Do you know the deal with seized/repossessed cars?
Please tell me about them, because my sister told me about them and Im really thinking of buying one as a first car. They're so much cheaper, there nice, and the mileage on them is good also! Except, you need to buy them off an auction. There has to be some catch they cant be so cheap and wonderful.
So what do you people think? Whats the deal? or is it really as good as it seems?
- Anonymous1 decade agoFavorite Answer
Don't assume that seized and repo cars are junk. Drug dealers drive nice big Cadillac Escalades that are not junk. People who have cars repossessed don't all mistreat their cars -- they just fell on hard times, lost jobs, got divorced, etc.
The "catch" is that these cars are sold at auctions and if they are nice cars, you will have competition bidding on the same cars. Just don't get excited and overpay. Here's an article that explains how it works:
- VipassanaLv 71 decade ago
The deal, is that it is not a deal.
Sure, they look nice. But I've also taken a complete heap before and made it look great. A good looking heap, is still a heap.
You have to consider one thing. If the car is repossessed, the owner wasn't making payments on the car. And you have to wonder, if the owner didn't care enough to make payments, did they really take care of the car? They may have. They might not have. It's up to you to decide the risk on it. Also, a lot of seized cars, have been sitting for a very long time. Just because they're cleaned up, doesn't mean that they don't need a lot of new parts.
Just stuff to consider. I've found a few good deals, and also found a lot of cars that were just nightmares in a pretty package.