There seems to be a misconception about buying repossessed cars. In our experience a large majority of the people would prefer to pay several thousand dollars more for a car that is being sold from a private individual or a non repossession. In dealing with repossessed cars for more than a decade we have been able to see that a repossessed car can be just as clean as a privately owned car.
What are the misconceptions about buying a repossessed car?
It is very similar to the fact that some people will pay $200.00 for a pair of shoes they love instead of buy or rent a nicer pad. The fact of the matter is that some of the repossessed cars we get in a far nicer than some of the dealer trade in’s we have seen over the years.
- If the payments were not made how could they maintain the car
- They didn’t care about the car
- They bought the car knowing it would get repossessed and beat the crap out of it
- They must have been dirty and the interior is trashed
- They never changed the oil
- Knowing the bank was looking for it they broke some things inside
While some of these things can happen, the likelihood of you buying a repossessed car with those is low. The fact of the matter is that most people who get repossessed really have no idea they will be getting repossessed soon after purchase. They usually love the car and do take car of it in hopes that they will continue ownership of the car. Don’t get me wrong, occasionally you have the trash people that want payback and they destroy the car in one of those “if i can’t have it nobody can” type deal. However if this does happen it is typically disclosed and or obvious to the person looking at the car to buy it.
The truth is that most people will take the car for a oil change every 3000 miles or so, they will wash and wax the car on almost a religious basis and will more times than not treat the car better than the buyer that pays cash or doesn’t default. The higher payment makes the the things that can be done to the car a higher priority for them and essentially after repo, gives the buyer a great deal just on the mere basis that the car has been repossessed.
Buying repossessed cars is an excellent way to save several thousand dollars from the dealer prices and should not be looked at any different from buying a regular trade in that very well might have been with a non caring slob.