Tag Archives: online car shopping

holiday car shopping

Tips for Buying a Car During the Holidays

If you’re looking to splurge on yourself this holiday season, a car might be just the thing! After all, you need a vehicle to get you to and from work, so it makes a practical gift. It may also be time for an update, especially if your current vehicle is lacking the latest safety features. 

But is the holiday season really the best time to buy a new or used car? Or should you wait until after the holidays? Actually, you can’t go wrong with either one! Savvy car buyers know that December and January are great times to buy because dealers are hoping to unload old inventory.

Keep in mind that with car shortages, this year may look a little different in terms of prices and inventory. But we still have some useful tips that will help you make a smart car purchase during the holidays. 

Shop on Christmas Eve and New Year’s Eve 

Christmas Eve and New Year’s Eve are some of the best days to shop for a car. Dealers are eager to get old inventory off the lot, and they know that buyers are motivated to make a purchase. 

Research shows that you can get an average of 8.12% off the Manufacturer’s Suggested Retail Price (MSRP), which adds up to thousands of dollars in savings. If you can, it’s also better to shop in the mornings when the crowds are smaller and you can get more attention. 

Be Ready to Act Quickly 

Even though car inventory is low this year, people still need cars. Therefore, if you find a good deal, you must be ready to act quickly. This is why we recommend doing your research at home so that you can compare your options without pressure. 

At RepoFinder, you can browse our inventory of repossessed vehicles at your leisure. Find cars that meet your needs, take time to review their features and ask the sellers questions. When you’re ready, you can place a strong bid. 

Consider Last Year’s Model 

Even though you might be drawn to the 2022 models, you can save big bucks by going to a 2020 or 2021 model. The car is still new and probably has similar styling and features as the latest models, but they’ll be thousands of dollars cheaper because the dealers consider them dated. 

Bring Your Own Financing 

Another helpful tip for purchasing a new or used car over the holidays is to come with your financing in place. Dealerships make part of their earnings through interest rates, which means they’re often higher than they need to be. 

You can save money by going to your own bank and acquiring a pre-approved loan. For an even better deal, shop for a car at RepoFinder.com where banks and credit unions sell their repo inventory. You can get financing straight through them, and they’re often willing to negotiate even better deals. 

Shop at RepoFinder this Holiday Season

Hopefully these tips have given you the direction you need to start shopping for a new or used vehicle over the holidays. If you miss the month of December, you can expect some great deals in January, too! But for the very best deals every day of the year, be sure to check out the repo inventory on RepoFinder.com. 

buying a car in 2022

Three Reasons to Wait Until 2022 to Buy a Car

Are you thinking about buying a new or used vehicle before the end of the year? You might be better off waiting until 2022, if you’re able to. Why? A number of negative factors have come together to make 2021 one of the worst years to buy a car. Between supply shortages, few incentives and a lack of choice, many people have delayed online car shopping. 

Below are the top three reasons why it’s best to wait until 2022 to buy a new or used car. Thankfully, it’s just around the corner, so you can start preparing for your car purchase today! 

1. Inventory is Low 

Inventory for vehicles is low right now. The computer chip shortage is largely to blame, as some electronic parts use 500 to 1,500 chips depending on their complexity. As this article points out, car manufacturers like Toyota only have an 18-day supply of new cars. 

But what if you can’t wait and need a new car right now? Rest assured you can find a used vehicle through RepoFinder. We continue to maintain a strong inventory of repo cars, trucks, vans and SUVs that are available to purchase. 

2. Few Incentives are Available 

With high demand and low inventory, there are few incentives available. Normally, both car manufacturers and dealerships offer incentives so they can sell more cars. But since there aren’t many vehicles available to buy, you won’t find many good incentives. 

This also means that negotiations probably won’t get you far, either. Car dealers know that if you don’t want to buy the car for the price it’s listed for, the next person will. Again, if you want a good car at a decent price, it’s best to open up your options and consider repo cars. 

3. Dealers Prices are High 

The Manufacturer’s Suggested Retail Price (MSRP) is the price the manufacturer suggests selling the car for. To be competitive, dealers usually stick to this price range, but this is not the case today. Many dealers are charging $10,000-$20,000 over sticker price. 

Cars are already expensive, so you have to ask yourself how much you are willing to spend on a car. Keep in mind that you must be able to afford your monthly payments, too. Also, since dealers are raising the prices of new cars, the banks are valuing them higher and this can make it harder to get approved for an auto loan. 

Need a Car Now? RepoFinder Has Inventory Available! 

RepoFinder maintains a steady inventory of vehicles. Even though there is a car shortage, we’ve been able to turn over our inventory because the banks are repossessing vehicles due to outstanding loan balances. If you can’t wait until 2022 for prices to decrease and inventory to increase, you can find what you need through RepoFinder. 

vehicle trim level

What is a Vehicle Trim Level?

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When shopping online for a new or used vehicle, you might come across the term “trim level.” Some car shoppers are aware of the auto industry lingo but many aren’t. No judgment here – we’ll teach you everything you need to know about trim levels to ensure you’re getting the right features in your vehicle. 

What is a Vehicle Trim Level? 

A trim level (sometimes called a trim package) is a version of a vehicle model that comes with a combination of features pre-selected by the manufacturer. 

Cars with higher trim levels come with better features and a higher price, whereas cars with lower trim levels are more basic and have a cheaper price tag. To differentiate trim levels, you’ll see lingo like Chevrolet Corvette 3LT or BMW 320i. 

Every vehicle has a trim level, even if it’s basic with no extra features. However, the features used to determine trim levels have changed. In the past, trim levels were based on aesthetic features like chrome accents and leather upholstery. 

Today, trim levels include functional updates like high-end technology and performance upgrades. Some vehicles have up to 6-10 different trim levels due to the variety of upgrades included in the model! 

How Does a Trim Level Differ from an Accessory Package 

At first glance, it might seem like a trim level rivals an accessory package. But there are clear differences. First, accessory packages are often a la carte, meaning that you can pick and choose what you want. Trim levels cannot be modified. 

Second, accessory packages can be added onto most car models. Again, trim levels are already set by the manufacturer and cannot be changed or added. Whether you’re buying a car from a dealership, a private seller or an online repo directory like RepoFinder, the trim level you see is what you get. 

Hopefully this information has helped you understand what a trim level means when shopping for new or used vehicles. The more you know, the easier time you’ll have looking for cars that fit your needs and budget. To shop a wide selection of vehicles at affordable prices, shop at RepoFinder today. 

paying for car in cash

Budgeting for a Car: 5 Tips for Paying in Cash

Cars are expensive, which means you shouldn’t make spur-of-the-moment decisions! In fact, by taking your time to look for vehicles and putting away money each month, you might be able to pay cash for your vehicle! This will eliminate your car payment and give you more breathing room in your monthly budget. 

While saving enough money to pay for a car in cash isn’t easy, it is possible with proper planning. Here are five tips to help you pay for a used or repossessed vehicle with hard-earned cash. 

1. Determine Your Budget 

First, determine how much you can afford to spend on a car. The rule of thumb is that you shouldn’t spend any more than 20% of your income on a vehicle. So if you make $100,000, your car should only cost $20,000. Most people pay way more than this! Plus, you need to make room for surprise repairs. 

2. Start Saving Early 

Start saving as early as you can. Even small amounts of money add up over time. Think of it this way: To save almost $1,100 a year, you only need to put away $3 a day. By making coffee at home or bringing a sack lunch to work, you can save thousands of dollars in just a year or two! 

3. Avoid Temptation 

Don’t walk into a dealership or start shopping for repos online until you have something saved up. Maybe it’s not enough to purchase the car in its entirety, but it will at least be enough for a down payment and title and registration fees. The more temptation that’s in front of you, the harder it is to stick to your goals. 

4. Narrow Down Your Search 

Keep your search as narrow as you can. Do this by identifying your needs and researching the cars that will work. Otherwise, it’s easy to be swayed by the latest features like heated seats and remote start. While these features are nice, you don’t want to be paying for them for the next 5 to 6 years! 

5. Know How to Negotiate 

If you plan to buy a used or repossessed car, strengthen your negotiation skills. Don’t be afraid to stand your ground and know what you’re willing to compromise on. Of course, being a good negotiator is not the same as being stubborn. It requires you to know what you’re buying and what you can save on. 

These five tips will help you pay for your repo vehicle in cash. Paying in cash offers a number of benefits, including stronger negotiations and not having to pay interest. To browse a wide selection of repossessed cars in great condition, visit RepoFinder and click on your state! 

retail vs whole prices on ford truck

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

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. 

classic car

Save on Classic Cars with RepoFinder

If you relish classic cars, you certainly aren’t alone. People enjoy purchasing these vehicles because they either want something vintage to drive around for fun, or they want something to renovate and restore. Whatever your reasons are for buying a classic car, this is a relaxing hobby that offers plenty of rewards. The problem is that it’s also an expensive hobby! 

Luckily, there are some ways to make your hobby more affordable. Below are some tips on how to save time and money when buying a classic vehicle. 

Determine Your Reasons for Buying Vintage 

Are you buying a vintage car as an investment that will stay in your garage and increase in value? Or perhaps you’re buying one because it reminds you of your youth. You might even be investing in a classic car to restore, repair and maintain it yourself – a hobby that will keep you busy for years to come. 

When you determine why you want to purchase a classic car, you’ll have an easier time finding what you need. For example, if you’re looking for something fun and enjoyable rather than an emotional investment, you can look at auctions. Or, if you’re interested in restoring a vehicle, you can access a wide range of cars through a repo seller. 

Repossessed Auctions are a Great Place to Buy

As you browse classic cars on a site like RepoFinder.com, you can explore vehicles that you can’t find elsewhere. All types of vehicles – special cars, cars with unique histories, top-tier collector cars – are more commonly sold at auctions rather than in person. 

RepoFinder offers a huge inventory of vehicles that you can browse at one time. This is more desirable than going from website to website, and you’ll have a wide range of cars that you can consider all at once. Not to mention, some people really enjoy the thrill of bidding on classic cars and seeing if they win. 

Tips for Finding a Classic Car at an Auction 

When purchasing a classic car from an auction or repo site, here are some tips you’ll want to keep in mind:

  • Do your homework. Know what classic cars cost and how to account for maintenance and upkeep costs. You don’t want to overbid, pay more than you need to and then have to make costly repairs. 
  • Consider a membership. Most auctions require you to pay a fee, but you can significantly reduce these costs when you use a repo site like RepoFinder.com. For just $4.95 a month and no contract, you can access all vehicles on our site. 
  • Perform an inspection. Always read the description of the vehicle and carefully view the photos. Most sellers will allow you to do an inspection as well. Take advantage of this and bring along someone who knows vintage cars. 

Shop for Classic Cars Today 

RepoFinder gets classic and vintage cars from time to time. Relax, browse our site at your leisure and try our membership for one month. You’ll have access to all of our repos for just $4.95/month – and you can cancel at any time!

car from an auction

Pros and Cons of Buying Auction Cars

Are you thinking about buying an auction car? No matter where you live, you can find high quality used cars at a great price. Many of these vehicles are seized property, meaning that they are the result of foreclosure, repossession or de-fleeting. Most are in decent condition but need a little bit of TLC from being previously neglected. 

There are pros and cons to buying auction cars. As long as you do your research and account for some of the maintenance costs that might turn up, you can enjoy more advantages than disadvantages! 

Pros of Buying an Auction Car 

  • Wide selection. Many car auctions have an impressive selection of economy cars, trucks and SUVs to choose from. You might have to sacrifice on certain features, but you shouldn’t have any trouble finding a suitable vehicle for your needs and budget.
  • Great value. Car auctions deliver some of the best prices you can find on vehicles. Fleet and government vehicles are usually cheapest, but you’re certainly not limited to them. RepoFinder has a huge database of modern repo cars, SUVs, pickup trucks and recreational vehicles – find your match today! 
  • Fast turnaround. Unlike traditional car dealerships, auto auction sellers are looking for a quick sale. If you know what you want, you can narrow down your options and start bidding right away. 
  • Low investment. Repo cars are an excellent option for certain drivers. A new driver or a college student who’s only home half the year can benefit from a low-investment auction car. 

Cons of Purchasing an Auction Vehicle 

  • Lack of test drive. You’re not always able to test drive an auction car before you buy it. This means there’s always some risk involved when buying these vehicles. Make sure you do a thorough visual inspection and look up the car’s history report before signing anything.
  • No warranty. While you might be able to get the original warranty passed down to you, auction cars are as-is sales. Whatever problems the car has, you inherit. 
  • Unclear background. It’s not always easy to know the history of a repo car because it came from an owner who stopped making their payments. Most sellers disclose as much information as they have, but this information isn’t always available. 

Shop for Repo Cars Today 

The best way to know if an auction or repossessed vehicle is right for you is by trying out the process for yourself! RepoFinder has the nation’s largest database of repo economy cars, 4WDs, sports vehicles and crossovers. Our database is free to browse, but if you want the full features, RepoFinder Pro is just $4.95 a month – no contracts, cancel anytime! We have many like-new vehicles at great prices. Try us out today! 

man looking at cars online

How Do Bids Work on Repossessed Vehicles?

Car auctions are super popular these days because consumers have the opportunity to get a great deal on a used car in good condition. And the best part is, you’re in control of the process and not at the mercy of car salespeople. However, not everyone knows how car auctions work, and there can be some confusion about pricing and the process in general. 

Let’s take a look at the online bidding process, how it works and how to place an effective bid. 

Registration and Deposit 

Most online car auction platforms require you to register for an account. This account gives you access to all of the vehicles for sale. For example, RepoFinder offers members full access to our Featured Repo list for just $4.95 a month. You can make unlimited searches and place bids on the vehicles you’re interested in. Cancel anytime. No dealer license is required. 

Choosing a Used or Repo Vehicle 

Once you sign up for the online auction service you want, you can start looking for vehicles that fit your needs and budget. Choosing a car typically involves a lot of patience and diligence – it’s not like walking into a dealership and picking out a car on the lot. You’ll need to do your research, place your bids and wait to see if the seller accepted. Make sure you also download vehicle history reports on the cars you’re interested in. 

Placing a Bid 

Since these cars are sold through auctions, it’s important to know that their prices can change based on the bids they receive. Sometimes, there is a Buy Now option that allows you to buy the used or repo vehicle right then and there. But most of the time, you’ll place a bid alongside other people, and the seller will accept the best one. 

Some tips for placing an effective bid are: 

  • Don’t bid too quickly. You have time, so do your research and know what you’re getting into. Repos often need some type of work and maintenance, so you’ll need to factor this into the overall cost.
  • Consider shipping and delivery options. If the car is out of state, you’ll need to consider the costs of shipping the car to you. 
  • Don’t get too attached. Most people bid on several vehicles before they win. You must have patience and not overbid! 
  • Don’t sign anything until you inspect the vehicle. Before signing paperwork, make sure you have an opportunity to inspect the used car. 

If you’re ready to start shopping for a used or repo vehicle that fits your needs and budget, start with RepoFinder. We have the nation’s largest database of repo trucks, cars, SUVs and recreational vehicles all at great prices. And for just $4.95 a month, you can view our full list of repos and place bids. Try us out today risk free! 

white SUV

4 Basic Used Car Buying Mistakes to Avoid

Buying a new or used car is an exciting experience. You get to pick out something new and shiny while taking advantage of some of the latest features like automatic-braking sensors, mapping technology, adaptive cruise control and cameras in the back and front. But with so much to pay attention to, it’s easy to skip over important details that can come back to bite you later on. 

To help out, we’ve compiled a list of five used car mistakes you’ll want to avoid. 

Mistake #1. Not Doing the Proper Research. 

Even with all of the information available online, people still make this mistake quite often. It’s common for people to head to the dealership to see what’s available and buy something on the spot. They generally don’t return home, research cars and then go back to the dealership. Plus, there’s pressure from the car salespeople to buy something. 

Prepare yourself for the costs of buying a used car and know what features are important to you. And, if you do better in low-pressure environments, consider shopping online for used cars instead. This way, you can take your time, research your options, ask questions and read reviews. 

Mistake #2. Limiting Your Options. 

When you’re looking for a budget-friendly car that will get you to work, school or errands, it’s best to keep your options open. You might have a dream car in mind, but limiting your options based on a specific model, manufacturer or style can cause you to look over other great options. At the end of the day, you need a car that’s dependable and meets your lifestyle needs. 

Mistake #3. Overlooking a History Report.

We always recommend getting as much information as you can on the vehicle’s history. This isn’t always easy with repossessed cars and SUVs because these vehicles were taken from their previous owner and not much may be known about the history. But you can still usually find out some information such as the car’s miles, title status and accident history. All you need is the vehicle’s VIN. 

Mistake #4. Going Over Your Budget.

Whether it’s your dream car or the promise of new technology, it’s easy to overextend yourself on your budget. But let us tell you that after working with repossessions for many years, you don’t want to do this. Cars are meant to be functional and get you to where you need to go. You should not have to choose between groceries and a car payment every month. Choose your budget wisely and stick to it. You’ll thank yourself later. 

Plenty of people have made these mistakes when shopping for used cars, but you don’t have to. You can learn from them and choose a vehicle that makes sense for your budget and lifestyle – and be proud of it, too! To find an affordable used car, shop for repossessions at RepoFinder.com. 

christmas presents

The Right Way to Buy a Car as a Christmas Present

Are you thinking about buying someone a car as a Christmas present? While this may seem like an exorbitant gift, it can actually be a practical one. If your teenager, college student or spouse needs a new car, why not use your money on an essential gift? But before you buy someone a car as a holiday gift, make sure you follow these essential tips. 

Avoid Surprising Your Recipient 

The thought of surprising someone with a new vehicle is exciting, especially when you see the great response on TV commercials. However, in real life, you probably don’t want to surprise someone with a new car out of the blue. If they don’t like it, they can’t return it like they can a pair of jeans. 

The best approach: find out exactly what this special someone wants rather than springing a new car purchase on them unexpectedly. 

Consider Financing Options

Unless you have the cash on hand to pay for the vehicle, you’ll have to finance this purchase. Keep this in mind, as average term lengths are 69 months for new vehicles and 65 months for used vehicles. You don’t want to be paying for years on a car that your spouse doesn’t want or need. 

Additionally, you may need your spouse to cosign in order to be approved for the auto loan. So, you may not be able to surprise them unexpectedly after all. For the best deals and rates, consider shopping for repossessed vehicles instead of used vehicles. You can find a cheap car this way and qualify for attractive financing offers.

Start Shopping in Advance 

In order to find the right vehicle at the right price, it’s best to start your holiday shopping early. RepoFinder.com has a huge inventory of repossessed cars, trucks, SUVs, ATVs, RVs and more. You can find just about anything with us! 

Our repo inventory is always changing, so check back often to see what we have available in your local area. If you find something you like, you can place your bid and hopefully take the vehicle home with you! However you choose to shop, start early so that you can get the best deals and availability. 

Shop for Repo Cars at RepoFinder – We Have it All! 

RepoFinder.com offers the largest list of bank repos in America. When you work with us, you’ll be able to skip over the middleman and deal directly with the banks, lenders and credit unions. This allows you to get the best deals on all types of repossessed vehicles. Many are in great condition and waiting for a new owner. Shop with us today and give your loved one the best gift of all – a safe, dependable vehicle.