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Want to Buy Cheap Cars? – Government Car Auctions are For You!
So you’re looking to buy a new car but don’t want it to cost you an arm and a leg, well here’s the secret to getting yourself a bargain. Government car auctions are where you can save thousands of dollars on your next car purchase. There are a wide variety of makes and models available ranging from sedans, wagons, 4x4s and trucks to prestige, vintage, sports and luxury cars.
What is a government car auction
These auctions consist of vehicles that have been seized or repossessed by government agencies such as:
- Tax Service (IRS)
- Federal Bureau of Investigation (FBI)
- United States Marshals Service (USMS)
- United States Customs Service
- Small Business Administration
- Police/Sheriff’s Auctions: State and Local
- US Department of Defense
- US Bankruptcy Court
- Regional government public auction
- US Department of Treasury
- Department of Defense Reuse and Commercialization Service (DRMS)
- Department of Agriculture (USDA)
- Department of Energy (DOE)
These foreclosures and repossessions result from criminal or illegal activities, from owners who have not been able to reimburse their car and also include offenders who have not paid their income taxes and tax evasion as crimes. Other government vehicles sold at these auctions include government vehicles that are no longer in use, such as when government agencies purchase a new vehicle to perform a public service project that is then no longer needed.
Why are these cars auctioned off so cheaply?
Government auctions operate differently from a normal retail business because their sales objective is not profit-driven, while a car dealership’s objective of making a sale is to increase their sales. income. The government’s overall goal is to empty its inventory to avoid permanent storage charges. That’s why they want a quick sale, hence why you’ll find vehicles auctioned for a fraction of their market value.
How much do these cars cost?
Like all auctions, the savings you can make on a car depends on how many other people are interested in buying it. Most interested parties would raise and raise the price of the car, but don’t let that put you off. You can always save more at an auction than at a car dealership. I can even say that most car dealers buy their vehicles at these auctions and resell them while making a big profit. With the current financial crises, there is an increase in the number of repossessed cars, so that the number of cars available at auction exceeds the number of bidders on the market. You can buy vehicles for as little as $200, but it really depends on the car you plan to buy, the savings can be up to 90% off market value. For example, a 1999 Honda Civic was purchased for $2,050 when the market value was $8,795, a savings of $6,745.
Where to start?
- First, find a government car auction near you, these are usually not publicly advertised, but there are government car auction listing services you can join, they will be able to give you the name, location, phone number and auction website near you. These can sometimes be beneficial for you because many people don’t know about the auctions available, which can mean fewer people bidding and more savings for you.
- Second, you need to research the car you want to buy. Get a rough idea of the car’s true market value so you can set a maximum bid to ensure you get the most savings.
- Find the car you are interested in at an auction near you
- Arrange financing if necessary
- Attend the auction and inspect the car
- Place your bid
- Make a purchase
- Attend the auction early so you can examine the condition of the car and see how many other interested buyers might be at the auction.
- Bring a mechanic or someone who has some knowledge of checking the engine etc. of the vehicle
- Used government/surplus or company vehicles are generally in good condition and are generally well maintained and serviced regularly. They’re usually no more than 2-3 years old, making them a great buy.
- Set a maximum bid limit and stick to it. Keep in mind that cars are confiscated every day, so if you’re not in a rush, you’re sure to find the car you want at a good price.
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