If you have dreamed of owning a luxury vehicle but you always thought it would be too extravagant a purchase, you should think again. You can actually get a classy car at a price you can well afford, by winning a bid at a government seized car auction. These are cars repossessed by federal agencies like the DEA and FBI, or by local and state governments, as part of the seizure of assets of convicted criminals.
Many cars are auctioned off for only a few hundred dollars, and while luxury vehicles attract more bids that drive up the price, in general the winning price bid at a seized car auction ranges from 30 to 60 percent off the original market price, depending on how new the vehicle is.
There are many types of vehicles at these auctions as well, so that you can probably find the kind of car you want with little trouble. If you're in the market for a pickup truck or an SUV, those types of cars are often available at a seized car auction. The government also has auctions of seized boats, ATVs, RVs, motorcycles, and snowmobiles.
Auctions of seized property usually follow a set schedule, such as once a month or once a quarter. You should check with your local government to find out what the schedule is. You can probably find out with a call to your police department. To take part in an auction you will have to pay a token registration fee. After you have paid, you will be given a bidder number. Your bids will not be recognized at an auction if you do not have a bidder number.
Before you attend the seized car auction, you should prepare yourself by getting a used auto price guide like the Kelley Blue Book. The guide will give you an idea of the retail and trade-in prices of various vehicles so you can better come up with an appropriate bid. This is very important as you do not want to set your bid too high. You should also take into account that in addition to the amount of the winning bid, the winner must also pay a buyer's premium that can range between five and 15 percent of the top bid.
With seized car auctions growing in popularity, you may end up bidding against quite a number of people. Arrive at the auction venue as early as possible so you have time to get comfortable and get a feel for the situation. Be relaxed and don't let yourself feel pressured if there is a large crowd.
