Government Cars
Incredible as it might seem, it is possible to buy cars that work right and are clean and almost new for the price of an expensive dinner in a nice restaurant. These extremely cheap cars can be bought in special car auction. We are talking about reposed cars and repossessed car auctions. Repossessed car auction are usually held by governmental or public institutions , like banks, insurance companies or the IRS.
Just in case you are wondering Why the cars were repossessed, then you must know that the answers varies from institution to institution. These cars might be coming from non-paying bank customers, that failed to pay the leasing or other credits and the bank had to come and reposes their belongings in order to try and make up for the lost credit. Other cars might be coming from customs or the police, that were registered as confiscated cars and will get sold for whatever profit then the money will be used as governmental founding. The last type of cars sold in governmental auctions are those that used to belong to governmental institutions, like police cars or army dump trucks .
It’s no a question of who are the previous owners and where you can find them, because one a car is sold in such an auction it mean that you, the new owner, will be buying it from the institution that confiscated it. This can also mean that here are sold cars as good as new, for prices that are really shamefully low. The main reason for such low prices is not the fact that the institutions try to make a quick profits, it’s the reality that they spent lots of money just depositing these cars, and might end up losing additional money if they don’t sell some of them fast.
At this auctions many car dealers participate as buyers and they buy in bulk, at very low prices. Dealers that attend these auctions buy lots of cars because the priced offered here can bring them later profits. The attendance of usual car buyers is low because the event is advertised for a short period of time and so many dealers usually go and bid on cars that they discourage any other bids.
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