If drivers are caught violating certain traffic rules and are unable to drive away from the scene, the police have the option of impounding the vehicle. Although most owners eventually pay the impound fee to recover their car at a later date, sometimes they are unable or unwilling to do so and the vehicle becomes police property.
Since it is simply not possible to keep all impounded cars in police possession, police departments regularly clean up their vehicle inventories by selling them at auctions. This gives the public an opportunity to acquire a used vehicle cheaply and increases police coffers to continue protecting and serving their communities. These previously impounded vehicles are not always bought to be driven; sometimes they are bought to sell at a profit.
There are two ways to buy a police impounded car: at a live auction or at an online auction. While there are similarities between the two, such as B. the fact that the highest bidder wins the bid, there are also some inherent differences between the two formats.
Part 1 of 3: Buying an impounded car at a live auction
Step 1: Find out about upcoming auctions. The easiest way to find out if there is a live auction scheduled near you in the near future is to call the police department and ask. Note upcoming auctions for confiscated goods and mark them on your calendar for future reference.
- Top: When the day comes, be prepared to be at the auction all day as they tend to be lengthy. Have someone ready to drive your vehicle or any car you buy for your home.
Step 2: Examine the vehicles before the actual auction. Come to the auction early enoughthoroughly inspect available vehicles, and register for your bid number, which will identify you when you place a bid.
Step 3: Bid on the vehicle. Later, when a vehicle of your interest is auctioned, increment its number well so the auctioneer can see when you want to bid, bearing in mind that paying this amount is your responsibility.
If you are outbid by another bidder, you have the option of keeping your number and placing a higher bid. In the end, the highest bidder wins.
Step 4: Complete the logs if you win. If you win an impounded car at a live auction, follow the auction's checkout protocol, which you can likely find where you registered.
Once you have paid for your vehicle and all the paperwork is done, you can use the car as you wish, including selling it for a profit.
Part 2 of 3: Buying a Impounded Car at an Online Auction
Buying a confiscated car at an online auction is like a live auction; The main difference is that you only physically see it after you buy it. Please read the vehicle description carefully and review all photos included in the listing. Many online auctions also give you the opportunity to ask questions, so use them if you have any.
Step 1: Register on the online auction site. If you decide to bid, register on the online auction site so that you can be identified if you win the auction.
Again, the easiest way to find out about upcoming impounded car auctions is to call your local police station and ask about cars they are unloading.
Step 2: Place your highest bid. Enter the maximum dollar amount you are willing to pay.
It is possible that the winning bid is less than the amount entered and you may win for less. It is also possible that another registered user will overwrite you.
- Top: Towards the end of the auction, keep an eye on the auction page to see if you were outbid and had an opportunity to bid higher. Just try to resist the urge to lose yourself in the moment and pay more than you really want to pay.
Step 3: Pay for the vehicle and collect the car. If you win a bid, you must pay for your car by bank transfer, credit card or any other method accepted by the site. Then you have to decide whether you want to pick up or drop off your car, which involves additional fees.
Part 3 of 3: Selling a previously impounded car
Step 1: Decide what the selling price for the car should be. The value should be more than what you paid for it and also a few $100 more than you will accept from a buyer. It is common for buyers and sellers to negotiate a final price. See a site likeKelley Blue BookorANYTHINGon the actual value of your vehicle and use this as a guide.
- Top: Read our article for more information on selling your car.How to sell a car.
Step 2: Promote your car. Choose how you want the public to know your car is for sale.
You can put a For Sale sign on your windshield with your phone number and park it where other passersby can see it.
You can also place an ad in your local newspaper or on an online classifieds site such asCraigsliste.
Step 3: Accommodate potential buyers. If potential buyers have questions about your car for sale, answer their questions as best you can and make an appointment to view and test drive the vehicle.
As mentioned earlier, expect prospects to offer to pay less than the asking price. You can accept this offer for a higher amount, but less than your original price, but do not accept an offer that is lower than the amount you paid for the car.
Step 4: Perform a title transfer. When you and a buyer agree on a price, you get paid for the car in full.
Then fill out the back of your car title with your name, address, mileage of the car and how much the buyer paid. Sign the title and write aFiscal Note.
This can be done on plain paper and should simply state that you sold the vehicle to the buyer with their full name, date of sale and amount sold.
Step 5: Give the car keys to the buyer. Once the deed of sale is finalized and signed by both parties and full payment is made, you can officially transfer the keys to the new owner and enjoy your winnings.
Buying an impounded car can be a great way to get a car at a decent price or even make a profit (with a little extra effort). If you want to make sure that the impounded car you receive is in good condition, you can call in one of our mechanicsgive the vehicle a thorough inspectionto make the necessary repairs.
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