A repossessed car is just a used car for sale. You have to use your discretion when buying it the exact same as any other used car.
Depends on year, mileage, maintenance records, and price. If it's a steal of a price, take it to a mechanic you trust for a good look over.If you were interested in a vehicle but a Carfax reported a repossession, would that disqualify the car for you? Would it matter how long it had been owned by that person before taken back?
I figure someone unable or unwilling to keep up payments probably didn’t keep up maintenance either. On the other hand if they only owned it a few months and didn’t put on a lot of miles then they might not have had time to do too much damage.
This.There are exceptions to everything, but probably not.
Definitely pass.If you were interested in a vehicle but a Carfax reported a repossession, would that disqualify the car for you? Would it matter how long it had been owned by that person before taken back?
I figure someone unable or unwilling to keep up payments probably didn’t keep up maintenance either. On the other hand if they only owned it a few months and didn’t put on a lot of miles then they might not have had time to do too much damage.
Your post triggered a thought. I would much prefer to buy a repossessed car than a foreclosed home. The scenario you posted is real life, a person who has a bad life event has their care repossessed. Repos don't take years to execute.Being a repo would not matter to me.
My coworker/friend bought a repo pickup 3 years ago, and its been ultra reliable since.
The only person I know who had a vehicle repossessed, she couldn't afford the payments any more after getting very sick, losing her job, and having to pay for expensive medication. It was a good vehicle, well taken care of, but life dealt her a blow.
Whoever ended up with her used suv got a great vehicle.
But a lot of the worst home problems caused by neglect can be seen with just a careful walkthrough. You often don’t know a car has been driven with low, dirty oil until a rod starts knocking three months later. I know houses can have unseen plumbing or electrical issues but those are more likely caused by actual abuse than by simple neglect. A home shows its lack of critical maintenance more easily than a car IMO.Your post triggered a thought. I would much prefer to buy a repossessed car than a foreclosed home. The scenario you posted is real life, a person who has a bad life event has their care repossessed. Repos don't take years to execute.
A foreclosed home often takes years to execute, and the damage/ condition is many time unthinkable. With such a strong housing market, it is quite easy to instantly sell a home when one is in grave financial duress. So the homes that are foreclosed end up most often being real, real bad.