Tag Archives: cheap cars

Buying a Used Car: What Does As-Is Mean?

This entry was posted in Used Cars and tagged as-is car, as-is condition, cheap cars, used cars on June 30, 2022 by repofinder.

If you’re thinking about buying a used car, you’re likely to come across the term “as-is.” Not all used vehicles are sold as-is, but some are, so it’s important to know what this means and what you can expect as the buyer. Shopping smart gives you the best chances of making a purchase that you’ll be happy with.

What Does As-Is Mean When Car Shopping?

Usually when you come across the term “as-is” in a vehicle listing, it means that the vehicle is being sold in its exact condition. If there are any flaws or defects with the vehicle, they will be your responsibility and will not be covered by a warranty. In fact, as-is typically means that there is no warranty coverage through the manufacturer or the dealer.

That being said, it is possible to buy a car as-is and still have a manufacturer warranty. For example, when you purchase a repossessed car, it will be sold as is. You will be responsible for any repairs or maintenance that the vehicle needs. However, if the vehicle has a manufacturer warranty intact, you can use that to cover certain repairs or recalls.

Generally speaking, when you see a car being sold as-is, it means it has no warranty and will be sold in its exact condition. You will be responsible for anything else the car needs, so be sure to budget for this. In exchange for this, you will receive a sizable discount on your purchase.

Should You Buy an As-Is Vehicle?

Only you can make the decision as to which type of car purchase is right for you. Some people are more comfortable buying or leasing new, while others don’t mind a little elbow grease for a cheaper car (and cheaper insurance). But there are plenty of benefits to buying as-is.

For instance, you can save money, which is great if you’re on a budget. Repossessed cars are popular among high school and college students, as well as those just starting out. You’ll also have a wider selection of vehicles, allowing you to get some of the features that you wouldn’t be able to afford in a new car.

But, you also need to have realistic expectations. An as-is car may need more work, so you’ll need to set aside some budget for these expenses.

Tips for Shopping for an As-Is Vehicle

When shopping for an as-is vehicle, there are a few things you’ll want to do to ensure a solid purchase:

Do your research. Research the car you’re interested in buying so that you can be aware of any known problems.
Order a vehicle history report. Find out if the car was involved in any accidents.
Get a pre-purchase inspection. Have the car inspected by a mechanic or someone knowledgeable in cars.
Consider a warranty. Look into warranty options through third-party companies like CarShield. They can help pay for major repairs.

RepoFinder has a vast database of vehicles being sold as-is. We provide as much information as possible so that people can save money and get a great vehicle!

Used Car Prices are Finally Falling – What Does this Mean for Inflation?

This entry was posted in Used Cars and tagged cheap cars, inflation, used car prices, used cars on June 20, 2022 by repofinder.

According to the latest inflation report, used-car prices fell for the third month in a row. Could this be a sign that inflation has peaked? In January 2022, used-car prices hit a record high. But now that prices are slowly decreasing, some experts believe that the consumer price index (CPI) will as well.

Why is this the case? Because the decline in used-car prices shows that the supply chain issues responsible for inflation are starting to ease up. While supply chains aren’t where they were before the pandemic, they are starting to improve. If this is the case, the prices for other products could start falling, too.

How Does Inflation Impact Car Prices?

Inflation refers to the decreasing purchasing power of money, which also determines the increase of prices for goods and services. If your dollar loses power, prices for the things you buy are likely to increase. However, recent data shows that the opposite is happening right now.

MarketWatch reports that in April and June, the increase in used-car prices accounts for one-third of the overall increase in the cost of living. Normally, used cars don’t have that much power over inflation, but the shortage of new cars has changed this. To monitor inflation, the Manheim Used Vehicle Index has become an accurate source.

The spike in used-vehicle prices has played a role in inflation, but used-car prices don’t typically have this much influence. However, even now, used-car prices are still up 32 percent from pre-pandemic levels.

Is Now a Good Time to Buy a Used Car?

If you’re in the market for a new vehicle, the inflated car prices can have a negative impact on your cost of living. Not to mention, you’ll probably be left with limited choices.

That being said, if you need a car, you need a car. If you have a car to trade in, you’re in a better spot. Dealerships need the inventory, as do rental car companies, so you can probably get more than you would have a year or two ago. You can then use this money to put toward a down payment.

Save Money and Shop for Repossessed Vehicles

Cars aren’t a luxury for everyone. Most of us need our vehicles to get us to and from work, school and other important places. Therefore, if you need a new car, you might not be able to wait. Fortunately, a little out-of-box thinking can introduce new opportunities.

RepoFinder.com offers a huge database of repossessed cars, trucks, SUVs, etc. that are open to the general public. You do not need a dealer’s license. You can purchase a car for a fraction of the price – and you can pick it up almost immediately. Shop with us today and see what cars you can find for an affordable cost. Yes, cheap used cars still exist!

What to Look for When Buying a Car As-Is

This entry was posted in Used Cars and tagged as-is car, as-is condition, cheap cars, used cars on June 12, 2022 by repofinder.

Buying a car “as-is” means that you’re buying the car in the exact condition that it’s in. It probably doesn’t have a warranty, either. If anything turns up wrong with the car, it will be your responsibility to fix it. In exchange for taking on these unknowns, you can get a decent discount on your vehicle. The money that you save on the initial cost can then be used to fix up the car, should it need repairs.

Even though you’ll be saving money on an as-is vehicle, it’s still important to do your research and know what you are buying. Here are some tips on what to look for when buying a car as-is.

Research the Car

When you find a car (or cars) that fits your criteria, the next step is to research it. You can find this information online – just be sure that you’re choosing reliable, unbiased information. This research will help you understand the car you are buying and any known problems. This way, you can plan for potential repairs.

Get a Vehicle History Report

Obtain a vehicle history report to avoid surprises. The two largest and best known providers of paid VIN reports are Carfax and AutoCheck. These reports include basic information, as well as recalls, thefts and crashes. With this information, you can find out if the car you’re buying has been in any serious accidents.

Test Drive the Vehicle

Ideally, you should have the opportunity to test drive the vehicle. But it’s possible that you won’t be able to do this if the car is out of state. Also, repossessed cars can’t always be test driven because of liability issues. If you can’t test drive the car for some reason, at least take the opportunity to perform an inspection. You can tell a lot by seeing the vehicle in person.

Have the Car Inspected

If you don’t know a lot about cars, ask a mechanic or someone knowledgeable to inspect it on your behalf. A mechanic can evaluate the vehicle’s current condition, point out issues that you may need to address and make sure that you are paying a fair price. If the seller doesn’t want you to have an inspection, choose another car (or seller).

Shop with Reputable Sellers

Always shop for as-is vehicles through reputable sellers like RepoFinder. Even though you’ll be buying the car as-is, and probably without a warranty, a reliable seller will be willing to work with you. They’ll answer your questions and be open to having you test drive the vehicle and bring in a third-party to look at it. This shows that they have nothing to hide.

RepoFinder offers a free list of bank-owned vehicles that are ready to buy. They are open to the general public, and you can easily review the information and place a bid. To shop for repossessed cars in your area, check out our inventory today!

Four Benefits of Selling Your Car to a Private Buyer

This entry was posted in Used Cars and tagged cheap cars, online car shopping, used cars on March 25, 2022 by repofinder.

Are you thinking about selling your vehicle to a private buyer? While there will be more work on your end, it could be worth it. For example, did you know that you could take home an extra $1,000 to $2,000 – even if the car isn’t worth very much? By selling your car on your own, you can get retail price. Meanwhile, if you sell to a dealer, you’ll only get wholesale value, which is usually 10 to 20 percent less.

Below are four benefits of selling your car for cash. And once you have the cash in hand, make sure to start your search for a new vehicle at RepoFinder. We have a huge database of bank-owned vehicles ready for new owners. With our low prices, you can use the cash to cover the down payment – or perhaps the full price of the car!

1. Higher Payout

To get the most from your car sale, we recommend paying for detailing and other maintenance your vehicle needs. The money you get from the sale will offset this cost. Dealerships are businesses and need to make money, so they buy used vehicles at wholesale value. In a private sale, you can set your own price.

2. Quick Sale

While it’s true that you can walk into a dealership and trade in your vehicle in a single day, selling your car privately doesn’t take long either. And, you don’t have to sit in a dealership all day! With online advertising, you can target qualified prospects who are actually interested in buying your car.

3. Great for Specialty Cars

If you have a classic or specialty car, you can also benefit by selling your vehicle privately. These types of cars have niche buyers. You can use the internet to market your vehicle to the right buyers and potentially drive up the price. A dealership, on the other hand, will likely offer you less because the car won’t appeal to most of their buyers.

4. Control Over Negotiations

Most car sales involve negotiations, but when you’re selling your car privately, you’re in control. Of course, it’s important to be flexible in terms of price, but you also don’t have to accept low-ball offers. If you know the buyer is interested, you can both agree on a fair price. You have more say over the process than if you were to sell to a dealer.

In Conclusion

These are four benefits of selling your vehicle to a private buyer. The main drawback is the lack of convenience. Rather than having the dealership handle all the paperwork, you’ll be responsible for it. And, you may have to deal with no-show buyers. The good news is that once you have the cash from your sale, you can use that money to buy a new car. Shop with RepoFinder today and find a bank-owned vehicle that suits your needs and budget!

Why Used Cars are Better than New Cars

This entry was posted in Repo Cars and tagged cheap cars, repo cars, repossessed cars, repossessions, used cars on March 20, 2022 by repofinder.

A common challenge for car buyers is whether to buy a new or used vehicle. If you can afford it, buying a new car is certainly worth the excitement. You get a brand new car, just the way you want, and with the full warranty still intact. Plus, new cars feature the latest technology and safety features, as well as higher fuel efficiency and lower emissions.

But as wonderful as these features are, you’re going to pay dearly for them. According to Kelley Blue Book, the average price Americans paid for a new car topped $47,000 in December 2021. This is A LOT of money! Bankrate reports that the average monthly car payment for new cars is $609.

If you’re not in the market to spend this much on a new vehicle, there are plenty of things to love about a used car.

Cost Savings

Obviously, the biggest benefit to buying used is the cost savings. Used cars cost far less than new ones, not just in the overall price of the vehicle, but the taxes and fees as well. Also, insurance rates are often cheaper for used cars because the vehicle costs less to replace. Learn more about buying a used car for under 10k.

Depreciation

Considering that new cars depreciate about 20 percent in one year, it’s not a bad idea to consider something previously owned. Used cars depreciate, too, but not nearly as fast. And, there’s no hit as soon as you drive off the lot. Also, some say there’s less ‘mental depreciation’ because the first parking lot ding or rock chip has probably already been made.

Warranty

Most vehicles come with a manufacturer warranty of 3 years or 36,000 miles. But it’s not uncommon for new cars to have a bumper-to-bumper warranty of 5 years and a powertrain warranty of 10 years. If the new car you’re purchasing is only a few years old, this warranty gets transferred to you.

Safety and Quality

Today’s vehicles are meant to last much longer than they once did. Therefore, buying a vehicle that’s a few years old isn’t taking much life off. You’ll still be getting new technology and safety features. In fact, some buyers find that they’re able to get a package they wouldn’t have otherwise afforded in a new vehicle, allowing them to walk away with MORE, not less.

Shop for Used Cars at RepoFinder

New cars are certainly tempting, but don’t let this deter you from the many wonderful used vehicles on the market. RepoFinder consistently turns over a huge inventory of pre-owned vehicles. These vehicles are repossessions, and many are in great condition but could no longer be afforded by their previous owners. Browse our selection of repo cars today!

Why are Used Cars So Expensive Right Now?

This entry was posted in Used Cars and tagged cheap cars, online car shopping, repo cars, repossessed cars, used cars on February 14, 2022 by repofinder.

If you’ve gone shopping for a used car as of recently, you were probably surprised to see just how expensive they are. And it’s certainly NOT your imagination. Used car prices have skyrocketed over the past year, and it’s possible that we won’t see these prices go down for quite some time.

While some people are choosing to keep their current cars, others have no choice but to replace them. If you’re in this same boat, it’s important to understand modern car prices and tips for navigating this changing landscape.

What’s Causing the Price Increase for Used Cars?

You’ve likely heard about the chip shortage and how it has impacted new cars. This has had a trickle down effect, impacting the used car market as well.

Microchips are a necessary component for vehicles, and they’re slowing down production worldwide. With far less new car models to choose from, prices have skyrocketed. High dealer markups and a lack of options are forcing people to shop secondhand.

In other words, a whole new set of customers are shopping for used vehicles and willing to spend money, since they were going to spend it on a new model anyway. This, coupled with low inventory from people not trading in their vehicles, has driven up used car prices.

What are the Average Prices for a Used Car?

According to Edmunds, the average price of a used car in November 2021 was $29,011, a sharp increase of 21.4 percent from the same time in 2020. And, more than 2 million used car buyers are purchasing vastly overpriced used vehicles, which means people are putting up the cash.

However, when you compare that price to the average price of a new car – $47,000 according to Kelley Blue Book – it doesn’t sound too bad. The reality is that cars are expensive right now – new or old – and will continue to be so for a while.

When Can You Expect Prices to Decrease?

While no one knows the future, there are some predictions that will hopefully ease your mind. Business Insider predicts that by the end of 2022, prices of wholesale used vehicles will drop by 3 percent compared to the end of 2021.

However, expect these prices to gradually decrease rather than there being one big drop. It won’t be until supply chains are fixed and production recovers that supply and demand will begin to even out.

What if You Need a Car Now, But You’re on a Strict Budget?

If the used car market is out of reach for you, there’s another option: repossessed vehicles.

RepoFinder offers a free list of banks and credit unions that are selling used vehicles, often in good condition. You can save a lot by shopping for repo cars, trucks and SUVs, and you can get the vehicle right away.

Our inventory is always changing, so check back often if you don’t find what you’re looking for. Discover the many reasons why so many people are choosing to shop for repossessed cars instead of new or used ones – they’re accessible, easy to purchase and give you the most bang for your buck!

How to Find Repossessed Cars for Sale in Your Area

This entry was posted in Repo Cars and tagged cheap cars, online car auctions, online car shopping, repo cars, repossessed cars, used vehicles on January 2, 2022 by repofinder.

Are you shopping around for a used car at a bargain price? With pandemic-related car shortages, even used cars are selling for way more than they’re worth. For the best deals, you’ll want to check out repossessed cars.

Repo cars are vehicles that the banks have taken back from the owners because they didn’t make their payments on time. Usually, the banks give owners a chance to catch up on their payments, but if they’re unable to do this, the vehicle is listed for sale.

Oftentimes, dealerships scoop up repossessions at great deals, and then fix them up before selling them on their lot. But because they take some time to clean and repair major issues, consumers are paying more for them.

If you want a true repo car at a heavily discounted price, here are some tips for finding one.

Online Auctions

A large portion of repo vehicles make their way to auctions. Auctions are popular because they’re a way to reach a wide number of buyers. There are a number of online auction sites, so you’ll have to do your research to find the best ones.

Some things to pay attention to include:

Membership or registration fees. Most auction sites require you to have a membership. Even if you can browse the inventory, you’ll likely need to be a member to place a bid. Find out what each membership includes, how much it costs, how often you’re billed and if there’s a contract.
Selection of inventory. Ideally, you want to choose an auction site that has an extensive inventory of vehicles. This way, you have more to choose from. Some sites even sell recreational vehicles like ATVs, RVs, boats and small aircraft.
How often the inventory changes. Pay attention to how frequently the inventory changes. The more often it’s updated, the more vehicles you’ll have to choose from, making it easier to find the repo car that you want.

Police Repo Auctions

Sometimes, it’s not the banks and lenders that are in charge of repossessing vehicles – it’s the police. This is especially common when repossessions are ordered by the court. However, police stations are unable to keep random vehicles on their lots, so they’re motivated to sell them at deep discounts.

Lender and Bank Repo Sales

Banks, lenders and credit unions sometimes also have their own inventory of repo cars. They’re usually hoping to recoup some of their losses, which is why they’re willing to sell them to dealerships and the general public at discounted rates.

RepoFinder.com makes it easy to shop for bank-owned vehicles. We have repo lists from all over the country. Simply click on the state you live in, and you’ll be provided with a list of banks and lenders in your area. We continually update our inventory, and our membership is just $4.95 a month – no contract.

Find your repo vehicle at a bargain price today!

Your Top 5 Questions On Buying a Repo Car…Answered!

This entry was posted in Repo Cars and tagged cheap cars, repo cars, repos, repossessed vehicles, repossessions, used cars on August 31, 2021 by repofinder.

Thinking about buying a repossessed vehicle? This is a great way to save money while getting a reliable car with all the latest features. But chances are, you probably have a few questions about what the process entails and how to find the best deals. We’re here to help!

Shopping for repo cars is easy, but it helps to be an informed buyer. This is the best way to ensure you bid on the right vehicles and walk away with something safe, reliable and reasonably priced.

Below are the top five questions we hear from people interested in buying repos, along with our responses.

1. What are repossessed cars, exactly?

When people can’t afford to make their car payments, the bank that gave them the loan can take the car back. Some cars are returned voluntarily while others are taken by the repo man. Based on 2021 data, there are over 2 million repossessions every year. While there are many repos out there, not all are available to the public. Many repos are sold at dealer-only auctions.

2. Should I buy a repossessed vehicle?

Only you can make the decision as to whether or not you should buy a repossessed vehicle. However, we can tell you that there are many reasons to consider this avenue such as:

Cheaper than used vehicles sold at a dealership
Able to negotiate the price – repo sellers are highly motivated
Quick turnaround times, especially in today’s market
Save money on insurance and interest

3. How do I know I’m getting a repo car?

The only way to know that you’re getting a true repo is by buying directly from a bank or credit union. Dealerships sometimes advertise repos, but this isn’t really true. Usually in these cases, the dealer purchased the car at a discount, cleaned it up and is now selling it for a profit.

You can research repos in your local area or use a site like RepoFinder to find repossessed cars, pickup trucks, SUVs and motorcycles. RepoFinder gives you a much better selection and you can feel good knowing that all transactions are between you and the seller – no middleman.

4. What concerns should I have when buying a repo?

The hard thing about repo cars is that you don’t know how well the previous owner took care of them. Some repos are in great condition while others need some work. The key is to place a smart bid that leaves room to afford necessary repairs.

We always recommend that buyers do their research, ask questions and schedule an inspection before signing the paperwork. Avoid overbidding as well. Even though we’re experiencing a car shortage, you shouldn’t pay more than you need to. Patience goes a long way in this industry!

5. Why should I shop for repos at RepoFinder?

RepoFinder lets you buy repossessions directly from local banks and credit unions. Our site is free to use, though you can upgrade to RepoFinder Pro for just $4.95 a month – cancel anytime. We add new repos on a regular basis and make it easy to research and place bids directly on our website.

Don’t take our word for it – shop at RepoFinder and find affordable repos in your area.

Retail Price vs Wholesale Price: How Much is a Used Car Really Worth?

This entry was posted in Used Cars and tagged cheap cars, online car shopping, repo cars, used cars on August 25, 2021 by repofinder.

Whether you’re buying a car online, from a dealership or from a private party, it’s important to know what the car is worth. A car’s value depends on a number of factors like its age, mileage, condition, trim level and the location where it’s being sold. For every vehicle, there are two prices: retail and wholesale.

To get the best deal on a used car, it’s important to know the difference between these two numbers. Later in this post, we’ll also cover what “asking price” means so that you can be an effective negotiator.

Retail Price

The retail price is always higher than the wholesale price and what you would expect to pay for the car if it was being sold at a dealership. If you are buying the car from a private seller, you’ll probably pay a bit less. Retail prices are also higher because the dealerships are banking on you getting less from the trade-in, giving them a profit margin.

Wholesale Price

Wholesale pricing is essentially a car’s trade-in value at the dealership. The dealer will then turn around and sell it to someone else for a profit. Understandably, trade-in prices are a lot lower than retail prices. You’re not likely to find a car being sold at a wholesale price, unless you shop for a repossessed vehicle through RepoFinder.

In the wholesale end of business, there are different figures to be aware of. Every step of the way, there’s a middleman that takes their cut, which ends up giving the car a new value.

Trade-in. This is what the dealer is offering the customer. What they get for trading in their car can be used toward their next vehicle purchase.
Dealer-to-dealer. This pricing happens when one dealer sells the car to another.
Auction. If the car goes to auction, which many do, it will have an auction price. Dealers and brokers often buy cars at auction for resale.

Asking Price

When shopping for used cars, you’ll definitely come across the term “asking price.” This is different from retail and wholesale prices – and it’s negotiable. The asking price refers to the amount the seller is asking for the vehicle. But, dealers and private sellers know the customer will probably come back with another offer, which is why this price is not set in stone.

Shop for Cars at Wholesale Prices

Now that you are aware of this car shopping lingo, you can be a more effective shopper. RepoFinder is a directory of banks, credit unions and public auctions that sell repossessed cars directly to the public. There are no middlemen, allowing you to work out a deal between you and the seller. To start shopping for an affordable vehicle that rivals wholesale prices, shop with RepoFinder today.

Should I Buy a Car with Over 100,000 Miles?

This entry was posted in Used Cars and tagged cheap cars, repo cars, used cars on August 23, 2021 by repofinder.

Buying a high-mileage car might seem like a risky purchase to some, but if you’re on a strict budget, it’s worth considering. In general, buying a car with a lot of miles is not a bad idea. Cars are a lot more reliable these days, so a car with over 100,000 miles is likely capable of traveling another 100,000 miles!

With that said, cars do start to experience more problems once they reach the 100k mile mark. The car is technically past its prime, so you’ll need to be prepared to put some work into it. The good news is that the cost of the vehicle should offset repairs and maintenance.

Let’s learn more about the benefits of purchasing a car with over 100,000 miles and why you may very well come out on top!

Lower Purchase Price

If you don’t have a lot to spend on a vehicle, you’ll have to compromise on a few things. Fortunately, when you do make these decisions, you’ll decrease the purchase price significantly. According to Kelley Blue Book, the average price for a new vehicle is $40,472!

With these prices, you’re almost forced to go into debt just to afford a new car. That’s why a car with 100,000 miles can be so appealing. You can still get a great car with all the latest features and technologies at a fair price. In fact, you might even be able to save up and pay cash for a vehicle. Without a car payment, you can save on interest and instead put this money into repairs.

Minimal Depreciation

If you do purchase a new car, did you know that it will depreciate by 20 to 30 percent in the first year?! This means that if you purchase a vehicle for $40,000, it might only be worth $28,000 a year later. A car with over 100,000 miles will not depreciate this much – maybe $1,000 or so depending on how much you paid for it. This sounds like a much better deal, doesn’t it?

Cheaper Insurance

Auto insurance isn’t getting any cheaper, either. And the more expensive the car, the more expensive the insurance. A newer car is worth more money so insurance companies are going to charge a premium that reflects this risk. They have to protect themselves, too.

When you buy a high-mileage vehicle, your insurance will be a lot lower because your car isn’t worth as much. And, if you pay in cash, you don’t need to carry full coverage.

Lower Registration Fees

Registration fees are lower with a high-mileage car. States do vary on this, however, so you’ll need to check with your state to find out how much you can save by choosing an economic vehicle. Add these savings to a lower purchase price, cheaper insurance and minimal depreciation and now you’re really starting to see the difference!

Don’t be afraid to purchase a car with 100,000 miles or more on it. Cars have become a lot more reliable these days, so you can still get many years from this vehicle while saving significant money. To find an affordable vehicle that meets your needs, shop with Repofinder today.