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The Value You Get From A Repossessed Car Auction

2010 July 12
by buddy

Learning to make purchases at auctions is easy. Don’t go into this thinking it takes a lot to experience an auction. When you first enter where ever the auction is you are going to be surprised at what is being offered. Don’t be afraid because you’re new.

Knowing what to expect from auctions is the first battle. Other things you should know when looking for places that auction off repossessed cars are: where you are located, what exactly you are looking for and what type of auction is better for you. There are really only two ways to go to an auction. You can go to a live auction where you will get to touch and see your item. Or you can pull out your laptop at home and visit an online auction.

Who Would Want To Attend Repossessed Car Auctions?

Auctions are attended by various different kinds of people. But they are all there for one thing, the best deal. When banks or other financial institutions sell repossessed cars they are at a huge discount. Repossessed cars are usually between 1 to 4 years old. Because of this you will also have car dealers at these auctions trying to buy for their business.

Live Auctions

Have a great time going to auctions they are exhilarating. You can have fun no matter what type of live auction you attend. Whether it is a live bid where everyone keeps trying to outbid the other. Or a closed or “sealed “bid where you place one bid and hope for the highest.

Live bid auctions can be quite interesting to watch and be a part of. They are the traditional style of auction that most people are familiar with. An auctioneer calls out bid amounts for the various repossessed cars and people indicate that they are willing to pay that amount for the item in question. The highest bidder will win the item, but you know what the bids are.

Auctions where you put your bid in an envelope are known as closed or sealed bid. These are not as exciting because you’re waiting for the bidding to end and hoping your bid is high enough.  Based on the fact you don’t know what the bids are.

Internet Auctions

Although less stressful, online auctions are the same except for not leaving your home. They can be opened or sealed. The other benefit of online auctions is you can actually research and find everything out about the car you want. Everything you need to do can be accomplished online.

Getting the best deal is the overall end when buying repossessed cars. So whichever way you want you can’t lose. So go out and have fun at a live auction or relax and stay home with an online auction.

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