In reality, there are several types of auction RVs that you can buy. You can buy them either at a live auction, a silent auction or at an online auction. Basically, there are four different types. First of all, you have RVs that have been repossessed. These are probably the largest category of RVs that are sold at an auction. These are typically sold by the credit union or by the bank after they have ta
ken possession of the RV. The reason why they are sold at an auction is because the lender wants to get their money back out of their investment as soon as they can.
Aside from repossessed RVs, there are also salvage RVs. Usually salvage RVs are RVs that have been salvaged. This often happens when the RV has been involved in an accident and it is going to cost at least 60% of the value of the RV in order to fix it. The RV companies don’t want to risk that it may even cost them more to fix it than what it is worth. So, they decide to salvage the RV and pay the owner the full amount. Then, they take the RV to an auction to sell to the highest bidder. The nice thing about salvage RVs is that you can often buy them for 80 or 90% below their normal retail value. You do need to be careful however, that you can fix the RV and that you can make it work for your needs.
Occasionally, a motivated seller will take their RV to an auction to sell it quickly as well. This really isn’t the best way to sell your RV, and you won’t get as much for it as if you had sold it on your own, but it is a quick way to sell. Sometimes people who feel very pressured into selling quickly may think of RV auctions as their best option.
In addition to all of the auctions mentioned above, there is also an estate auction or a bankruptcy auction, and RV auctions online. If someone owes on an RV, the RV can be auctioned off as an estate sale or a bankruptcy sale. This is a really good chance for you to get an RV at a great price. There probably are going to be a lot of people bidding against you for the same RV. Sometimes, the estate auction won’t even advertise that they have an RV for sale. If you show up at the estate auction, you might be the only one bidding on it. There are also RV auctions that are happening online. Just remember to be extra vigilant when bidding online. Since there are a lot of scams on the internet, it is in your best interest to meet up with an owner and see the RV personally, before you make any bid on it.
- Buying A Used RV Is Fine, But You Have To Remember To Do Your Homework (intervogs.com)
- What Is A Right Time To Sell Your RV Or Travel Trailer? (intervogs.com)