Bank Repossessed RVs: How to Avoid 7 Common Buying Mistakes
Mistake #1: Buying an RV that is too small or too big for you.Because some
bank repossessed RVs can be bought for so much less than others, many buyers focus on the price
rather than the size of the RV and end up with one that doesn’t work well for them. If you plan
on taking extended trips with a larger family, a small RV can end feeling cramped. An RV larger
than what you need will cost more to use and care for as well as be harder to drive and park.
Make sure you know that the RV will suit you before you bid on it.
Mistake #2: Not considering a particular RV because it doesn’t have an upgrade you want.If you are absolutely certain that the upgrade is something essential, look into how much it
would cost to add it on to the RV. While some things cannot be added or are very expensive to
put in, many times you can inexpensively update the RV with what you need, making it worth it
to get an almost perfect RV if the price is low enough.
Mistake #3: Buying an RV without inspecting it first.When purchasing an RV, it is important to carefully look it over before you buy or bid on it. This
is especially true of bank repossessed RVs that rarely come with maintenance records or other
paperwork. They may have been lived in extensively, resulting in overly worn furnishings and
appliances as well as mechanical issues. Looking at its condition will also help you determine
what a fair price would be.
Mistake #4: Assuming all the RVs at the auction will be in similar condition.The inventory at any auction comes from different owners who cared for their RVs in different
ways. Even if the RVs you looked at were in great shape that doesn’t mean all of them are. You
take a risk bidding on any RV unseen, so try to at least look inside any you are considering
Mistake #5: Bidding without knowing values.Bidding on an RV with no idea of what its trade-in or market values are can lead to overbidding.
Because used RVs vary so much in size, age, mileage and amenities, the prices are very different
for each one. Two RVs that look similar on the outside can have vastly different retail prices.
Use the trade-in value as your absolute maximum bid and then lower it based on the condition of
the RV and any repairs that are needed.
Mistake #6: Not further researching the trade-in value.While the values in the recreational vehicles section of used vehicle guides are a great starting
point, they do not always completely reflect actual pricing. Since RV use is typically seasonal,
prices go up right before and during the peak season and down in the winter, with regional
variations in pricing too. It is always a good idea to double check values against local ads and
with dealers, especially if you are hoping to resell the RV for a profit.
Mistake #7: Not having all the money available.Most auctions require you to pay in full at the close of the auction or at least put down a deposit
with the rest required in a day or two. You need to have any financing arranged well before the
auction and the money available in an acceptable form.