Generally, a new car loses about 10 percent of its value the moment it is driven off the dealership lot, and another 20 percent within the first year of use. Going by that, car owners will be staring at a vehicle with just around 50 percent value by the time it is 3 years old. So, it is not always puppies and rainbows when buying a pre-owned car from an independent seller. Buying repossessed cars, on the other hand, is a much more economically sensible option. Banks repossess vehicles merely for nonpayment of loan, and therefore, many of them are still in mint condition. Continuing the discussion, we list 4 undeniable reasons to consider buying bank repossessed cars. Read on.
1. Excellent Condition
If you think that all second-hand cars are rust buckets, think again. Remember, banks repossess only when vehicle owners are unable to repay the loan amount; not because the cars were failing. Some of the lending banks repossess cars that are even less than a year old. Moreover, banks also document the mileage on the vehicles so that buyers know how much stress the vehicles have been put under.
2. Peace of Mind
When you’re buying a bank repossessed car, you can rest assured that the vehicle won’t leave you on the wrong side of the law. The vehicles are bought from financial institutions, and not acquired through any illegit means. Getting hold of the necessary papers related to the vehicle is also not a problem; the bank will readily furnish them without hiding anything from buyers. Payments are hassle-free and safer because customers are dealing with a reputable reseller.
3. Affordable Prices
Depreciation of second-hand vehicles works against the interest of sellers. So, banks dealing with repo cars would normally want to offload these assets before their value further dwindles. In such a case, buyers are still required to pay a much lower price compared the market value of the vehicle. That explains the reason why an increasing number of people are turning to bank repossessed cars rather than buying a brand-new car.
4. Rewards Points
When used car buyers who are already a client of a particular bank decide to buy a repossessed car, they may qualify for certain rewards programs. It is easy to rack up a number of reward points from repossessed cars for sale online. After all, cars are high-value items. This serves as an incentive to used car buyers in most states.
In a Nutshell
It is not every day that used cars buyers come across vehicles in awesome conditions at low prices, and that too from a reliable source. When you buy repossessed cars online, the process is not only easy and straightforward, but also transparent because you’re dealing with a reputable reseller such as AutoBidMaster.com. We offer a large inventory of all types auction vehicles, including bank repo cars. Register today to bid and buy your favorite vehicles. For more information, call +1 503 298 4300 or fill out our contact form.