Jul 10
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Impound Cars are typically sold in large auto auctions with low starting bids. Some cars may start at $100, which means there isn’t a lot of competition for it, you can get it for only a few hundred dollars. Most repo cars will probably sell for more than that, but there are some really great deals out there. Many people buy impound cars at 50% or more off their market value. If you’re looking for an inexpensive, but quality vehicle, this is a great way to stretch your dollar. 
Where Does an Impound Car Come From?
Most impound cars are seized by government agencies because of unpaid tickets, criminal activity, unpaid taxes, or they have been abandoned. These agencies then sell off the vehicles in large auctions. Some cars can sell for close to market value, but many others will be around trade-in value or less.
How to Find these Car Auctions
Often the trickiest part is finding out where and when the auctions will be. One way is to contact local government agencies and ask about their auctions. You can also check their websites to see if they have the information listed there. Announcements are sometimes in the classifieds section of the local newspaper. You can call to find out when and where they run them.
Another popular and easier option is signing up for membership on an auction notification and listing website. These sites offer databases of auctions with lists of what impound cars will be available to bid on. They usually have a fee for membership. Sometimes it is monthly or annual while others have just a one-time fee. The fees vary, but $20-$50 is pretty common. Try out a trial membership if they offer one or look for reviews of the site because not all of them deliver on their claims. Some are not nearly as helpful or comprehensive as they say. However, a good website will be well worth the money you spent on the membership fee.
Which Cars to Bid On
Most auctions have a wide variety of makes and models in different conditions. Besides cars, you will usually find SUVs, trucks, RVs and other vehicles. It’s a good idea to get a list of what will be available before the auction, so you know exactly which ones you are interested in.
If you are just looking for a really cheap car, older cars will probably be less popular as will ones that don’t look as nice. Unless you want to spend a lot of time or money fixing up a repo car, avoid the ones that have major problems. A car that works fine but has some cosmetic damage may still go pretty cheap since it probably won’t appeal to a lot of other bidders. If you are looking for spare parts, then focus on the cars with those particular parts in good condition but with other issues so they will likely be less popular and cheaper.
Related Article You Might Be Interested In
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