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News Every Day |

‘Way underneath market value’: Expert exposes little-known hack for buying a car—for cheaper than at the dealership

For car shoppers in the U.S., navigating the market has become increasingly difficult—and expensive.

Before the pandemic, consumers could easily find a good quality used car for $20,000. However, in 2023, those vehicles made up just 12.4% of the market, as reported by CarScoops.

Compounding this issue, the average cost of a used car has climbed to $25,499, according to Kelley Blue Book. The site’s experts predict that "the nationwide used car supply will likely remain this way for years," suffering from the shortages caused by the pandemic. 

Amid these challenges, experts have taken to online platforms to share money-saving tips for car buyers. Recently, one expert shared a TikTok video explaining how to purchase repossessed vehicles as a cost-effective alternative, sparking debate among his viewers. 

How can shoppers save money buying repossessed vehicles?

TikToker and car dealer Yusuf Benallal (@ridewithyusuf) recently shared some advice for car shoppers looking to snag a quality vehicle for less than market value—without needing an auction license.

“Give you guys some free game today on where to go buy good used vehicles underneath market value, where to go buy repo cars, and you don’t need an auction license to go buy,” Benallal begins in his video, which has garnered over 420,400 views.

In the video, Benallal visits Legacy Motorcars Austell in Austell, Georgia, showing viewers what kinds of vehicles they can expect from similar locations.

“They have an RV. They have sports cars like Camaros, they got Mercedes, they have vans, they have a bunch of work trucks,” Benallal lists. “Everything for a fraction of what it costs to go at a dealership and go buy, and all these are repos,” he says.

Benallal explains that these vehicles are often repossessed due to unpaid loans. 

He notes, “Now, instant cash title loan places are very predatory. They have high APRs, they have high payments, their repayment terms are atrocious, but some people get in a tight bind and they just go ahead and go with it.”

While these loans can be problematic for borrowers, Benallal points out the potential benefit for buyers.

“A lot of these places underwrite with only about 60 to 75% of the vehicle’s value,” he says. According to him, this allows buyers to purchase vehicles well below market price if they’re willing to shop at these locations.

Where can one find repossessed vehicles for sale?

To find repo cars, Benallal suggests searching online for local title loan places.

“Google around instant title loan, cash places, or title loan places around you,” he advises. Call them and be like, ‘Hey, I’m interested in any of the repos that you have available at your location,’” he advises.

He also encourages potential buyers to do their research. “Go check them out, see how much it’s worth on KBB [Kelley Blue Book], ask them what they need to have out of it in order for them to sell it to you, and negotiate,” he says.

With some persistence and preparation, you might “walk away with an amazing vehicle at an amazing price,” Benallal concludes.

Is it advisable to purchase repossessed vehicles?

According to Capital One, buying a repossessed car can save you money, but it’s not without risks.

The site states repo cars are often sold for less because the lender or seller is trying to recover their losses.

However, dealerships often sell these cars "as-is," which means they might come with hidden issues like poor maintenance or damage from the previous owner.

Capital One notes that you can purchase repo cars through various avenues, including banks, auctions, and dealerships. 

However, each method comes with different levels of risk and convenience. For example, cars bought at auctions often don’t allow for inspections. For dealerships, on the other hand, sales may include repairs and partial warranties, though at higher prices.

@ridewithyusuf Here is a way to buy repo cars without a dealer license! Anyone can do it! #cars #cardealer #fyp #repo #carrepo #carauction #cartok #dealership #dealershiptiktok ♬ original sound - Ride With Yusuf

Viewers share more advice

In the comments, users shared more tips on how to buy repo cars, while others warned against it. 

“Or just go to the bank and ask for their repo list,” suggested one user.

“The majority of those types of cars are not taken care of!” warned another. “There is always a reason they are willing to sell cheap.”

“Repos tend to be rough cars because when they can't afford the payment they definitely can't afford to maintain it,” stated a third. “So I would recommend carefully inspecting them.”

The Daily Dot has reached out to Yusuf Benallal (@ridewithyusuf) via email and Instagram direct message for comment.

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The post ‘Way underneath market value’: Expert exposes little-known hack for buying a car—for cheaper than at the dealership appeared first on The Daily Dot.

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