|Auto auctions are making it easier than ever for consumers to get into the car of their dreams. Like most Americans, you probably have luxury taste, but live on an economy budget. With a little research and patience, however, that luxury vehicle you’ve been eyeing could be in your driveway sooner than you ever thought possible.
Contrary to popular belief, auto auctions are not solely restricted to car dealers. This little known fact is what continuously drives Americans to purchase from car dealerships time and time again. Just imagine how much money you could save if you bypassed the dealer’s huge markups and purchased directly from their sources. Consumers regularly report savings of 60% to over 90% off book value! That’s an incredible savings that no dealer could ever offer you.
The majority of these vehicles are late models with very low miles. Some are still even under their manufacturer’s original warranty. So how did these great vehicles end up at auction, you ask? Well, it’s really quite simple. A majority were repossessed by banks and other financial institutions for defaults on loans. And others were seized by local and federal government agencies. Because of the huge costs associated with storing these vehicles, it is necessary that they be auctioned off as quickly as possible.
Auto auctions put you, the consumer, in control. When you go to a dealership the sticker price of the vehicle is either what you pay, or the dealer has a certain price in mind that they’re willing to settle for. At an auto auction, however, there’s usually a low starting bid of $100 to $500, and the bidders determine the final price. If you research and plan accordingly, you can probably attend an auction on a slow business day with very few competing bidders, and walk away with a great car at an incredible price.
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