Icredible as it might seem, it is possible to buy cars that work right and are clean and almost new for the price of an expensive dinner in a nice restaurant. These extremely cheap cars can be bought in special car auction. These special auction types run on repossessed cars. Repossessed car auction are usually held by governmental or public institutions , like banks, insurance companies or the IRS.
If you wonder why they are called repossessed cars, then the answer varies, depending on the situation and the organization or institution that offers them for auction. The car that have been repossessed by banks are usually a method to try an make up for unpaid credits, cases in witch the bank confiscates different belongings. Other cars might be coming from customs or the police, that were registered as confiscated cars and will get sold for whatever profit then the money will be used as governmental founding. In the end, we can even have the opportunity of seeing military dump trucks for sale or police cars that have been replaced.
Regardless of where these cars come from, they are all now property of juridical persons or property of the government, and they will all be sold with no reserve and no minimum pricing. This can also mean that you will see cars that have been used for just a couple of months in these auctions. The cars are sold by the respective institutions at such low prices because they tend to over-accumulated in time and if kept for much longer their storage costs will become too expensive.
These auctions are usually announced in media one or two weeks before starting, and are always attended by business persons that own or intend to open a used cars dealership. Car dealers benefit a lot from these used cars, as they can buy a good car at prices that are way below those they can sell the car to clients. Because the announcement is not published for many days in the media and because many dealers come and buy fast most of the cars, the normal person is discouraged and usually gives up going to these auctions.
