Common Misconceptions about Government Seized Auto Auctions
More and more people get to hear about government seized auto auctions. There are different points of view on these auctions as well as there are plenty of myths surrounding them. Lack of truthful information is the main reason why these auctions are still not widely known and sometimes raise doubts and apprehensions.
What are the most talked about misconceptions about government seized auto auctions?
1. All repossessed vehicles were seized from law breakers
Not necessarily. In fact, more vehicles get seized or repossessed by financial and lending institutions from ordinary people failed to pay off a loan, etc. In other words, the auto you see on the auction could belong to your neighbor or relative.
2. The vehicles are often in bad shape
Seized automobiles are hardly in bad condition! This is a huge misconception that is causing unnecessary concerns on the part of buyers. You would be surprised that many are actually in good working condition. You also can find cars as new as 2 or 3 months old.
3. History reports are not available
Government seized auto auctions do offer history reports and Car Fax VIN reports free. You can also approach them if you want further details about the accident records.
4. Government seized auto auctions are only for professional car dealers
Wrong! While there are private auctions that only allow car dealers to participate, majority of them are open to the public. Registration may or may not be necessary. And they can be free to enter as well. But you do need to display your driving license.
5. Preliminary inspection is not allowed.
Government car auctions generally do let potential bidders to inspect the vehicles before the bidding commences. This can range from hours to days before the actual bidding. Do read the auction rules for clarification.
6. Really good vehicles can’t be sold cheap.
If you think this statement is true, then it can stop you from giving government seized auto auctions a try. While good condition ones do cost more, still the price depends largely on whether there are competing bids or not. The initial bids are always low since the auctioneers are keener to clear their stockpile of cars than to profit. This explains why you can drive home a sport convertible or luxury auto at up to 95% off its original price.
Now, you are in a better position to make the right buying decision. Start searching instantly at my site for ongoing government seized auto auctions near you.
Filed under: Auctions