Tag Archives: used cars

3 Things to Consider When Buying a Car Fixer Upper

This entry was posted in Repo Cars and tagged car fixer uppers, cheap cars, repo cars, used cars on July 22, 2022 by repofinder.

Buying a car fixer upper is not a bad idea, as long as you keep your expectations realistic. You’re not buying something new, so you can expect to put in some work. At the same time, you can save money and make the car your own. But just because you are saving money on the front end does not mean that you can’t get ripped off.

Below are three things to consider when buying a car fixer upper.

1. Take Your Time – Don’t Rush!

Unless you need a car immediately, take your time finding a vehicle that meets your needs and budget. Be open to different makes and models of vehicles, as you never know what you’ll find for old, beat-up models. You can also negotiate with sellers most of the time, especially if you’re looking at a repossessed model.

Lenders will take back a vehicle when the owner stops making their payments. However, banks and credit unions don’t sell cars, so they have trouble storing them on their lots. They simply want to recoup some of their losses, so they are usually very open and willing to negotiate. Be sure to include RepoFinder in your search for fixer uppers.

2. Look for Matching Parts

Once you find some vehicles that fit your criteria, try to find parts online. There are some essential repairs you can expect to make, such as changing the brakes. Search for these parts and make sure that they are available so that you can make the car safe to drive.

Also consider some bigger projects like replacing the transmission or engine. You’ll want to look for these parts, as well as smaller parts like headlights, fenders, car batteries, spark plugs and oil filters. If you want to be able to fix the vehicle, the correct parts must be available – and affordable.

3. Be Willing to Negotiate

Car fixer uppers cost less than other cars, but you want to make sure that the bargain you’re getting will be worth the time and money you put in. If the vehicle is a hobby, then you have more freedom as to how and when you make the repairs. But if the vehicle is a necessity, the repairs will need to come sooner.

Get a general idea of what fixer upper cars cost, and be willing to negotiate with the seller. See the car in person first as well so that you can determine if it’s a vehicle needing repairs or a complete piece of junk. Talking with the seller also allows you to ask questions face to face.

Shop for Car Fixer Uppers Today

These three tips will help you when buying a car fixer upper that is worth your time and money. Add RepoFinder to your list – we have a huge database of repo cars, trucks, SUVs and recreational vehicles that are being sold at bargain prices. Some are fixer uppers needing a bit of work, and others are in great condition. Find a car that you love today!

5 Sneaky Car Dealership Tricks to Be Aware Of

This entry was posted in Used Cars and tagged car shopping, financing, repo cars, used cars on July 13, 2022 by repofinder.

Even though most car dealers work hard to build long-lasting relationships with their customers, some are still pushy and live up to the stereotypes shown in TV and movies. It’s understandable why car salespeople have to be pushy at times – they’re working off commission. But that doesn’t mean that you have to fall for any of these traps – it’s your money after all!

Below are some of the most common car dealership tricks to be aware of. If you notice someone trying to pull these tactics on you, you’ll probably want to shop elsewhere. Cars are an investment, and you deserve to make a decision that you’re fully comfortable with.

1. Bait-and-Switch Trap

The bait-and-switch trap is one of the oldest in the books. The dealer promotes a great price on a vehicle and features it in an ad to bring in more traffic. When you arrive, however, you’re notified that the vehicle is no longer available. Instead, there’s a different car waiting for you – and it’s priced higher.

2. Fine Print Details

Always, always read the fine print. Car ads come with small print that the dealers hope you miss – and many people do. That’s because hidden within the print are disclaimers, stipulations and conditions that will make it nearly impossible for you to get the price that’s featured in the ad. For example, the dealer may require you to have near-perfect credit to get a particular financing offer.

3. Monthly Payments

Another common tactic is for a car salesperson to ask you how much you want to spend each month. This question seems innocent enough – your budget makes a difference after all. However, if you say your budget is $400 a month, the dealer can sell you any car and string the payments into a longer loan.

4. Payment Method

Car dealers may also ask how you will be paying for the car. Keep quiet, as how you pay makes a difference. For example, if you’re paying with cash or third-party financing, the dealership is likely to bump up the price since they won’t be making money off your loan. If you choose to use their financing department, you can expect to pay more.

5. Marking Up Interest Rate

Dealers may also offer sweet deals on the front end and then make up for them by increasing interest rates. They’re able to do this because dealers partner with different financing companies that offer indirect loans. In exchange for the loan, many of the partner banks let dealers mark up the interest rate and keep the difference. So, if a lender approves you for a loan with 6% interest, they might tell you the interest rate is 8% and then keep the 2%.

When you need a car, your options of where to shop may be limited. If you do choose a dealer, make sure that you don’t fall for any of these sneaky dealership tricks. You can also shop with RepoFinder – we have a huge database of repossessed vehicles for sale. Take your time reading through each listing, ask questions and make an offer. No pushy salespeople involved!

What are the Fastest Ways to Save for a Car?

This entry was posted in Used Cars and tagged cheap cars, financing, repo cars, used cars on July 5, 2022 by repofinder.

If you’re in the market for a new car, SUV or pickup truck, you’re probably aware that you need to gear up for high prices, sparse inventory and few incentives. It may not be the best time to shop for a new vehicle, but you might not be able to wait any longer.

Fortunately, things are getting better, and car prices are no longer increasing. But you can still expect to pay significantly more for a car today than a year or two ago. Below are some tips from the experts on how to save for a car – and fast!

Pick the Car You Want First

Decide on the vehicle you want to buy before you start saving. You may have a few different models picked out, and that’s okay. By having some vehicles in mind, you can look up their prices and know how much you have to save. Don’t forget to add in extra for fees, sales tax and insurance payments.

Decide How You’re Going to Pay for the Car

Once you have a car in mind, you can decide how you’re going to pay for it. Creating a timeline can be helpful, as you’ll be able to find a balance between the monthly payments you can afford and a down payment you can save for. There are a number of free online payment calculators you can use to crunch these numbers.

Set Up a Separate Savings Account

As you begin to save for your new car, keep your “car cash” separate. You don’t want to end up using your savings for other things like groceries, gas or a night out. Having a separate account allows you to see how much you have saved for your car and where you are in relation to your goal. To make things even easier, set up automatic transfers from your checking account.

Not sure how much you should be putting away each month? Anything helps, but experts recommend pretending like you already have the car payment. What you would be paying in a car payment can go directly into the savings account.

Sell Your Car Right Now

Normally, you would trade in your old car when you buy a new car. But these are different times, so it might be worth it to trade in your old car right now. In the meantime, you can drive a different car you own, car pool with neighbors or use public transportation. The purpose of this is to get the best price for your trade-in right now.

Save Money. Shop with RepoFinder.

When you’re ready to buy your new car, be sure to consider all of your options. RepoFinder has a huge inventory of repossessed vehicles, and they are available to the general public. You do not need a dealer’s license. You can take advantage of low prices, an expansive inventory and quick sales. Check out our used vehicles today!

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!

5 Things to Know About Electric Vehicles

This entry was posted in Used Cars and tagged electric cars, electric vehicles, EVs, used cars on May 1, 2022 by repofinder.

Are you thinking about buying an electric vehicle (EV)? Even though EVs account for a very small percentage of car sales, the market is slowly growing. Consider that global EV sales rose 40 percent between 2019 and 2020, due to the growing number of affordable electric cars and rising fuel costs.

If you’re considering switching over to an electric car, here are five important things to know.

1. Electric cars are more cost-effective in the long run.

Even though there are more affordable models of EVs, they still tend to cost more than petrol and diesel cars. This is mostly because of their batteries, yet in recent years, these prices have fallen significantly.

You should also consider your long term costs, and in this case, EVs come out on top. You can eliminate fuel costs and maintenance services. Plus, you can get money back from the incentives and tax breaks that are still available.

2. There are more models of EVs rolling out each year.

Over the next few years, there are tons of EVs rolling out. Some have been officially unveiled with specific launch dates, while others are still in the works. Many legacy automakers have announced that they’re adding an electric-only lineup, while startup EV makers are also becoming more common.

Even Apple and Sony are considering making their own electric cars! Some of the EVs we’re looking forward to seeing are the 2023 BMW i7, the 2024 Buick Electra and the 2025 Chrysler Airflow.

3. The U.S. is still offering incentives for EVs.

Some states have better incentives than others. For example, California offers the most support for EV buyers. Residents can qualify for up to $7,000 in state incentives through their Clean Vehicle Rebate Project. On the other hand, Alaska, Alabama and West Virginia offer little support to EV buyers.

There is also a federal tax credit worth up to $7,500 for certain alternative-energy cars. However, it only applies to new car sales – not leased vehicles – and some electric cars are no longer eligible. Still, it’s worth looking into!

4. EVs mean no more gas stops!

Average fuel costs right now are over $5.00 per gallon. It’s certainly not cheap to drive, but with an electric car, you can save on fuel costs and eliminate inconvenient trips to the gas station. Instead, the ‘fuel’ comes to you.

Most charging happens at home or work using a Level 2 charging station. Also, consider that up to 80 percent of a battery’s energy powers an electric car. In comparison, gas vehicles use most of the energy that they produce.

5. Chances are low that you’ll actually run out of battery.

About 57 percent of consumers avoid EVs because they’re worried about running out of power (something called range anxiety), but in reality, it’s only happened to about 5 percent of drivers.

Drivers get plenty of warning that their battery is low. It won’t just suddenly die out. In fact, some of the latest models have navigation systems that show you the closest places to charge your battery. Also, the range increases with new vehicles, which means there’s hardly any new EVs on the market that have less than a 250-mile range.

Electric vehicles are not just the future, they are a popular trend today, especially with the increase in gas prices. To shop for used EVs, visit RepoFinder today! We’re always getting in new vehicles, including some electric cars.

Best Affordable Used Cars You Can Buy Today

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

Looking for a new car that’s affordable, too? While this isn’t the best time to be shopping for new and used vehicles, you might not have a choice. You depend on your car to get you to and from places, and you need something reliable.

Fortunately, there are some budget-friendly cars that you can look into. These cars offer a great value for the money. To save even more, look for these models on RepoFinder.com. We have a huge database of used vehicles that is updated regularly!

In the meantime, here are the best economical cars on the market today!

Hyundai Elantra

The Hyundai Elantra is a great compact car that’s comfortable and enjoyable to drive. It’s also hip and stylish, and includes plenty of tech-savvy upgrades. A well-maintained Elantra should last over 150,000 miles, and may even get to 250,000 miles without any major repairs. For the average driver, that’s a lifespan of 10-15 years. The average price for used Hyundai Elantras are between $15,000 and $20,000.

Toyota Camry

The Toyota Camry is another great car that provides a smooth, enjoyable ride. Not to mention, Toyota earns the top spot as the best automaker for dependability. The Camry, in particular, is known as a reliable, affordable vehicle that accommodates families of all sizes. It looks compact, but it’s rather spacious on the inside. Average prices for a used Camry are under $30,000.

Dodge Charger

The Dodge Charger is a large and comfortable sedan. It has a powerful engine, roomy and comfortable seating and a spacious trunk. It’s a great pick for families that prefer a car over an SUV or truck. But, as you may know, the Charger is a muscle car that has a lot of speed, so it’s typically not the best choice for a new driver. While there are some more expensive models, you can get an older Charger for under $30,000 – and some even under $20,000!

Honda Accord

The Honda Accord is a midsize sedan that’s rated one of the most reliable of its kind. In fact, some people prefer the Accord over the Camry because it has higher torque and more passenger and cargo space. It has been one of the best-selling family-sized vehicles for over 15 years. You can usually pick up a used Accord for $20,000 to $27,000. And keep in mind, you’re getting plenty of luxury features included in this price!

Subaru Outback

Subaru has made a few adjustments to the Outback, making it a smart alternative to an SUV. While smaller than a typical SUV, this crossover can haul large items and has convenient features like blind spot monitoring and driver assistance systems. It also has a price that’s more in line with sedans instead of SUVs, with used models starting around $18,000.

These are some of the best affordable cars you can buy today. They have high safety ratings, the latest technology and comfortable interiors that the whole family will enjoy. To shop for affordable vehicles, visit RepoFinder today.

Buy a Car You Can Afford with These Tips

This entry was posted in Repo Cars and tagged financing, repo cars, repossessed cars, used cars on April 15, 2022 by repofinder.

Like most everything else these days, car prices have skyrocketed. Cars have always been expensive, but the pandemic has had a tremendous impact. First, car prices rose due to high demand and low inventory. We’re hoping that prices will drop as supply chain issues are fixed and there’s a better balance between supply and demand.

However, now we’re dealing with a new problem: rising inflation. Inflation is driving up car prices, just as it is fuel, groceries and utilities. In 2021, inflation rose to 7 percent, the biggest increase in nearly 40 years. Used car and truck prices shot up 37 percent last year, with the average used vehicle costing $29,000.

If you need a new vehicle, you might be stressing about how you can afford it. Below are three tips that will help you afford a vehicle of your choice!

Set a Monthly Number

The first step when buying any car is to set a monthly budget for what you can afford. Don’t forget your car insurance payments, too. Experts recommend spending no more than 15 percent of your monthly take-home pay on a vehicle. Depending on your budget, you may have to stick closer to 10 percent.

Based on these numbers, if you were to bring home $3,000 a month, your car payments should be around $300 to $450 a month. This is actually a good number to work with, providing that you’re interested in buying a sedan or coupe. If you’re looking for an SUV or truck, it might be more of a stretch.

Calculate Your Monthly Payment

Once you know how much you can spend, you can start shopping around for vehicles in your price range. New car ads and review sites generally list out the MSRP (manufacturer’s suggested retail price), but you can use a calculator to determine what your monthly payments will look like.

To get an accurate picture of what you’ll be paying, be sure to enter in your down payment and interest rate on the site’s calculator. Your interest rate depends on your credit score. Average interest rates with good credit (661-780) are 3.56 percent for new cars and 5.58 percent for used cars at the time of this writing.

Shop for Repossessed Cars

With the market being as competitive as it is, it’s helpful to shop for cars in different ways. For example, some people are shopping online and having their vehicles delivered to them. Others are attending auctions in their area. Another option you may not have yet considered is repossessed vehicles.

Repo vehicles are those that were taken away from their previous owners because they defaulted on their loans. These cars are often newer and in good condition – their owners just could no longer afford them. Many repossessed cars are sold in auctions, but RepoFinder sells them to the general public.

You can save up to 30-40 percent on a repossessed vehicle. And, because RepoFinder features vehicles being sold by banks and credit unions, you can often work out an even better deal by securing financing through them! To learn more about purchasing a repo car in your area, shop with RepoFinder today!

How to Save Up to 40 Percent on a Used Car

This entry was posted in Repo Cars and tagged financing, online car shopping, repo cars, repossessed cars, used cars on April 5, 2022 by repofinder.

With new cars topping $47,000, it’s understandable why you’re shopping for used vehicles at discount rates. But even used cars are expensive these days! A used sedan might only cost around $20,000 to $25,000, but a used SUV or pickup truck costs an average of $37,000!

If these prices are still out of your budget, rest assured that there are additional ways to save money on a used vehicle.

Consider Repossessed Cars

The first piece of advice is to open your search to repossessed vehicles. Repo vehicles are cars that have been taken from their owners because they couldn’t afford to make the payments. They are now in possession of the lender (i.e., bank or credit union) and ready to be sold.

Banks and credit unions are highly motivated sellers because they don’t have the space or capacity to store and sell cars. Browse RepoFinder’s database – it has hundreds of repo cars, trucks, sedans, etc. that you can place a bid on today! On average, repo cars are between 25 and 40 percent cheaper than new cars.

Shop for Vehicles Online

Another way to save money is by shopping online. You can see what’s available at local dealerships, saving time and hassle from driving from one dealership to the next. You can also expand your search by looking at cars in other locations, such as the next closest state or city.

The nice thing about shopping online is that you can take your time and make a good decision without pressure from a car salesperson. This could end up saving you hundreds or thousands of dollars, as it’s easier to spend more when you’re in a high-pressure environment.

Get the Right Financing

When you buy a car through a dealer, you’re more likely to use their financing department. While there is nothing wrong with this – it’s quick and convenient – you probably aren’t getting the best deal.

When you shop for cars on your own, you have the option to check interest rates through multiple lenders. You can then get a pre-approval from the lender with the best rates. Most lenders allow you to complete the application process online, so there’s not much you have to do but fill out some paperwork.

Keep Your Loan Short

Even though your payments will be smaller if you stretch out your loan to 72 or 84 months, you’ll end up paying more for your vehicle over time. And, if your car is getting older and experiencing problems after four years, you’ll still be locked in.

If you can swing it, keep your loan short. This way, you’ll be able to pay off your loan faster, and you won’t find yourself underwater if something happens to your car.

Make a Down Payment

If you sold your previous car to a private buyer, you can use this money for a down payment. A sizable down payment shortens your loan, and it can help you lock in lower interest rates. This happens because a down payment lowers your loan-to-value (LTV) ratio on your financing, making you more attractive to lenders.

If you don’t have a sizable down payment, look for specialized online lenders that offer low-rate auto loans without down payment requirements. Credit unions may also be willing to work with you.

These are some of the best ways to save up to 40 percent on a used car. Keep in mind that there are many ways to save – it’s not just the purchase price that makes a difference. For savings of up to 40 percent, shop with RepoFinder.com!