Did you know that there are places where car that are as good as new gets sold for priced as low as $150? The place to buy these cars are car auctions, but not regular ones. 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. Some of the repossessed cars come from people who have opened a credit at some bank or even purchased a car in leasing, and ended up not paying it, and now the bank is confiscating their 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.
It really doesn’t concern you where these cars come from, you will have nothing to do with previous owners and their problems because this care are not property of financial institutions that sell them usually with no reserve pricing. This means a new car, or a car that has just one year of use, will be entering auction at prices as low as $50. 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.
At this auctions many car dealers participate as buyers and they buy in bulk, at very low prices. 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. The attendance of usual car buyers is low because the event is advertised for a short period of time and so many dealers usually go and bid on cars that they discourage any other bids.