Introduction – What Exactly Is a Repossessed/Seized Vehicle

Repossessed property also includes vehicles. These are all seized, surplus and unclaimed equities which the government agencies try to sell away to recover administrative costs. The auctioned cars can also come from banks, financial lenders, police and other government agencies.

Types Of Vehicles Put On Auction

You can practically find all kinds of vehicles put up for sale at the repossessed auto auctions. From SUVs, to sedans and sports convertibles, you get a whole range of vehicles. The condition of these vehicles may vary from slightly scratched to being badly damaged. But the good thing is the majority are in excellent working condition. Sometimes, you may even find cars which are a few months old priced at less than 60% of its normal retail price.

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Prices of Vehicles

These vehicles start with very low prices and are bid upwards by interested parties. If the car model is a hot favorite, then it can skyrocket to ridiculous prices. That said, most people are still able to drive home a set of wheels for 80% off the showroom price. Such seized or repossessed vehicles are better deals than buying from private car dealers.

Basic Rules and Requirements

There are general rules and requirements to abide by. Firstly, most require bidders to be at least 18 years old and hold a driving license. Some require you to pay a registration fee to enter and bid. Ideally, you should carry a copy of Kelly Blue Book when you enter these places as it would help you to know the estimated value of the cars. Bring along a qualified auto mechanic as well so that he can provide a preliminary inspection.

Repossessed Auto Auctions Venues

Such auctions happen all the time and at all places throughout the year so you should be able to find one near home. For a start, call up the local government agencies branches and banks or even auction houses for a schedule. Check out the local newspapers for advertisements for auctions also.

The most convenient way of finding such car auctions is to use online auction directories. From there, you would be able to know exactly when and where the auctions are taking place. On top of that, you would know what vehicles are being offered. For a low one-time fee, you can have unlimited access to their databases of the latest news about repossessed auto auctions at your finger tips.

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Best answer:

Answer by D
Most cars tend to sell for what they are worth. You may get a great deal or a total wreck.

Know better? Leave your own answer in the comments!

• 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.

1) Check the Vehicle History

Prior to the auction, you can access a list of vehicles for sale. Select the trucks that you are interested in and note the VIN. Run a vehicle check to ensure the truck has not been totaled, salvaged, suffered flood damage etc. in the past.

2) Inspect the Body of the Truck

Do a visual inspection on the body of the truck to ensure that there are no visible signs of damaged bodywork, such as bubbled paint work, mismatching colors, scratches, bumps etc. Some bodywork defects may be minor and not particularly relevant at the price you will pay at auction, however it is important to check as defects could indicate the vehicle has been in an accident and there could be damage to the engine or inner workings of the vehicle if this is the case.

3) Check all Doors and Hinges

Open and close the doors to check that the hinges and locks are working smoothly. I also recommend visually inspecting all hinges to ensure that there are no signs of welding or other work that may indicate a patchy fix up has occurred.

4) Start the Engine

You are entitled to start the engine during a pre-auction inspection and it is critical that you do so. Listen to the sound of the engine and ensure there is no knocking or other unusual noises that may be symptomatic of engine damage. While the engine is running, also check that the air conditioning and electric windows are working.

5) Check Fluids

You should dip the oil, with the engine off, to ensure that it is reasonably clean. If the dipstick shows a low level of oil, that is black and dirty, it may indicate that the engine has been poorly maintained, although it doesn’t necessarily mean that the vehicle is in bad condition and the truck may just need a service and an oil change. If the truck has an automatic transmission, you should also check that the transmission fluid is clear. If it is dark or smells burnt, then there may be problems with the transmission.

It is important to check a vehicle, as thoroughly as possible, prior to making a purchase at repo truck auctions. However, it is important to note that many repossessed trucks, are being auctioned because the original owner cannot afford to keep them and not because they are damaged goods. Given the sudden change in economic conditions, you will find many late model vehicles at a repossessed truck auction. Being in a position to buy such a vehicle, could give your business just the advantage it needs.

1- Drivers

Because driving in any nation where the streets are tight and old and the drivers a little less law-conscious is dangerous, you need to make sure that everyone that could potentially be driving your car is listed and that they are all insured. So, check that everyone who wants to drive the hire car is named on the agreement and is eligible to drive it under the rental company conditions.

To hire a car in Cyprus, the minimum age is 25 or must have held a clean driving license for at least 3 years.  If any of your drivers are under 25, find out if they can be included as a named driver on a policy in your name.

If you have excessive tickets or accidents, the car rental agency may not rent to you at all, so be prepared to have a back-up plan (for instance, an alternative driver), if you are rejected.   This is also a great idea if you plan to share the driving, if you fancy having a few drinks at night.  The best thing to do, though, is to ensure that you are qualified to rent and drive before you ever leave home.

2 – Fuel

One aspect of cheap car rental Cyprusthat can turn a cheap rental into an expensive one is the fuel charges. Each car rental agency has its own fuel requirements and you need to pay very close attention to these if you don’t want to pay high surcharges. In most instances, you will be given the car with a full tank of petrol and you will be expected to return it full. If you don’t, you will be billed a surcharge for the amount they have to top up and most probably pay a premium on the petrol price. If a car hire company manages to fit a few more liters in the tank, they will charge you for refueling, so no skimping!

If you choose to pay for the fuel you’ve used, keep all of your receipts.  The good news is, the price of fuel is slightly cheaper in Cyprus compared to the likes of the UK.

3 – Vehicle Damage Cover / Collision Damage Waiver

This isn’t actually insurance and it isn’t compulsory, so don’t be pushed into thinking it is. This covers the renter for the cost of repairs in the event that the vehicle is involved in a road accident, but can push the cost of your rental up considerably.

Usually the waiver will only cover up to a certain amount and doesn’t include broken glass, damaged tyres and damage to the oil sump in Cyprus.  But you will need to check the individual policy to determine this. You will usually have an excess which you will need to pay in the case of a claim – for example, if your excess is £300, then you will need to pay the first £300 of any repairs made.

Personal accident insurance is an optional cover which protects the driver in the case of

an accident caused by them resulting in death or permanent disability. Theft waiver will cover the hirer in the event that the vehicle is lost or stolen.  Loss and damage waiver combines Damage and Theft Cover

The happy news is that you can source cheap car rental Cyprus, which will save you a lot of money over taxis or organized tours. But making sure you choose the right rental company before you leave home is the best way to make sure you have a safe and affordable trip.