In the earlier posts we have discussed about car loan default and repossession of the same by bank. Now let’s come to understand why buying a repossessed car that banks auction always amount to a sound financial decision!
- The repossessed cars sold through auction are mostly in good condition – Since these are cars which had been financed by the banks, there is always a chance that they are in better condition than the second hand cars that are available in the market.
- Great value for money – It is well known that car is a depreciating asset. As such spending a hefty amount on it always does not translate into a great financial decision. A newly bought car will loose more than 60% of its value within first 4 years of your purchase. As such investing a large chunk your income on a car, just for the sake of maintaining a lifestyle, does not seem a good financial decision.
If on the other hand, you go for a repossessed car you would be getting a car that still has a good life left in it and that too at a better price.
- Buy at a competitive Price – Seized cars or repossessed cars present you with an option of buying the cars at a very nominal cost.
So if you are thinking of not to waste money on expensive cars and yet do not know where to search for good quality cars at cheap prices, then bank repossessed cars is your best option.