Looking for a newer car at a cheap rate. Was told that going to government auctions or banks for repossessed vehicles is the best way to go. Is this risky and would i be getting a quality / reliable vehicle?
What are the pros and cons of buying a repo vehicle?rate my
All kinds of cars can be found at repo auctions and bank repo sales. People often buy expensive new cars and find out they can%26#039;t afford them. The bank picks the cars up and sells them. These cars can be in almost-new perfect condition.
On the other hand, some of the cars are junkers that the owners decided they didn%26#039;t want to fix and didn%26#039;t want to keep paying for.
Finding repo auctions is not easy. They are not well announced. Here%26#039;s an article with more details:
http://www.leaseguide.com/Articles/repoa...
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What are the pros and cons of buying a repo vehicle?
loan
It%26#039;s just like buying anything used. A repo from a bank you can most likely test drive. If you aren%26#039;t car smart, take it to a good reputable mechanic and get it checked out. Get a car fax report on it.
At a government auction they normally do not allow test drives. They simply start the vehicle to let you see that it runs. This can end up real ugly.|||Pros: You can usually get them cheap.
Cons: Think about the people that have cars repo%26#039;d. Many times they are slobs and treat their cars terrible. They don%26#039;t keep up on maintenance and couldn%26#039;t care less about scratches or dents. Be ready for some heavy reconditioning projects.
If the price is right, go for it. Just be on the lookout for a repo that came from someone that just fell victim to hard times and had no choice but to let the car go back. They are easy to spot. They are typically clean and well taken care of. They will stand out among the pigged out vehicles.
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