Tag Archives: repossessed cars

car driving through lavender fields

Why are Used Cars So Expensive Right Now?

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! 

salvage vs rebuilt title

Salvage vs Rebuilt Title: What’s the Difference?

A car’s title is a legal document that shows the business or person who owns the vehicle. Most vehicles on the market have a clean title, which means the car was never considered a total loss by an insurance company. However, some used vehicles for sale have a salvage or rebuilt title. 

Let’s learn more about salvage and rebuilt titles, the differences between them and what to look for when shopping for used or repossessed vehicles. 

What is a Salvage Title? 

A salvage title is a title for a car that was involved in a major accident and deemed a total loss by an insurance company. Because these vehicles can’t be driven on the road, they appeal to mechanics who plan to rebuild them. Once the work is done, the car will need to pass a state inspection. 

Be aware that every state has different laws about what constitutes a salvage title. For more information about salvage titles in your state, visit your local DMV. 

What is a Rebuilt Title? 

A rebuilt title was once a salvage title, but the vehicle was repaired and can now be driven on the road. For a vehicle to go from salvage to rebuilt status, it needs to be repaired, pass a state inspection and deemed fully functional. 

A car with a rebuilt title costs less than a car with a clean title because there was an accident and extensive damage at one point. But because the vehicle is now safe to drive, you can immediately register the car, put plates on it and get auto insurance. 

Should You Buy a Car with a Rebuilt Title? 

Buying a car with a rebuilt title is not a bad idea. You can save significant money, though be aware that the car will be worth less. But, it’s possible that the vehicle was repaired to the highest standards, so you can get a reliable, safe vehicle for a fraction of the price.

Also, cars with rebuilt titles are ready to register, insure and drive right away. However, it’s important to know that you may not be able to get full coverage with a rebuilt title. Get several quotes from different insurance companies to compare rates, and be honest about the title. 

And as always, we recommend having a full inspection when purchasing any used vehicle, particularly one that has been rebuilt. You want to be sure that nothing was missed during the original repair and inspection. 

driving in winter

Best Car Features for Snow and Winter Driving

If you live in a cold-weather state, you’ll need a dependable vehicle to carry you through the snowy, icy winter months. Thankfully, there are many features in modern vehicles that make driving in the winter easier, safer and more convenient. But how do you know which features are actually worth it – and which ones you can skip over? 

Below are the best car features to look for when buying a vehicle to drive in the snow and ice. They will keep you safe and make winter driving more comfortable. 

Winter Tires 

Once the first snowfall hits, you’ll need a reliable car with good tires. But not just any tires – you need tires that can handle the snow and ice. 

Winter tires, or snow tires, are not the same as all-season tires. They feature a unique material that allows them to stay flexible in below-freezing temperatures. Snow tires also have a unique tread pattern and deeper treads to reduce snow buildup. 

However, you won’t want to use these tires in the summertime because they’re much less effective at dispersing heat. To save money and drive safely, it’s best to switch out these tires in the summer. 

Advanced Safety Features 

Today’s vehicles have a host of advanced safety features, so which ones are really necessary? Obviously, we recommend anti-lock brakes and stability control (both required by law), adaptive headlights and forward collision avoidance. These features help improve visibility on the road. 

While not necessary, heated seats and heated steering wheels can make your drive more comfortable. Some other features that will help you drive easier in winter weather are: 

  • Automatic high beams
  • Blind spot monitoring 
  • Emergency braking 
  • Ground clearance 
  • Headlight washers and wipers
  • Rain-sensing wipers
  • Heated windows
  • Remote start 

All-Wheel Drive 

All-wheel drive (AWD) delivers power to all of your wheels instead of just two. This is crucial when driving in snow because if one or two tires lose traction, power is delivered to the other tires to help the car stay in control. 

Many modern vehicles drive the front or rear wheels continuously, while delivering power to the other set of wheels as needed. This is most efficient on fuel. However, there are some vehicles that deliver the same amount of torque to all four wheels at all times, though they are less fuel efficient. 

Winter driving is not for everyone, but if you live in a cold-weather state, you’ll probably be out on the roads in snow or ice at least a couple of times. To ensure you are safe and comfortable on the road, be sure to look for these features in your new vehicle.  

online car shopping

How to Find Repossessed Cars for Sale in Your Area

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!

car buying during shortages

3 Car Buying Tips in Today’s Market

If you need to buy a used car in today’s market, it’s probably going to look a lot different than it did the last time you shopped around. Between vehicle shortages, high prices and a booming demand, it’s important to know how to navigate a car purchase in these unprecedented times. 

Let’s check out three tips from the experts that will help you make a smart car purchase in 2022. 

1. Realize What You’re Up Against – and Adjust Your Expectations 

First thing’s first – you need to realize what type of market you’re buying a car in. There’s a computer chip shortage, which means new vehicles aren’t getting made. Plus, car manufacturers are still catching up from other pandemic-related factors such as shutdowns and quarantines. 

The cost of materials is also high. Steel, for example, increased by 200% last summer. Despite these challenges, there’s a booming demand for cars. A strong economic recovery, low interest rates and government stimulus checks have boosted much of this demand. However, automakers can’t keep up. 

2. Be Flexible – Don’t Limit Your Options 

Right now, flexibility is key. There’s a good chance that you won’t find exactly what you’re looking for at the price point you’re used to, so it’s important to keep an open mind. Chances are, there are a variety of brands, models and options that will fit your needs. 

It’s also worth considering older models, as many haven’t changed that much in terms of design and features. You can also expand your search by browsing less popular car types such as sedans, hatchbacks and smaller SUVs. 

3. Prepare to Pay Up – Vehicles Cost More Than They Used To 

Even if you’re able to find everything that you want, be prepared to pay more than what you’re used to. New cars are selling at or above MSRP. Used cars are worth thousands more than they were before the pandemic. This is supply and demand at its finest. 

And remember, dealers and private sellers are aware of the shortages and high demand. They likely won’t be interested in negotiating much, if at all. Expect to pay at least sticker price for the car you want. If you don’t want to pay this price, someone else will. 

If you need to buy a car in these unprecedented times, browse the inventory at RepoFinder.com. We have repossessed cars, trucks, SUVs and recreational vehicles at affordable prices – and they’re available to buy today! 

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. 

car accident

What Happens When the Car You Want Has Been in an Accident?

This entry was posted in Repo Cars and tagged , , on by .

When you start shopping for a used car, you know that you have to be willing to give up certain features. But the hope is that you will get a great car in the end. However, what happens when you find the perfect car and you discover it has been in an accident? Should you move forward with the sale or pick a different vehicle? 

Believe it or not, 40 percent of cars on the road today have suffered some type of damage. So the chances of finding a used car with a history of damage is not uncommon. If you’re looking for a great deal, it’s important not to discount these types of vehicles. 

Below is more information on buying a car that has been in an accident. 

Determine How Bad the Accident Was 

The first thing to do is find out how bad the accident was. You can get this information from a Carfax report. Minor damage might only be a dent or scrape. But a major accident is a red flag. However, it’s possible for the Carfax report to be inaccurate at times.  

For instance, if there were four cars involved in the crash and three had severe damage, the undamaged car might also get noted as having major damage. This is why it’s important to have the car inspected so that you know what you’re buying. 

Inspect the Vehicle 

Here at RepoFinder, we always recommend having used and repo cars inspected regardless of what the Carfax report says. Most mechanics can quickly identify a car that’s had paintwork. But remember, even if the vehicle was in an accident, it’s not the end of the world. Millions of cars are involved in crashes each year, and with proper work, are perfectly fine to drive again. Which brings us to our next point. 

Find Out Who Did the Repairs 

A major point to consider is who fixed the vehicle, as this will determine the quality of the repair. Your mechanic should be able to tell you how the job looks by evaluating how the paint colors match, how the panels fit together and so forth. If there’s any indication that corners were cut, it’s best to stay away from the vehicle. 

Know the Title Status 

Another important element is the title status. In many states, a salvage title is issued when the damage exceeds the current value of the car. A rebuilt title is issued when a car has been inspected by the state and has met certain safety criteria. These types of titles can never be changed so the next buyer will know that the car has been in an accident. 

Final Thoughts 

So should you purchase a used or repo vehicle that has been in an accident? Maybe. With so many cars being involved in accidents each year, it’s difficult to omit them all from your search. And many of these accidents are minor, with only light dings and scratches, so they won’t affect the safety and reliability of the vehicle. 

As always, the key is to do your research, have a mechanic or someone who knows a lot about cars inspect the vehicle and do a title and vehicle history search. To start browsing for safe, dependable cars at affordable prices, count on RepoFinder

car with rust

Should I Buy a Car that Has Rust?

This entry was posted in Repo Cars and tagged , , on by .

Are you thinking about buying a car that has rust on its body? Perhaps it’s a great deal and you’re not looking to spend a lot, but you’re worried that the rust could indicate a bigger problem. So should you buy a vehicle that has rust or should you make a hard pass? 

Rust happens when the metal in your car mixes with oxygen or water. Even if it doesn’t look that bad, rust can spread quickly and become a big problem. Not to mention, it’s a pretty bad eyesore. So the short answer to whether or not you should purchase a vehicle that has rust is ‘no.’

That said, there are different types of rust, and sometimes, there are spots that can be repaired. Let’s look closer at the variations in rust and which ones to steer clear of. 

Stages of Rust Explained 

Rust formation happens in four stages. The stage of the rust matters because there are different corrective actions to take.

  • Stage 0. This stage is ideal because it means there are no signs of rust such as paint bubbling or cracking. You can keep your car in this stage by keeping it clean and removing contaminate agents. 
  • Stage 1. This stage is called ‘surface rust’ and it happens when rust forms on the top layer of the car’s surface. You may notice signs like brown, black or white patches. Thankfully, this type of rust is easy to fix. However, if you ignore the rust, it will grow into a bigger problem.
  • Stage 2. At this stage, degradation has begun. This ‘scale rust’ phase is characterized by visible bubbling on the painted area of the car. This is caused from a reaction between the iron and oxygen.
  • Stage 3. The most advanced stage is the ‘penetrating rust’ stage where the rust has penetrated through the metallic components. In order to fix this problem, the whole entire body panel will need to be replaced. This isn’t an easy or cost-effective repair. 

Your Best Bet…Look for Cars with Rust-Free Body Panels

If you’re looking for a used or repossessed car and one pops up in your price range but has some rust, proceed with caution. It’s possible that the rust is only in Stage 1 and can be fixed. Ask a mechanic to look over the vehicle and provide you with their professional opinion. 

If the rust is any further than a Stage 1, it’s best to look into a different car. Once rust gets beneath the car’s surface, it’s going to spread like wildfire. Fortunately, there are plenty of places to shop for cars! For a great selection of used and repossessed vehicles at affordable prices, shop with RepoFinder

leasing a car

4 Biggest Disadvantages to Leasing a Car

This entry was posted in Repo Cars and tagged , , , on by .

Leasing a car might sound like a good idea, especially when comparing prices. Generally speaking, a leased vehicle has lower monthly payments than a new vehicle. Plus, you don’t have to worry about most repairs because they’ll be covered by the manufacturer’s bumper-to-bumper warranty. And when it comes time for a new vehicle, you can trade your lease in – no selling required – and move onto your next car.

But leasing is not for everyone. Below are four major pitfalls of leasing a vehicle that you’ll want to be aware of. 

1. You’ll always have a car payment. 

Most lease contracts are between two and three years. This means that every couple of years, you’ll have to trade in your lease and look for a new vehicle. On top of that, you’ll have a car payment until you buy a vehicle and pay it off. 

While leased car payments are generally lower than financing a new car, you won’t save money over the long term because you’ll always be making payments. On the flip side, you can purchase a vehicle and get rid of the payments once you pay it off. 

2. It’s hard to get out of a lease.

Leasing contracts are difficult to get out of. You’re usually stuck with the vehicle until you pay off everything you owe or wait until the end of the term. Ending your lease early often results in early termination fees. 

If you buy your own vehicle, you can sell your car when you’re ready for something else. And you don’t have to pay any extra fees to the lender – all you have to do is pay off the loan amount from the sale. 

3. There are mileage limits.

Leased cars usually have annual mileage limits of 10,000, 12,000 or 15,000 miles. This helps leasing companies prevent unnecessary wear and tear on their vehicles. If you drive more than this in a year, leasing probably isn’t for you. Otherwise, you’ll be responsible for paying extra mileage fees.

When you buy a vehicle, you don’t have to worry about any mile restrictions. You can drive where you want, when you want. Having high mileage will affect your resale value, but you don’t have to pay any more for it while you own the vehicle. 

4. Fewer options for borrowers with poor credit. 

If you have poor credit, you may not be eligible to lease a car. However, you have more options if you want to finance a vehicle, especially when you choose a repossessed vehicle. Repo sellers like banks and credit unions are highly motivated and usually able to negotiate a deal. 

Additionally, because there are different lenders with varying credit types, you can find more options in terms of financing. While you can expect your payments to be higher than someone with good credit, you can at least get your payments to an affordable amount each month.

Shop for Repossessed Cars 

These are just some of the reasons why leasing is not for everyone. It’s important to be informed, as this will help you make the best decision for your next car purchase. RepoFinder has a huge database of repossessed cars, trucks, luxury vehicles, SUVs and more. Browse our selection today and see how affordable a new vehicle can be!