Selling A Previously Impounded Car
Once you have successfully bid on and won an impounded car, you can then sell it. You must first perform a few steps to make sure that you get the most out of your investment, such as determining how much you want for the car considering how much you paid for it. After determining the asking amount, it is just a matter of negotiating a price with the buyer and filling out the necessary paperwork once the vehicle is sold.
Step 1: Determine a price. Decide how much you want to sell your vehicle for.
The amount you choose to sell your vehicle for should be higher than what you paid for it at auction and also a few hundred dollars higher than what you will ultimately accept from a buyer.
It is customary for buyers and sellers to negotiate a final price.
Step 2: Advertise. Choose how you want to let the public know your car is for sale.
You may place a For-Sale sign with your telephone number on it in the windshield and park it where it is visible to others driving by your home.
You may also choose to place an ad in your local newspaper or on an online classified site, such as Craigslist.
Step 3: Talk to potential buyers. When potential buyers make inquiries about your car, answer their questions to the best of your ability and set up a time for you to meet. Allow them to look over and test drive the vehicle.
Ways To Buy A Car From Police Auctions
Before taking any steps towards purchasing a vehicle you need to research all of the police car auctions and their locations. Keep in mind that theres is a lot of different car auctions and you could always get a better deal at the next auction. Dont be afraid to go take a look at a car auction first and learn how it works before making your final purchase. Like with pretty much any other situation in life, the experience will make you better with time. Regularly going to car auctions will definitely help learn the ins and outs of car bidding effectively and youll get the hang of it in no time.
There are generally two options for police car auctions: live auction or online auction. Both options are similar and open to the public. The auction starts with a starting bid price and the car will go to whoever wins the bidding. The main difference is that you dont have to be physically present for online auctions.
Tips For Buying Cheap Cars At Police Auctions
ByAlbert Lee | Submitted On November 23, 2006
Getting a car from a police auction is a great way to buy a good car at a cheap price. Where else can you get to low bid on a Cadillac or a Mercedes? Cars displayed at police car auctions are either decommissioned units, repossessed, impounded or government seized-vehicles from drug raids, drunken driving and criminal cases.
Police auctions used to be a gray, serious place where people go to to bid for middle-aged vehicles, but that is true no longer. There are days when dependable gems get mixed with the standard fare that attract a big influx of bidders. This kind of appearance and possibility makes police auctions a rewarding place to hunt for a good car.
Some tips when participating at a police auction:
Come early. Police auctions normally open at around 7 a.m. Getting there before anyone else can give you more time to look at the cars and peer under the hoods. If you have more time to check the lot, you can narrow your choices down to a few good ones and not feel harried or pressured once the crowds start coming in.
Check the cars. It will do you well if you could check for dents, scratches, disalignment, leaks, rust, excessive mileage and the like, so you could make an educated guess about the car’s mechanics and drive-worthiness. Remember that you’re not allowed to start these vehicles, so you might as well check as many cars as possible before placing your bid.
What to watch out for:
Do Not Let The Superficial Scare You
When you go to a government auction, weathered paint can cover up a mechanically sound vehicle. A small dent in the tailgate may not be a sign of misuse and just the result of a parking lot bump. However, when you are at a police auction, these signs can mean that the car is so bad that they do not think it is worthwhile trying to fool you.
How I Copped A Bargain
Roger Hotchkiss from Telford, Shrops, bought his third ex-police car – a 137,000-mile Volvo V70 that follows in the footsteps of two Ford Focuses – from the Ex-Police Car Centre in Brierley Hill, W Mids.
I bought the Volvo to tow my caravan as the Focus wasnt up to it, says Roger. So far Im very impressed with the V70, even though it isnt pristine. The interior has been cut about a bit. Still, the bodywork and paint are in very good condition, and I paid over £2,000 less than youd expect to pay from a regular trader although for that youd get a car thats cosmetically better.
What matters is that these cars are maintained regardless of cost and they come with a full history to prove it. The file supplied with mine shows the car has needed nothing more than routine servicing its been completely reliable despite the mileage.
These cars are also only driven by highly skilled professionals, which is why Id take one of these over a car thats done 30,000 miles around town with a normal driver.
Have you ever owned an ex-police car? Give us your verdict in the comments section below…
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How Do I Get A License To Buy Cars At Auctions
Pass any used car dealership and, chances are, the majority of the vehicles parked on the lot came from an auction, where the dealer potentially paid relatively little for a car she hopes to resell for a tidy profit. For many of us, bypassing those dealer markups and buying a used car at auction ourselves sounds like a better plan. But, before heading off to the nearest auction with a wad of cash in your pocket, its helpful to understand the different types of car auctions, as well as the rules and requirements associated with each.
Applying For A Dealer License
If you want an opportunity to bid against the dealers, youll need a license to buy cars at auction.
First on your to-do list should be a visit to your states Department of Motor Vehicles website, where youll find specific rules and regulations. These vary by state but usually require submitting an application answering questions about you and your business, along with an application fee that can range from fifty to several hundred dollars. You may also need to provide a detailed business plan, a business license, and tax or employer identification numbers necessary to process customer-paid sales tax or employee income taxes.
Unfortunately, the list doesnt stop there, as most states also require proof of insurance for the business and any inventory, a fingerprint card to be used for a background check, as well as a purchase and sale agreement or signed lease for your businesss location. Of course, placement of your dealership must abide by all local zoning laws and, in some instances, meet requirements for square footage, display space, equipped and operational service bays, and signage. A state representative may request an in-person visit to verify youve met all requirements.
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Buying Cars At Dealer Auctions
Obtaining a dealer license can be a time-consuming and expensive endeavor, but those who do so gain access to a bounty of vehicles that may serve as the basis of a profitable business.
With that said, keep in mind that cars bought at dealer auction are also subject to extra auction fees and transport costs, so that low hammer price isnt entirely accurate. And, while sellers are required to disclose significant issues , that seemingly pristine late-model SUV quickly rolling across the auction block may be hiding a host of costly gremlins.
As with all auction vehicles, it’s best to bid with a buyer beware mentality.
Despite The Rise Of Online Auction Sites Government Car Auctions Still Have Many Of The Best Used Car Deals Learn How A Government Car Auction Works
It is important to have realistic expectations when attending a government car auction. While you can find some good bargains, you are not going to find a brand new BMW for $100.00. Government auctions sell both fleet cars and vehicles that have been impounded by government agencies. The conditions of these vehicles can range from great to not running. Set your expectations and budget realistically.
To find a government auction in your local area, there are government sites that can help you find an auction for free, and private sites that charge a fee for the information. Depending on your needs both types of sites can provide quality information. The following list contains resources and information for each type of government auction:
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Locate Local Police Auctions
Live auctions are all-day events that can test your patience as you scramble to bid on the cars you want. Having a schedule of when each car is up for auction is a must and can help you keep your sanity. By developing a game plan, you can bid on and win the cars you are interested in.
Step 1: Keep an eye on listings in local papers Often police auctions will advertise upcoming dates along with a listing of items and vehicles for sale.
Step 2: Look online. Search online for police auctions in your city, county, and state.
Check online listings for auctions that contain vehicles you are interested in buying.
Plan to attend in person. Its possible in some cases to attend the auction online, though the best practice is to attend the auction yourself to personally see the condition the vehicle is in.
Step 3: Discover the terms of the sale. If you need to remove the vehicle from the premises in a certain time frame, be sure you can do so.
If you need to have full payment at the sale or proof of approved financing before you can bid, know before you go and make the necessary arrangements.
Is Buying Auctioned Vehicles A Good Idea
People who have attended police car auctions have been blown away by the deals they score. But everyone agrees: You must be prepared when you enter the junkyard for this epic bidding war.
Since youre not buying from a conscientious car dealer, but rather from an impound lot, you dont get any of the guarantees and warranties and service packages youve come to expect from reputable dealers. But youre getting cars for a tiny fraction of the price, which makes up for that. Still, if you dont know anything or anyone who knows anything about cars its probably best to go to a dealer.
You will not have an opportunity to take the cars for a test drive, so what you see really is what you get. However, these cars are typically in a roadworthy condition and in good working order.
One of the police auctions we attended offered fantastic deals, though:
- A somewhat messed up Chrysler PT Cruiser for $300
- A Chevy Astro for $425
- A rather beat-up Impala for $525
- A nice-looking 2003 Ford Escape for $525
- A spectacular 2013 Hyundai Elantra for $5,500
Provided the engine is good, you can always give the car a little TLC with some of the money you save, and youll still have a good deal.
How do you buy a car at auction?
The first step is to find a police car auction near you. On the day of the auction, arrive at the junkyard early to check out whats on offer. You may be asked to sign in at the front desk.
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Do Your Homework And Research
Weâve given you the names of websites which are really popular. This will save you time as you shop around. Weâve provided details about these websites, again, with a mind to saving you time and energy. Once youâve checked out these websites, begin comparison-shopping for ideal vehicles. After all, the same make and model that youâre interested in may be available at more than one of the websites.
If youâre interested in auctions, do your homework and research by comparing reserve prices, details about vehicle conditions and so forth. Look at pictures of autos and search for other relevant details. Bookmark the websites that youâre interested in, so itâs easy to move back and forth.
After you do some comparison-shopping, the best auction or deal should present itself. At this point, you should research the reputation of the auction or car buyer service. Itâs important to know whether other customers enjoy buying via these auction websites or car buyer services.
Once youâve established the reputability of a preferred service, it will be time to move forward and sign up at that service. Usually, this is free, but it varies. Read the fine print on membership in order to figure out this stuff. After youâre a member, youâll be ready to bid on an auction or âbuy it nowââ¦or youâll be able to perform other tasks related to buying a new car online, such as connecting with dealers via a non-auction auto website.
Win A Vehicle Auction Bid
Step 1: Be on time for the auction. Arrive with time to register for the auction and find a seat.
Step 2: Find out auction order. Find out the auction order and identify where your potential purchases are in the order.
Keep calm when the vehicles are up for bidding.
Step 3: Bid calmly on your potential purchase. Always know what the current bid is and who controls the bid.
Bid in the smallest increments you can, keeping the price as low as possible.
Dont bid higher than your maximum bid or you risk overpaying for the vehicle.
Step 4: Win the auction. If each vehicle youve come to bid on sells for more than your maximum bid, walk away empty handed.
Attend another auction to try again.
Youve won at an auction if you havent exceeded your maximum bid.
Step 5: Pay for the vehicle. If youve won a bid, pay for the vehicle.
Youll be required to give a deposit at minimum, possibly required to pay in full right away.
This is where its important to know the terms of the sale.
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Used Car Auction Information
Auctionautousa.com is just one online car auction service. This website offers access to used cars, new cars and salvage cars . So, it does provide lots of options and itâs quite well known. In fact, itâs on the top of the list for the keywords, âonline car auction USAâ.
One tip is to check out an online auctionâs online reputation before you do business with that company. We arenât vetting the reputation of companies here, as this article is impartial. However, we do encourage you to look up reviews, BBB rankings and other information before you place a bid for a used car or new car online. This is the best way to reduce the risk of disappointment.
Weâre listing companies here, but weâre not reviewing their reputations, so you should do that yourself. You wonât regret it and you might regret it if you donât!
Our one-stop shopping interface is the best way to gather data before you hunt for a new or used vehicle.
Why Are People Interested In Impounded Cars For Sale
Sure enough, most impounded cars have sat for a long time, meaning that they are likely to have mechanical issues or damage. However, there are still plenty of great deals out there. They often cost significantly less than equal makes and models offered on the regular second-hand auto market.
There is a chance you can buy a perfectly good running vehicle for a fraction of its actual price. Knowing what to look for and where to search for such deals is key. That is why we decided to share the key information about police impound cars for sale.
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Your Complete Guide On How To Buy Police Impounded Cars
Every day, police around the country impound cars. While the police cannot seize cars during a routine traffic stop, they can typically do so for three primary reasons:
- The vehicle was involved in a crime
- The vehicle is evidence in a criminal case
- The driver of the car poses a public safety risk to others
If the owner does not reclaim the vehicle after a specified time, the police will sell the car. Otherwise, the car could be stuck on an impound lot for years, collecting dust. As a car buyer, impounded cars should pique your curiosity.
The cost of impounded cars is cheaper than new car prices . An impounded car could provide you with a safe vehicle that runs smoothly, for a fraction of the cost. Below, youll find everything that you need to know about how to buy police impounded cars.