If you are looking to buy a vehicle from a car repo auction, it is important to realize that you have to be very careful. These auctions are time sensitive events – in other words, when bidding, you have to act to place your bid within a short window of time, or you will lose.
The fact that bidding is such a time sensitive process means that pressure is high, and it is surprisingly easy for other more experienced bidders to take advantage of you and make you behave in an emotional manner. This will lead to serious financial losses, and is a situation best avoided – but you cannot avoid it if you don’t know what to look for. Below, we offer some tips.
First of all, says the repo cars guide, it is very important to note that you are probably best off avoiding the betting process entirely. Instead, you should outsource the process – that is, farm it out to someone who is actually experienced at the process, and will be able to deliver you benefits in the form of cash savings. This can be a difficult decision to make, particularly if you are concerned about paying a fee to someone else for intangible services, but take note – this process will probably save you much more than you will pay in the measly fee, which is usually no more than a few per cent off the final sale price.
If you do intend to go to an auction and do the bidding yourself, always take a car expert with you to inspect the vehicles that you are planning on bidding on. It is a common practice of experienced car dealers who visit these auctions to drive the price up and chase out inexperienced bidders early in the game, so as to snatch up the bargains toward the end of the auction at a reduced price. Ensure that the car expert you have with you sets a fixed maximum price for each vehicle you bid on, so that you do not end up spending too much money on any one vehicle.