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I was wondering if it was possible for me to take ownership for myself by paying off the remaining balance which is 20 months at 350.00 which is exactly 00.00 which I could pay on the spot. For a 2004 Hyundai Santa Fe with 78,000 miles on it. Is this car worth that price. How would I go about it if she agrees to it. It’s going to be repossessed anyway and I know I am not letting anyone borrow that kind of money.

Question by theocroxs2001: is it a good idea to buy repossessed cars from those auctions?
I am 16 years old, times are extremely tough right now and i definitely need a car… im getting my license soon so i have been looking into options.. i cant spend like more than a couple thousand…. and someone told me that you can go to auctions where the gov/banks repossess cars and you can get nice cars that are new and have great mileage for cheap….i looked on some sites and saw like examples of their sales.. example was a mercedes 4 dr sedan sold for 2000.. from the year 2003…so what im asking is.. is it a good idea if youve done it before please tell me and if so do i have a good chance of getting a great car at a cheap price.. are all the cars pieces of shit? thanks…

Best answer:

Answer by eddie b
it is not a good idea. Im 17, i looked into that too when i was 16. The thing with auctions is that u cannot test the vehicle b4 u buy it so u dnt kno wat u get. I bought my first car at a dealer for 2000 dollars even, so just look around on websites like craigslist and check out lots of cars, turn them on and drive them, take your dao or uncle or sum adult with u, good luck

What do you think? Answer below!

purchase the car. The price for the car was 02 I gave the dealer 00. I am not understanding where is this repossessed coming from. 4hour is hardly any time to take complete possession of the car. That’s fine if he keeps the car just gave me my monies back. Not both car and money.

Even if you are considering  a car as means of transporting yourself around, or you desire a car with a great mileage or maybe you are on the lookout for something special, then the place for you to find a car you want is on the car auction. While it is of no importance if you know about cars or anything, it is just that you have to be on the lookout for what you want and able to behave yourself in a car auction so you can get in the advantage.

Some buyers who are participating in car auction might want to visit one another and thus, they might buy a car for a certain price and then resell it for a larger price when the actual auction is taking place. They are utilizing their experience in the field and the knowledge they have acquired to pick the cars  value worthy and then resell them at the car auctions for larger prices, so that they might get a profit out of it. They might not actually do no kind of improvement to the car, like improving the looks or how it runs, but they still want to get a higher price for it. Nonetheless, some cars might still be modified to suit purposes such as racing for instance.

Other buyers might be at a certain advantage over the others in that they might a certain awareness of how things work at a certain auction and thus,they might want to know when they have to deal with a similar situation. If this happens, then they will  get the cars for a certain value. They would thus make use of their advanced skills in the field as well as patience to discover the perfect car and the timing to act in such a way. Therefore, if you desire  to participate in  car auctions and you want  a good deal, even though you have no practical experience when talking about cars, then it is essential that you are act just due to the perception that you have.

Another strategy that you might think about when you are on the look out  for car auctions is becoming friends with someone who has a knowledge of cars and would be able to guide you though the process. Also,  the person you are befriending might be of additional help when  you try to obtain information about a car auction or anything else related to cars. Therefore, you can check your friends in the branch for such information and make sure that your opinions coincide. After all, if you are on the lookout for a certain car that will fit your needs, then you might listen to the opinion of the professionals in the field.

Moreover, if you become the friend of such a person working in the branch, then you might even receive additional tips whenever any auction is taking place in the area. For instance, being familiar with the people working with cars will ensure that you receive information in advance and that you can learn about certain tips flying around regarding a certain car. Once you have garnered enough tips, you will gather the money that you have saved and thus be able to choose a model of your own, so that the model will suit your preferences.

Besides having a friend to tell you about the car auctions, you might also become acquainted with the drivers that are coming to the car auctions. Provided that you see a model of a car that might interest you, then you can ask the driver about it, see whether the car is performing and also, find out of  any problems associated with that model of a car or whether you should be wary to buy that car because of the flaws that it’s been having.

How to reach an auction place

While it is not extremely necessary to show up to  car auctions well ahead of time, it is always a good idea to be there a little earlier because the auction might not begin at the hour exactly states. Therefore, you might want to settle a little before the auction starts and get the chance to review a little the cars on display. Once you do that, you will  find out some good vehicles that you might think about when participating in the actual auction.

If you are not knowledgeable about cars though, then you might want to ask a mechanic to assist you. Behave like you really want to know about cars and thus, check with the person that came along with you whether their opinion is the same as yours. Once you do that , then you will certainly pick up something that will match your tastes.

It is a very silly move if you attend a government car auction with the intention to bid and purchase. There is a possibility that you will end up paying more than what the car is worth, have a problematic car or have problems financing the car. So before you head to an auction all ready to start bidding, here is a list of things that you need to check and know first:

• Know what car you want

This includes knowing the price range of it so that you wouldn’t keep bidding even when the price goes over the range. Besides, at an auction, you shouldn’t even be paying almost the same price that people pay to used car dealers. It should be quite far less than that. To have an idea of how much people usually pay at car auctions, search for a list of winning bids online.

• Know what you are expected to pay

The final sale price of the car sometimes includes other fees, depending on whom the auction was organised by. If it is a government auction, then there will not be any charges or fees. However, if the auction was conducted by an auction house, then it is likely that there are fees that the buyer has to bear. A norm is that the sale price is made up of the amount of the bid, 11% buyers premium, smog fee and documentation fee. There is also sales tax where the rates differ by the region where the car will be registered, and Division of Motor Vehicles (DMV). With this in mind, you wouldn’t be surprised when asked to fork out at least of 15% more of the car price.

• Know your financial situation

You need to check how much you have for a down payment and are willing to spend. Prior to attending an auction, find out if your financial situation allows you to apply for a loan. You can speak to a financial institution and they will also advise you on the procedures and the documents to bring along for the auction.

• Know what happens in an auction

You can attend one just to have a look at what happens. This makes you better prepared for the next one, especially if you are going to bid for a vehicle. Simply look it up online to see people’s experiences on an auction.

By being better prepared, you are also more likely to win a bid at a car auction.

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