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Repo Trailer Auction Secrets Revealed
It's true, today's economic times are a bit uncertain and the number of trailer repos and foreclosures are increasing. Most people recognize this is a buyers market and that this is a great buy. Buying a trailer repo can be a great way to save money.
Although dealers mark up can be as much as 30 to 55% on new trailers, you can avoid that entirely by buying your next trailer at a trailer repo auction. Plus new trailers lose up to 30% of their value in the first year. You can get a much better deal by buying private party or at a trailer repo auction instead.
The first steps to finding good deals at trailer repo auctions is finding where these auctions take place. Here are 3 ways to do it 1) Talk to a local trailer dealers and find out where they their inventory at auction. (Caution: They may view you as a competitor. 2) Talk to local financial lending institutions (i.e. bank and credit unions) (They may not know what you are talking about.) 3) Check local trailer classifieds and newspapers for ad about trailer actions.
How to buy trailer repos The 1st step to buying a repo trailer at an auction is to know in advance the value of the unit you are bidding on. You can use value guides such as the NADA and Kelley blue book to help you approximate value. Going to a few auctions beforehand will also help you know what you are bidding on. Don't bid to much. This is why if is important to be focused and set in advance a ceiling bid for the maximum amount are willing to bid you the bank repo trailer. Also don't get emotional about any trailer as this can also cause you to overbid.
It is vitally important to have the repo trailer inspected either before you bid or before you finalize the sell. If you find any major repairs that will be needed make sure that you fact them into the total cost of the sale. Most trailer sales are 'as is' but doing your own proper due diligence will save you a lot of time later on.
About the Author Looking for Trailers, Campers, Fifth wheels and Trailer Repos available here!
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