Should I Buy a Repossessed Car?

Where to Buy a Repossessed Car

No one is going to hand you a repossessed car, so you will have to do a little bit of research. The following are a few good places to begin your search.

• Classified Ads: Banks and car dealers will often announce when they are holding a used car or repossessed vehicle auction. Look in your local newspaper for these announcements. It is best to look frequently because these sales can happen without much warning.
• Banks: Your local bank or credit union may own the titles to dozens of repossessed vehicles. Call them directly and ask for a listing of all their available cars. By going directly to the source, you can sometimes find a great deal.
• Auction House: Not every car auction is announced publicly. To get a detailed listing of all the repossessed car auctions in your area, call the auction houses in your area and ask for a listing.

Getting a Deal on a Repossessed Car

Locating the car or auction site is only half the battle, since not every repossessed car is a great deal. In order to protect yourself, take the following steps:

• Do some research: If you are planning on buying the car at an auction, it is best to find out beforehand what cars are available. This way you can do a little research about the vehicle. For instance, if you are given the vehicle’s VIN number, you can discover all sorts of useful information through a vehicle history report.
• Inspect it carefully: Not every auction house will let you test drive the repossessed car before you buy it. However, you should at least start it up before you purchase it. You may want to also consider bringing along a mechanic to give the vehicle a thorough inspection.

So in the end: Should you Buy a Repossessed Car? Well, many factors come into play and just because a car has been repossessed, does not necessarily mean it’s in a bad condition. In fact, you may be able to score a great deal on a repossessed car.