Government seized car auctions and police car auctions are a great place to find highly discounted deals on cars and other vehicles. These auctions feature a wide variety of vehicle types and models in great condition, and they are auctioned off at a fragment of what they are worth. But can you actually buy a vehicle in good shape for less than $200?
First, let me explain the reason why these cars are sold at such low prices. It’s because the government works under a different set of rules than businesses trying to buy and sell for profit. The government generally has little to no direct costs involved in obtaining these cars. In cases where it does have costs (i.e., repossession costs, paying back lenders, etc.) the government is not concerned with making a margin such as a car dealership would be. They are simply trying to liquidate their inventory of vehicles, to get quick money and reduce vehicle storage costs.
Where Do These Vehicles Come From?
These cars are seized from owners who have defaulted payments or from a criminal activity in which vehicles are confiscated. They also come from other sources such as government surpluses. This is where government or government agencies purchase new vehicles to perform projects of public service and then those vehicles are no longer required. So when you consider the wide range of sources these vehicles are obtained from, it’s not surprising that there is such a wide variety available at an auto auction Maine.
Government car auctions are often held in many locations all across the country. They are sometimes held online, but it’s recommended to attend an actual live government or police auction so that you can inspect the vehicle before you decide if it’s what you want and that it’s in the kind of shape you expect. You may be surprised to discover that there is a good number of newer cars in great shape. That is because most of the payment defaults happen in the early stages of a loan. For example, if the car is newer and someone owes more then the car is worth, they are less motivated to make the payments. If the owner is further into paying off the car (car is older), then they have more equity in the vehicle and are more likely to continue payments.
You can find useful information concerning upcoming government and police auctions in your area by browsing through legitimate government auction sites. They provide you with the details you’ll need including where the auctions are, dates, phones numbers, etc. and in some cases provide listings of the upcoming auctions.
How To Get Most Out Of Car Auctions
Know How Much You Are Willing to Spend – This is a policy that works in all the aspects of your life: relationships, work, and of course finances. Keep in mind how much money you have. Compute your salary minus your bills. Only after doing all these can you make a good decision about buying something. How much are you willing to spend for the car? How much are you willing to sacrifice from your savings? Put a ceiling on your car allotment. Even if you are getting a used car, it still pays to set a maximum amount. This way, you won’t get into unnecessary debt.
Do Your Research – What car auctions are to be this month? Who is holding these auctions? Where will be the exact locations of the auto auction Maine? What kind of auction will it be? A government car auction? A used car auction? When will these auctions be held? Why will these auctions be conducted? Answer all these questions before you go anywhere. You can check the classified ads, or better yet, go through automobile sites on the internet to see the schedules and kinds of auctions planned. Know that the only difference between the types of auto auctions is where they get the cars they sell. Used car auctions usually pick up cars from previous owners. Government or seized car auctions bid off cars which were seized from criminals or debtors.
Be On Time – Get there sometime before the auction starts. This time will give you the time to inspect the cars. Check if the paint is even around the entire car. Look at the interiors of the car. Most auctioneers let you start the engine. Listen for any strange noises. Turn on the air-con and heater. Lock the doors. Unlock the doors. Open and close the windows. Ensure that everything works.
Bid Calmly – This is the moment you have been waiting for. When the auctioneer acts for bids for your choice, raise the card you have been given to let them know you are interested. Even if you are excited, don’t be too quick to bid on your car. Remember that you already set a ceiling. Do not go over it. Also, don’t be emotional. You may have set eyes on a certain car but then another person comes, bids on it and wins. Being emotional at an auto auction Maine only make you leave the auction frustrated. If you’ve lost a bid, there is a large variety of other vehicles from which you can choose from.
How Do You Know if a Government Auction is Reputable?
Because there are so many auction sites on the internet, I recommend that you check with a government auction review site that specializes in providing free evaluations of these sites. They will differentiate between the sites that have updated and accurate information on auctions listings versus the sites that are misleading and uninformative. If you are having trouble with online auctions, just attend a live one and you will get what you’re looking for.
In summary, if you are looking to buy a new car or vehicle for either personal use or reselling them attending a government auction is a good idea. Why buy from a used car dealership that may have bought the car from a government auction in the first place. Surprisingly the majority of people are still not informed of these auctions because they’re typically not advertised. Just keep an eye out for an auto auction Maine and you’ll get a car of your dreams.