I'm a bargain hunter. But I don't like getting burned - and I was burned by bogus websites claiming to be government and repo auction sites. Don't make my mistakes. Search intelligently and use proven websites.
Consider the sound economics of buying at auction for your next vehicle. It convinced me.
Consider a 2005 Toyota Camry. Buy it at a dealer or from its former owner and you'll pay an average of $16,000. If you get a 5-year loan at 7% interest, your payment will be $316 a month. Not so bad, right?
But now consider finding that same car at auction and paying $5,000 - a very common auction price on this common car. Your payment on a 5-year loan at 7% for this car would be $99. That's a savings of $217 a month - imagine saving that money or having its additional heft for a bigger mortgage payment or home improvements. It's a $2,500 a year difference - a total of $12,500 in savings over the course of the loan.
And, even better, if you hunt with just a little effort at trustworthy, proven auto auction sites, you can find a 2005 Camry for as low as $3,000 - that would be a $59 monthly payment on a 5-year, 7% loan - a $257 monthly savings on your car payment!
I found the BMW SUV my family wanted for less than 25% of market value. It allowed me to consider a car that, normally, I couldn't afford.
Give the auction sites a shot and widen your driving possibilities and improve your life.
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I've been hearing from a lot of you! Thanks for the emails! Here's what some people are saying:
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"Getting my car via auction proved to be one of the best things I've done in years. Thanks for posting all of this information, it really helped!" -- Craig S., New Jersey