Buying At Repossessed Car Auctions-00-886

Buying a repossessed car is a great way to claim a quality motor vehicle at a sometimes incredible price. The best way to buy a repossessed car is at repossessed car auctions, these car auctions sell cars at such a low price that it can be a dream come true for potential car owner who would have paid a much higher price buying the vehicle at the dealership.

Could all this just hype? Can it be that we are really able to save big dollars buying at the auctions? I mean we have all heard the stories, like getting a car for $100 but could this be a reality and are those stories more of a flash in the pan than the everyday norm? If it is really true many of us would be saying where can I sign up to get a car from these repossessed car auctions?

Lets take a quick look at car repossession and why these cars go to auction. To begin with what is a repossessed car? Well to put it simply it is a car that has been repossessed by the bank, most of the time this occurs when the owner has defaulted on their car loan or lease repayments. When a car is repossessed it is normally held normally for a period of time to give the owner a chance to catch up on their payments, if the owner can not catch up the bank takes full ownership of the vehicle.

The main reason that repossessed cars are so cheap these days is not because the car is a wreck, in a bad mechanical state nor that it is a bad brand name for that matter, but it is because of the shear number of cars that are repossessed today. The storing and maintenance of these cars is just huge and it lowers the price considerably for you. Car repossession is on the increase every year.

I know what you are thinking, well if they are that cheap why doesn't everyone buy their cars this way?

There are a couple of reasons why

1. Ignorance, Basically people's lack of viable information in regards to these kinds of auctions. Sad but true, in general people have absolutely no idea or clue about where to find information about these auctions, where they are being held and how to get in on the action.

2. Car Dealers, Yes you read that right they don't want you to know or even get a glimpse of these kinds of auctions. They are constantly buying these cars at auction for resale. Often times making thousands of dollars on each car.

3. Fear, We are fickle but also we want security. I mean the words repossessed car auctions screams at you something must be wrong with the cars, only problem with them is their owner. The thing is with the right homework completed and some good research you are well on your way to buying brand new hardly used cars for under $500.