Nov 10
9
Here are ten tips to help you win bids and the lowest price, next time you are bidding at a Repo Car Auction:
- Find the auction. If you can’t find the repo car auctions you can’t bid. Know where and when the auction is going to occur and write it on your calendar.
- Know where the best auctions are. This might take time and experience, but finding under advertised auctions may be an opportunity to find the best deals and have the least amount of competition.
- Get to the auction early. If allowed, then will give you time to see the cars and inspect the vehicles and cross off all the ones that are lemons.
- Know the auction rules. Do you need to register? Do you need to bring ID, cashiers check or a money order to bid. Can you make a down payment at the auction or do you have to pay in full. Can you return the car for a refund if it has major problems.
- Research the value of the repo cars and vehicles you are interested in beforehand, the better you are acquainted with vehicle trad in and retail values, the quicker you will be able to see great deals when they are available.
- If you are new to bidding, try a practice auction. Pay attention to what the other people are doing and how bids are won are the auction you are attending. Develop winning strategies for that auction more next time when you are really bidding.
- Thoroughly inspect the repo vehicles when you get the chance, make sure that you take all the repair factor into account when you set a ceiling bid.
- Set a ceiling bid. This is the maximum amount you are willing to pay for the car. Don’t second guess yourself and bid more then you planned on just to min.