Government Auto Auctions and How Can You Benefit from One?
What is a Government Auto Auction and How Can You Benefit from One?
Have you ever known a guy who suddenly becomes the owner of a fancy sports car even though you know that he couldn't possibly afford such an expensive car? Well obviously, something fishy is going on here. How could he possibly have a better car than you and how can you get your hands on such an awesome ride?
In truth, that guy probably didn't win the lottery nor did he sell his soul to the devil for a new car. Ask him where he got his car and he'll probably say that he got it at a government auto auction.
There are lots of tales going around about government auto auctions. You might have heard about people getting outrageous deals for Ferraris, or some other similar story, but how much of this is true?
What is a government auto auction? How do the cars and various other vehicles end up there? Most importantly, how can you take advantage of a government auto auction and get a good deal on a car?
It is common practice for the government's many different agencies, such as the FBI or IRS, to seize the various belongings of criminals and tax evaders. This can include wide array of stuff like real estate, furniture, antiques, artwork, and of course cars and various other vehicles.
This government seized property is then put up for auction, allowing the more law abiding people to purchase these items, often for far less than their general market value.
Government auto auctions have been around for some time now and is experiencing an ever increasing rise in popularity. People have caught on to the many advantages that can be gotten from getting a car through an auction.
They have realized that although it may not be as glamorous as buying a brand new car straight from the dealership, it can be a more practical and economical approach, especially considering the skyrocketing prices of cars these days.
Vehicles can end up in a government auction from a variety of ways. They can be the vehicles that once belonged to criminals or were used an some sort of illegal act. This means that you can be the new owner of a genuine getaway truck!
They can also be the repossessed cars of the poor souls who couldn't pay their numerous government loans or taxes and ended getting raided by the IRS. Because all these cars come from such a variety of different sources, the pre-owned cars put up for auction tend to be very diverse.
Cars can be of all sorts of make and models, and since crime lords tend to drive some pretty slick rides, you can sometimes find some really exotic luxury car models like Cadillac, Mercedes, Ferrari, Renault, Aston Martin, Lamborghini, Jaguar, and Porsche among others. Occasionally, there might even be a rare vintage car or custom jobs that can't be found anywhere else.
One thing about pre-owned cars in government auctions is that they're sold as-is. This means that the vehicles can, and often do, have some flaws in them. Some caution and a fair bit of inspection should go into buying from an auction.
The other type of cars found in auctions are retired government fleet vehicles. Since the government likes to regularly renew their fleet vehicles, they put the old ones up for auction. These can be made up of old service vehicles or retired police cars but nothing mad for military use, so those looking to bid for a tank will be disappointed.
The government also auctions off any surplus vehicles that are no longer needed in order to save on maintenance cost. While none of these vehicles are as exotic as repossessed ones, they are very well maintained and are generally safer buys.
Government auto auctions are conducted regularly and in most areas. Check your local newspaper or the internet for information and lists of upcoming auctions.
While it is possible to get a really great deal at an auction, it's unrealistic to expect to buy a Lamborghini for $100. Most vehicles have minimum price, and anything for less than $500 has some problem or is just a piece of junk. There are also the used car salesmen, who often frequent these events, to compete with.
All in all, a government auto auction can be a tricky affair. Be sure to do your homework regarding the vehicles and auctions in general before you jump into one. Doing so will greatly increase your chances of getting a really good bargain.
Cordel Dietzig is a long time auto auction attendee and also
co owner of http://usautoreview.com where he helps shed some light on
Auto AuctionsArticle Source: ArticlesBase.com
