Are you on the lookout for a good deal on a car? If so, you may want to check out repossessed car auctions in the UK.
What are repossessed car auctions in the UK and how do they work?
These auctions can be a great way to get a high-quality car at a bargain price. However, it’s important to understand how they work before you attend one. In this blog post, we’ll discuss what repossessed car auctions are and how they work. We’ll also provide some tips for getting the most out of them.
Repossessed car auctions in the UK are a great way to find yourself a steal. In these financially uncertain times, they may even be one of the best options for some people. The process is simple; you look over cars on offer, place a bid and wait until it closes. The winner gets the car at an often very affordable price with no deposit!
There are numerous repossessed cars being auctioned off every week. Repossession occurs when a lender takes possession of the property after the borrower has defaulted on their payments (or been deemed to have done so).
Nowadays most lenders will attempt to reach an agreement with borrowers before taking any action but if this fails the credit provider can apply for court proceedings which allow them to take back control of the property, sell it and use the proceeds to pay off any debt.
The most common reasons for repossession are mortgage default (owing to unemployment or a drop in wages), vehicle finance default (failure to make monthly payments) and credit/store card default (overdrawn accounts).
We’ve compiled a list of some well-known UK repossessed car auctions for you:
How to buy a repossessed car from an auction in the UK?
When you are looking for a car, there are a few things that you want to take into consideration. You want to find something that is going to fit your needs, both functionally and financially.
Repossessed cars that have been seized by lenders will then become available for auction. This is where the potential buyer will come into the picture!
Bidders will be able to inspect the car before bidding on it, which means you can check its condition as well as get an idea of how much previous bidders have bid so far. If you think a certain amount is reasonable, you can place your own offer too; if it’s accepted then it’s yours!
Repossessed car auctions in the UK are often a great way to get hold of a second-hand vehicle. Many people will be trying to sell their old vehicles to buy something newer, and if they can’t do this before the end of the month, they’ll lose them anyway!
The price of these kinds of vehicles tends to go up over time so people may be willing to offload them without too much hassle. More importantly, even after having been seized by lenders, vehicles tend not to be very worn down and will therefore work well for many years.
Many have said that repossessed car auctions in the UK can really improve your chances of saving money on your next purchase. You avoid paying the high fees that dealerships charge, but you also get to keep more of the money that you’ve earned yourself. If you have a family member or friend who works in this kind of business then let them know and see if they can help you out!
Repossessed car auctions in the UK are rapidly increasing in popularity. One repossession auction house alone made £4million with over 2600 vehicles sold off in just one year.
Tips for buying a repossessed car at an auction in the UK
Do your research
The first and most important step is to do your research. You need to know what kind of car you want, what kind of auction you want to attend, and how much you’re willing to spend. There are a few different types of auctions
- Government Auctions: These are auctions that are run by the government in order to sell off impounded or unclaimed vehicles. These cars can be a great deal, but you need to be aware that they may have been damaged or may not be in running condition.
- Police Auctions: Police auctions are open to the public and usually sell seized or abandoned vehicles. These cars can be a great deal, but you need to be aware that they may have been damaged or may not be in running condition.
- Private Auctions: Private auctions are typically run by used car dealerships or individuals. These types of auctions are usually open to the public, but you may need to register in advance. The cars at these auctions are typically in better condition than those at government or police auctions, but they can still be a great deal.
Know the value of the cars
Once you know what kind of auction you want to attend, you need to do your research on the value of the cars. You can do this by checking online listings, visiting dealer websites, and talking to experts. It’s important to know the value of the cars so that you don’t overspend at the auction.
Inspect the cars before bidding
Once you’ve found the auction you want to attend and have done your research on the value of the cars, it’s time to inspect the cars before bidding. This is important so that you know what you’re getting yourself into. You should inspect the exterior and interior of the car, check for any damage, and start the engine to make sure it’s in good condition.
Check the car’s history
Before bidding on a car, it’s important to check its history in the UK. This can be done by checking the car’s registration number with the DVLA. You can also check for any outstanding finance on the car, as well as its MOT history.
Register and bid
Once you’ve found the auction you want to attend and have done your research on the value of the cars, it’s time to register and start bidding. Most auctions will require you to register in advance, so be sure to do this. Then, start bidding on the cars that you’re interested in.
Have a budget and stick to it
One of the most important things to do before bidding on a car is to have a budget and stick to it. It’s easy to get caught up in the excitement of the auction and spend more than you intended. So, be sure to set a budget and stick to it.
Pay for the car and take it home
If you’re the winning bidder, congrats! Now, it’s time to pay for the car and take it home. Most auctions will require you to pay with cash or a certified check. Once you’ve paid for the car, you’ll need to arrange for transportation.
Have a backup plan if you don’t win
If you don’t win the auction, don’t worry. There are plenty of other auctions to choose from. Just be sure to have a backup plan so that you don’t end up spending more than you intended.
These are just a few tips to help you get started with repossessed car auctions in the UK. Be sure to do your research and have a budget so that you don’t overspend. With these tips, you’ll be sure to find a great deal on a car.
All kinds of people – including those who previously had little experience – have bought themselves cars through these sales and are now effectively debt-free thanks to their fresh set of wheels. Although this is a risky option for some it can prove very rewarding if carried out carefully and with the right amount of knowledge about what’s being sold off before placing bids on cars.
If you’re in need of a car and want to make the best of your money without having to deal with high dealer fees then repossessed car auctions in the UK might be right up your street!