This article tells you the five reasons why some people do not like buy repo cars:

1. I don’t know how to participate in auctions. Calling on the agencies, knowing their whereabouts and searching for the dates seems like a hassle to me. I don’t have any know-how or ideas what auctions will be like. Plus, competing with other bidders is very hard. If I do not win (specially on a multiple rounds), my time and effort have been wasted. Thus, it’s a rubbish attending car repo auctions.

2. The vehicles are all second-hand and used. It means those cars have previous owners who, perhaps, never do any maintenance or any change oils at all. Plus, there are those wise enough not to maintain their cars because they knew that someday there car will be repossessed and they don’t even bother to care for it. Though they are still up and running, it is simply not a brand new vehicle.

3. I may never know if the car is really worth to buy. Checking the car is not enough. Even though how perfect the vehicle will look like in the outside, there is still may have a hidden issue I may mislook and would someday be my problem. I may end up spending more cash than buying a new one.

4. Scams are everywhere. It maybe in auction or a car dealer, who knows if could buy from someone who offers you a clunker instead of a good car.

5. It’s the same process. I don’t have enough cash to pay the repo car in whole. Probably, I have to make a loan again from the lenders. If I cannot manage to pay it, then my recently purchased repo car will be, once again, repossessed. So what’s the use? I would rather finish my current loan of this brand new car.

No comments

The author does not allow comments to this entry