How are cars priced at repossessed car auctions?

Answer by  RBaumann02 (90)

Cars are priced according to their original sale price to the lien holder who has had their car repossessed, minus the loss of value that they incurred due to the wear and tear they took out on their vehicle. Good deals can be expected at these auctions because the current lien holder wants to get rid of the car.

Answer by  Ben80 (288)

Cars at a repossessed car auction are usually priced based on the current standard value and then lowered depending on the miles and if there is any damage and how well they run. They are not priced based on how much the person who owned it owes rather how they can get rid of the vehicle.

Answer by  Amber40 (24961)

Due to the nature of a auctions, the prices are really set the buyers. The auctioneer will start with a ball park number. If no one is will to bid that amount he will lower it slightly. He will continue to do this until someone finally bids. Bidding continues until eventually one person wins it.

Answer by  DesertRat (699)

Cars sold at auction - including those for cars that have been repossessed - are priced based simply on what the attending bidders are willing to pay. Cars seldom sell for less than 60% of their estimated value; most will sell for between 70 and 90% of the retail value found in the Kelly Blue Book or similar valuation tools.