact car you’re looking for. These auction sites will require a small fee for their services, but they allow you to search by exact make and model. You may be able to purchase the exact vehicle you’re looking for online, even though it may be located across the country. Because you will not be physically inspecting it, you may want to make sure you get a vehicle history report before purchasing this way.
Typically an auction center will provide a free 3-month limited warranty on any seized car you buy. An extended warranty may also be available for an extra cost. One thing to keep in mind, however, is that some of the vehicles are newer and may still have the balance of the manufacturer’s warranty. If you don’t check into warranty information you may end up buying a vehicle “as is”. If you do so and you bought a lemon, you cannot return it and you are stuck having wasted your time and money.
If you want to start buying seized cars, trucks and SUVs, the first step is finding a reputable auction site. They will give you all the information you need to buy seized vehicles. They should also provide tutorials and guides that help you show up prepared. And preparation is the key. If you don’t prepare properly, you may find that you’ve successfully bid on a vehicle but that you don’t have enough to pay for it or the right payment method.
There is also plenty of other information out there about how you can buy bank seized cars.