This picture was shot when it was on display at a vintage car show in Agra.

Repo cars are privately owned vehicles that have been seized either by the bank, financial institutions or the government. Reasons vary why these cars have been repossessed. It may be because the owner fails to pay for the car mortgage or the car has been used as a lien for another loan, probably a house mortgage. Either way, these cars will become a bank’s, financial institution, or government’s property.

These cars are not so much of a use to their new owners so they will be sold to the highest bidder, through auction.

Buying Repo’d Cars

Here is advice:

# If I were you I would check out your county for repossessions to be sold they generally sale for 2/3 of the loan value.

# I would NOT buy a car that has been repoed. Simple logic tells me that the driver was NOT doing ANY repairs or even oil changes, before it got pulled away. In my years of experience doing vehicle repos, (yes I do know what I am talking about here) the number of outright clunkers was higher than 75 percent. Junk on wheels is what we used to call them. Run to death and barely able to be driven. Buyer beware is what I say.

# What if my truck worth 15k is repoed because I quit paying on the 20k loan. Then I buy it at auction because I know I took care of it? Heck, I could even dirty it up inside a little first so it will auction for less.

# It won’t work. If it was repo’d by a buy-here-pay-here lot, they’ll put it back on the lot and certainly aren’t going to deal with you. If it was taken by a bank or manufacturer’s finance company, it is going to a wholesale auction where you need a dealer’s license to bid. Some smaller credit unions or finance companies will sell their repo’s in their parking lot, but that’s just like the BHPH place - they aren’t going to talk to you. Besides, you STILL OWE the difference between the loan (plus repo fees) and what it brings. It’s cheaper to make your payments.

Buying a Car for Dummies (Paperback)
by Deanna Sclar (Author)

From Library Journal
For many, the experience of buying a car is as unpleasant as a root canal, and author Sclar (Auto Repair for Dummies) provides just the right medication. A well-known consumer advocate and expert repair consultant, she presents numerous tips on first deciding whether to buy a new or used car and, the best part, the truth about auto financing. With this handy and briskly narrated advice, listeners can now feel more confident as they steer their way through negotiating a fair price, getting insurance, establishing an affordable maintenance plan, picking cherries and avoiding lemons, determining what options are really needed, and calculating how much a car actually costs. Highly informative, this guide is recommended for all public libraries.ADale Farris, Groves, TX
Copyright 1999 Reed Business Information, Inc. –This text refers to an out of print or unavailable edition of this title.

Book Description
Buying a car is never easy. Besides spending a sizeable amount of money on this investment, your liveliness probably relies on this vehicle. You need to know that your car will get you from point A to point B in a timely and safe manner—so buying a lemon is not something you can afford to do.

Buying A Car For Dummies is for you if you need to find out how to buy, sell, insure, drive, protect, or rent a vehicle. It doesn’t matter how old you are (as long as you can legally drive and have a license), this book can make your experience with cars a smooth ride.

Buying A Car For Dummies can help you save a truckload of money over the life of your vehicle as you find out all you need to know about new and used car ownership in this entertaining and informative reference guide. This dependable book covers all avenues of buying and owning a car, from negotiating a fair price to finding reliable insurance to saving money on routine servicing. You’ll stay in the driver’s seat as you discover how to:

* Calculate how much you current car really costs you
* Weigh the pros and cons of buying new or used
* Get the best trade-in, resale, or donation value for your vehicle
* Pick out a cherry and avoid lemons—expert advice for buying a reliable used car
* Determine what features and options you really need in a new car
* Get the straight scoop on financing or leasing your car
* Find an insurance policy and company you can trust
* Protect your automotive assets—from steering wheel locks to full-blown security systems

With Buying A Car For Dummies as your guide, you can park you fears, frustrations, and anxieties as you discover how to decide between buying or leasing new wheels, how to negotiate with car dealers, how to foil car thieves and carjackers, how to protect yourself in a breakdown or accident, and how to protect your automotive assets with insurance, warranties, and service contracts. Plus, the book features a list of ten great automotive Web sites for pricing information, ratings, industry news, diagnostic troubleshooting, and more.

Well now that you have decided to buy a car you might want to start with getting a used car. These cars have already proven themselves in the various terrains and problems that life likes to throw at us. The best way to find your car is at the used car sales that you see around town.

At these places you can see the many makes and models that are available. From places like this you can also see if there is anything that you can afford. The best way to see your future car is to just look at what these used car sales outlets have and eyeball the prices.

This way you will have an idea of what the prices are for the different models and makes. As you go through the used car sales outlets you will find that the newer looking used cars have a different price as compared to the older models. As you look and get an idea of what sort of car that you want, you will also be able to see the condition of the cars in the used car sales centers.

Besides looking at used cars from traditional dealers you can also see the various used car sales on the internet. Now while you can’t actually see or touch these cars you have a wider choice and you have the added benefit of not having to leave your home to find used car sales. The link pages of used car sales will feature a little description of the cars that they have.

In many cases you can find pictures of various cars that are for sale. You will probably need to go through a number of these used car sales links and pages before you can make a solid decision.

Used Car Buying Guide 2007 (Consumer Reports Used Car Buying Guide) (Paperback)

Product Details

* Paperback: 240 pages
* Publisher: Consumer Reports (January 9, 2007)
* Language: English
* ISBN-10: 1933524065
* ISBN-13: 978-1933524061
* Product Dimensions: 10.6 x 8.4 x 0.6 inches

Book Description

Buying a car can be a smart idea - a car loses the lion’s share of its value when it is driven off the new car lot, so why let someone else take that loss? But buyer beware: A used car is likely to need more repairs and may come with a short warranty or none at all. In addition, used cars may lack the latest safety features. That is why it is so important for consumers to do extensive research so they can avoid all of the potential pitfalls of buying a used car.

The auto experts at Consumer Reports have done the work for you and have compiled their extensive research and report their findings into the 2007 edition of USED CAR BUYING GUIDE. This fabulous tool will help steer any consumer who is in the market for a used car towards the better-performing and more reliable used car models and away from those models with a troubled past or substandard performance. Before consumers set foot on a used car lot, they should read all the valuable information provided in this book so they can be armed with as much information as possible and the knowledge to make an educated choice.

Consumer Reports knows cars and offers the most detailed and revealing used car reliability information available anywhere including:

# Unbiased reviews of every major model from 1999 - 2006
# Lists of the best and worst used vehicles and how to avoid a lemon
# A checklist of what to look for when inspecting a used car
# Best used cars for gas mileage
# Tips on negotiating the best priceReliability, recalls and crash test information
# Making sense of safety information
# How to get the most money when trading in your current car.

The majority of this book is devoted to the profiles of 264 cars, minivans, SUVs and trucks, presenting all major 1999-2006 models. Each profile contains a photo from the representative year, a write-up of the vehicle, reliability history, crash-test data, and the model years when key safety gear was added and when a major redesign was made.

Buying a used car is a very good option if you are buying a car for the first time or you are tight on the budget. Used cars have many advantages and for this reason, the used car industry/market is very lucrative and profitable.

Here are some advantages of used cars:

Cheaper Prices: Used cars are cheaper than brand new cars for obvious reasons. This makes used cars a good value for the money.

Environment Friendly: When it comes to the environment, the best way to recycle something is to make use of it and prolong its life. Instead of using as landfills, an used car you buy remains in use. For this reason, used cars are environmental friendly.

Used automobile sales have sky rocketed in recent years. Years ago, buying a used car meant finding a used automobile dealership or finding advertisements in the classifieds pages in the local newspaper. However, there are many more options today. The Internet has made finding used cars—that fit perfectly into your budget and cater to your needs—just a matter of a few clicks of the mice!

There are many websites on the Internet that deal with used automobile sales. Some of these are company websites of dealerships. Dealerships place information about the cars that are currently available with them online, so that interested users can contact them. They also provide information about the condition of the car, technical specifications, price and warranty. This information is usually supplemented with photographs of the car, so that the user can get a much clearer picture.

There are also websites that provide information on used cars. This information may be in the form of articles, blog entries or ebooks. Whatever be the way of providing information, it is better to know more and more about used cars and their sales if you want to get the maximum benefit from the deal.

Where to Look for Used Automobiles

There are many places online to look for used automobiles. Some of these include:

• Websites of used car dealerships
• Ebay.com
• Online classifieds 

In addition to these, you can always locate related sites using search engines like Google/Yahoo/Live.

Offline, repossessed car auctions are another way of getting cheap cars. Repossessed cars are cars that have been seized by law enforcement agencies. These are auctioned off at very cheap prices. However, the main problem here is lack of proper information about the auction. You have to dig around to get more information. If you are lucky enough, you can get a decent car for as little as 10% of its sticker price!

Things to Consider When Buying Used Automobiles

Used automobile sales CAN go sour! So it is always a good idea to research well beforehand. Here are some things you should consider while buying a used car:

• Inspection of the vital parts: Check all the vital parts for any defects. Always take the help of an experienced mechanic.
• Test driving the car: Test drive the car at varying speeds and road conditions. Note its performance. Check for unwanted sounds and any variations in the engine’s beating.
• Detailed car history: Ask for all the documents related to the car and verify the details.
• Car warranty and insurance: Check all the documents related to warranty and insurance. 

Used Automobile Sales Checklist

Here is a simple checklist that you should follow while buying a used car:

• Examine the car body for defects. 
• Check the interior seating. 
• Test the door locks. 
• Test the engines for unusual sounds. 
• Check the brakes and the tires. 

If you do not have enough knowledge about cars, you should take the help of someone who knows what he is dealing with. An experienced mechanic’s service in this matter would be invaluable.