What Is a Repossessed Car and Why Should You Consider It?

What Is a Repossessed Car and Why Should You Consider It?

Updated on June 14 2024

For most people, buying a car means going for either brand new or secondhand. But did you know that there is a third, viable option available when looking for your daily driver or dream car? We refer to repossessed cars.

Repossessed: The Better Secondhand Option

A repossessed car, as the name suggests, is a vehicle that has been taken back or repossessed by the bank because the owner was not able to fulfill his/her obligation to pay off  the balance. Repossessed cars are in relatively newer condition and you can find good prices for cars that are one to two years old.  What does this mean for car buyers, you ask?

Firstly, the unit could very well be the same model that’s being sold brand new in the market. Unless it's a model like the Honda City, which just had its full model change last October 2020, a 1-2 year old unit would pretty much be what’s sold in dealerships.

Better-Priced, Better Quality

While it is the same model being sold brand new in dealers, a repo car, as it is fondly called, is a lot less expensive than its brand-new counterpart. Sometimes, this can be as much as 30-50% off.  Plus, we at Automart will help make sure that the quality you see, or "as is, where is," is observed.

If you want to find out more about why you should consider buying a repossessed car, check out our video.

So, would you consider buying a repossessed car?