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 this by buying government and bank seized cars at auctions. Auctions for government and bank seized cars are held all over 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 impounded cars for up to 90% off blue book value.
There are also almost daily online auctions where you can buy the exact car you are looking for. These auction sites will require a small fee for their services, but allow you to search by exact make and model. You may be able to buy the exact vehicle you’re looking for online, even if it’s all over the country. Because you won’t be physically inspecting it, you may want to make sure you get a vehicle history report before buying it this way.
Typically, an auction center will provide a free 3-month limited warranty on any impounded car you purchase. An extended warranty may also be available for an additional cost. However, one thing to keep in mind is that some of the vehicles are newer and may still have the balance of the manufacturer’s warranty on them. If you don’t check the warranty information, you may end up buying a vehicle “as is.” If you do and you bought a lemon, you can’t return it and you’re stuck for wasting your time and money.
If you want to start buying impounded cars, trucks and SUVs, the first step is to find a reputable auction site. They will give you all the information you need to purchase impounded vehicles. They should also provide tutorials and guides to help you show up prepared. And preparation is the key. If you don’t prepare properly, you may have successfully bid on a vehicle but don’t have enough to pay for it or the correct payment method.
There is also a lot of other information on how you can buy cars seized by a bank.