Because vehicles are so expensive, and because it is absolutely essential that everyone has reliable transport to get them from A to Z, buying a repossed vehicle is one of the best routes to take. There are a number of reasons that government seized vehicles are great buys. It is necessary to know exactly what you are looking for and to set a reasonable budget that you can stick to. It is also necessary to understand what government seized vehicles are and how the process of purchasing them works.
What is a government seized vehicle?
The government will seize any possessions (including property, vehicles and other items) from any individual who has committed a serious crime and been convicted and sentenced to jail time. They will also repossess vehicles and property when the owner has failed to make their loan repayments on the loan that financed the property or vehicle.
Government seized vehicles are similar to bank repossessed vehicles in many ways as a similar process is followed and both dispose of the property and vehicles mainly through auctions. These vehicles are often much cheaper than other vehicles sold by private sellers, second hand dealers and dealerships.
Why is it a good idea to buy a government seized vehicle over a second hand or brand new vehicle?
A government seized vehicle is generally a vehicle that has been taken from someone who does not want to give up the vehicle. It is always a good idea to go for a vehicle that is not being discarded because it is no longer wanted. Repossessed vehicles are often quite new and have lower mileages than normal used vehicles for sale.
They may look nicer and newer than most second hand vehicles and will likely have their warranty’s still intact, saving the new owner a lot of money or maintenance and repair. Many government seized vehicles might even have their service plans intact, saving the new owner even more money on maintenance and repairs. The vehicles are usually sold at much, much lower prices and in fact, many second hand dealers buy their vehicles at government seized auto auctions and sell them on at a higher price.
How does the auto auction process work?
The auction process is relatively simple. Sometimes the government division that deals with government seized vehicles handles the auction and sale of the vehicles themselves, but many times they outsource the vehicle to one of the many auctioneering houses in the country. The company that takes on the vehicle will offer it up for auction alongside other vehicles and handle the whole auction process.
The best way to buy vehicles at government seized auctions is to look into all the auctioneering houses that hole vehicle auctions in your area or that hold online auctions and see whether they offer government seized vehicles. You will then be able to view the vehicle catalogue online or ask the auctioneering house to send it to you.
You can also usually view the vehicles in person a day or two before the auction or on the day of the auction a few hours before it starts. This is where you can conduct a thorough inspection of the car. You could even bring an auto expert with you to make sure that the vehicle is in good working order and has no hidden faults and flaws.
You will have to register for the auction and then you will have to set your budget and stick to it. You will then have the opportunity, along with the other potential buyers, to bid on the vehicle (or vehicles) that you are interested in purchasing. It is always important to think very carefully about your options before you make your choice. Buying a vehicle is a big step and something that will affect you and your finances for a long time to come.