There are a lot of good reasons for shopping for RVs at auctions. One of the best reasons for shopping at RV auctions is that you can get a great deal on the purchase of your next RV or motorhome. Yes, you can actually save thousands of dollars.
How do RVs end up at auction?
Well, normally this happens when the RV got foreclosed on or repoed by the bank. This happens when the owner has stopped or is unable to continue to make payments on the RV. The RV is repoed and then sold to the public at a public auction. The bank is not in the business of selling RVs to make a profit. They are mostly just interested in cutting their losses. For this reason, they will often take less on the RV than is owed, just to be able to sell it quicker. One disadvantage to buying these RVs is that you may need to put a little bit of fix up work into them to get them up to their peak condition.
Different Types of RVs Found at Auctions
Most people know that buying a used RV at auction is a great way to save a lot of money on the purchase of a used RV or motorhome. When people think of buying an RV at auction, they mostly think they are buying an RV that has been repoed by the lender because the owner has stopped making their payments. Although this does make a lot of the inventory found at RV auctions, there are also a lot of other types of RVs for sale.
For starters, you can sometimes find salvage RVs or RVs in need of a lot of repairs. Avoid RVs that need a lot of repairs unless you are an expert, or enjoy spending a lot of time fixing things. Also, you can find impounds or confiscated RVs. The third type is tax foreclosure RVs. These RVs are often a little more risky to get involved in, but they can have higher margins of profit.
Cautions to Use at Used RV Auctions
Used RV auctions are a great place to find good deals, and I highly recommend you use them in your search for you next RV. However, there are a few precautionary measures you need to take, to make sure you’re not stuck paying way too much for a piece of garbage.
First, before you even go to an RV auction, do your homework. Go visit some RV lots (leave any form of payment at home) and find out what you really want. Decide what you like and don’t like about different models and different classes of RVs. Once you have a pretty good idea of the RV you would like to buy, you’re ready to start looking at prices. Get online, and look in classifieds. You need to get a good idea of what a good price for your desired RV is, and then beat it by a mile at the auction.