Bank Repo Car Auction - 5 Easy Tips To Buying
Cars that sell at a Bank Repo Car Auction present a huge opportunity to buy at or below wholesale values. These are good cars that were privately owned and have been either seized by the bank or financial institute. Please read the 5 easy tips and learn to buy repo cars at or below wholesale prices.
1. How to find a Bank Repo Car Auction.
Finding a Bank Repo Car Auction is easy. The banks website, local newspapers, by calling the bank and finally, online services to search for repo cars. Most of these services charge a one-time membership fee and are able to provide you with up-to-date information on these sales.
2. How to appraise a bank repo car
Appraising a car is easier than you think. All you need is the year, make, model, mileage, color, options and overall condition of the car. Then use KBB.com, Edmunds.com and NADA.com to determine the blue book value these are free services online. You will notice three values retail, private party and trade-in. The only one we are interested in is the trade-in value it is the true wholesale value of the car. This is the one you will always use to determine the value when buying at a bank repo car auction.
3. How much to pay for a bank repo car
Determine how much to pay can always be tricky but a good guideline that I use is the Blue book trade-in value (wholesale value) of the vehicle, minus any auction fees and the cost of any minor refurbishing that might be needed for the vehicle.
4. Bidding wars
Never ever get into a bidding war. If you do, you will end up paying full retail price for the car. Stick to the wholesale price minus any fees. Never ever go above your set price just walk away and go on to the next deal. Remember you are at an auction to get a good deal that means never go over the wholesale price.
5. How to inspect a bank repo car
Three easy ways to inspect a repo car, do a carfax.com search and get the vehicle history if the carfax does not look good then don't even bother with the car. Do a visual inspection yourself, check for any fluid leaking, unusual tire wear, different shades of paint color (signs of an accident) or anything that looks unusual just use your best judgment, but make sure you look the whole car over really good. If everything else checks out then hire a car mechanic to inspect the car.
Now take these 5 easy steps and buy your next car dirt cheap, at a bank repo car auction.
To learn much more about the different types of Car Auctions, visit Basicsofcarauctions.blogspot.com where you'll find this and much more, including more tips and tricks about Bank Repo Car Auctions.
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