What Is The Average Car Payment For A 3-Year-Old Car Seized Automobiles – Getting the Best Buy!

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Seized Automobiles – Getting the Best Buy!

Auctions are now an incredibly cheap way to get quality cars at a fraction of the price you would pay from your local used car dealership with typical savings of up to 40%. Buyers will find cars in many states from almost new to – well, should I say it ‘drives’! In addition, the sellers also vary from banks and loan companies selling repossessed and impounded cars to deceased estates, private sellers and unfortunately individuals who are looking to sell problem cars because they wouldn’t get away with selling these cars in the classifieds – so as always. ‘caveat emptor’ (buyer beware)!

Where do the impounded cars come from?

Impounded cars mostly come from two sources. The government and from lenders including banks and loan companies. Government impounded cars come from a variety of sources and include seizures for non-payment of taxes, from court seizure orders for goods, in this case cars obtained through criminal means and from improperly imported cars where the import documentation/specifications result in the confiscation. of the vehicle.

The banks and lending companies repossess cars where the debtor has failed to keep up payments on the vehicle, which can obviously be the result of a change in personal circumstances, illness, unemployment or in some cases “financial overstretch”.

What types of cars are available?

The impounded vehicles are usually of high quality and include Mercedes, BMW, Jaguars and Saab to name a few brands and the reason is this: When a business goes bust there are creditors and the creditors often include banks and the IRS who owe. be paid If there is not the cash to pay the debts, the assets of the company that were previously part of the business are sold to cover the debts.

If a business was run as a corporation, it is likely that the managers/owners would deduct their vehicle expenses against the profit and loss account of the business to reduce their tax bill and what you may not have known is that in some. It states that the age of the car cannot be more than 5 years to claim these expenses. It has also been estimated that the average age of company repossessed cars is 3 years!

So how do I get the best deal?

There are 3 main ways to make sure your wallet is fatter and you leave with a smile on your face:

#1 Do some homework!

Choose a brand that you really like – check the ads. See the range of prices from the cheapest (what condition, service history, etc. for that price) and form an opinion about the value of the car. At least knowing the cheapest price will give you the “worst case scenario” if you had to resell a car bought at auction. Also consult the pricing blue book – to get a good range of prices!

#2 See the car at the auction before bidding!

Never, ever buy on pure speculation. It’s always a good idea to see a car. Check it over to see if it has had a rough life ie streaked wheels, dirty interior, no service history in the sales office.

More importantly check the engine oil and the coolant look for signs of water in the oil and oil in the coolant. Take someone with you – if there’s anything wrong with the engine – walk away – it’s not worth the trouble.

Finally, check the car from a cold start – is the engine noisy? Standing next to the exhaust, does it have too much blue smoke (a real problem!) If it passed all these tests then:-

#3 Set your maximum bid price.

Do not participate in a bidding contest. If you do, you may pay more than if you bought the car at your local car dealership. When bidding it is usually prudent to wait until the bid amounts drop from say the 100s to the 50s.

If you follow these tips, you should get a great buy on the seized cars at the auction house.

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