I sorta had an idea the other day about repossessed car auctions. I know someone who purchased a car at one of these places for like next to nothing, and it’s worth like 10 times what he purchased it for. Is there any money in reselling the cars you purchase at repossessed car auctions?
3 Responses
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TAF187 Says:
those cases are extremly rare and remember repossed vehicles are usually in bad shape because the people know they are getting repo so they don’t take care of them .. now a days with the bad economy its not a good idea remember you go to the auction to get a deal and so will everyone else..
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MandaKaye17 Says:
Usually a repossessed vehicle is either really dirty or a ticking time bomb that dealers rig up just to get rid of it. If you have the extra cash to invest in something like that, be careful of what you buy. and get a bunch of “AS-IS” forms. lol
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CarmelKM Says:
You can make a lot of money buying an selling the cars you buy from an auction. But most states put a cap on the number of cars you can sell each year. After that you have to get a dealer’s license, which can be pretty expensive, depending on where you live.
