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Naive Car Question

  • 12-04-2010 3:37pm
    #1
    Eliza Lynch
    Registered Users Posts: 79 ✭✭


    Right so here goes.....

    I am wondering if anyone knows anything the car auctions the banks are currently holding?
    Such as...
    http://www.merlincarauctions.ie/dynamic.php?lang=&id_menu=115

    Are these any good?
    I was told that the banks just want to reach their cash need (ie the amount still out standing on the loan etc) from the sale of the cars and don't care how much they go for? Is this a pipe dream?

    Any input in relation to this would be great, esp anyone who would have any experience of these auctions.


Comments

  • #2
    MidlandsM
    Banned (with Prison Access) Posts: 5,737 ✭✭✭MidlandsM


    Pipe dream, Right now, car auction prices are only about 10% less than retail - and you'll get no warranty and time to consider your purchase.
    Dont bother if the above concerns you.


  • #3
    Anan1
    Registered Users, Registered Users 2 Posts: 22,815 ✭✭✭✭Anan1


    Eliza Lynch wrote: »
    I was told that the banks just want to reach their cash need (ie the amount still out standing on the loan etc) from the sale of the cars and don't care how much they go for?
    Quite possibly, but the price the car sells for is determined by the bidder, not the bank. I'd steer clear of auctions unless you are experienced enough to accurately appraise both the car and its value under pressure.


  • #4
    Eliza Lynch
    Registered Users Posts: 79 ✭✭Eliza Lynch


    Thank you for the honest answers, I thought perhaps I could get a good car so my resale would be easier.

    I might just go to one to have a look with out buying, just to see what its like.

    in the mean time if you know of any bargin small cars with low milage esp Yaris's let me know!ha!


  • #5
    Muckie
    Registered Users, Registered Users 2 Posts: 1,763 ✭✭✭Muckie


    If your going to a car auction, definitely bring someone
    mechanically mined, as for a cheap car try the adverts.ie
    section could pick up what you need there.


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