Master plan beneath the seized car auctions
Master plan beneath the Seized Car Auctions
Seized Car Auctions: The catch
There are always some risks in buying at government seized car auctions or public car auctions. However, a bidder can significantly lower his risks by knowing what his doing, information about the car(s) he wants, researching its price, and understanding how the seized car auctions process work. Public car auctions typically move very fast, so it is advisable to attend a few just to learn the pace and bidding techniques.
If there’s a “catch” to public car auctions, it’s that there’s competition in the bidding. If the car that is wanted is popular and in great condition, it is can expect other bidders, including used-car dealers, to be just as interested as anybody. Competition and heavy bidding will drive seized car auctions prices up — sometimes beyond the real value of the vehicle. Don’t get caught up in the frenzy and overpay. It is important to set a spending limit on each car interested.
The best bargains are usually on the older less-than-perfect vehicles that public car auctions dealer don’t want to spend time and money on. Public car auctions dealer go for the relatively late-model higher-priced vehicles. Since dealers want to make a profit by buying low and selling high, you might be able to pick up a good car by bidding slightly higher than a dealer is willing to pay. Or bid on older vehicles that dealers don’t want.
Decision: to win or to lose.
A bidder must be willing to bid and lose in any kind of public car auctions. He must also be willing to bid and win, and be prepared to pay cash or finance within the required time set by the seized car auctions company. He can apply for a pre-approved used-car loan at his bank or credit union and be prepared in case he wins a bid. Personal checks are not usually accepted, although credit cards, money orders, certified checks, and traveler’s checks are accepted.