If you’re in the market for a new car, you may be surprised by what new car prices look like these days. The average new car in America sold for $48,043 in June, the highest figure on record and the first time the average has gone over the $48,000 mark.
Average prices for used cars are way up, too. The average markup is around $10,000 and still growing, with average used car prices around $35,000.
If you want to save money while still getting a great car, another route to entertain is a repossession. Repo vehicles have been taken from their owners for nonpayment. Many are in good condition but need some TLC like a break change, oil change and full clean.
Below are five fantastic reasons why repos are a great deal.
1. You can save up to 40 percent.
Obviously, the main reason to purchase a repo car is because you want to save money. And there’s certainly nothing wrong with this! Why pay full price on a car that will depreciate in value as soon as it’s driven off the lot?
With repos, you can save an average of 25 to 40 percent from what you would pay for a new car. Lenders aren’t in the business to sell cars. Their goal is to move this inventory and recoup their losses.
2. There’s a great selection to choose from.
Tired of looking at empty dealership parking lots? RepoFinder provides a directory of links to all the banks and credit unions selling repos. We update our inventory regularly, so you can always find new vehicles being added. Find new cars, old cars, SUVs, classics, sedans, minivans and so much more. We even have aircraft, boats and ATVs!
3. You can negotiate the price.
Most repos require you to place a bid. If the bid is open, you’ll be able to see what people are bidding. If it’s closed, you won’t. To place a competitive bid, know what the car is worth and the work you have to put into it. Don’t be afraid to offer less – negotiations are welcome and even encouraged.
4. You can get the car right away.
Another perk to purchasing a repo car is that you can often take the vehicle home right away. With the recent chip shortage, people were waiting up to 12 weeks for their vehicles to come in!
While there is slightly more inventory now than there was, it’s still taking a long time for new cars to be delivered. Because of this, more people are holding onto their used cars. A repo is ready to buy now. Place your bid, wait for it to be accepted and close the deal.
5. No commissions, fees or pressure – shop on your own terms.
RepoFinder is unique because we conduct business online. Once you find a car that you like, you can communicate directly with the seller. But, unlike dealerships where you work with a car salesperson, you don’t have to do this with repos. The banks are looking to sell this inventory for a fair price, and there is no obligation to buy.
As you can see, repossessed cars are a great deal! You can save time and money, while also getting a great car that you can start driving right away.