Is this a good method to get a relatively new car for comparatively less money?
Given, saving money on a car loan may be kind of an oxymoron, but that's the nature of the beast.
I'm a typical middle class guy, and I like to drive midsize sedans. But I never buy new, because I can save a lot of money just buying slightly used cars, so I just go for cars 1-2 years old with low miles.
But it just hit me: Is there even more money to be saved? Am I doing it all wrong buying from dealerships?
I'm fairly open as far as like new, midsize newer sedans go, as long as it's a sound make.
Well what about buying repo cars from finance companies?
Many of these will be in my criteria of a year or two old with low miles. They had to be financed after all.
And as I understand it, finance companies and banks aren't in the business of selling cars. They don't want the car, they want the cash, but it came to that through the last resort which is repossession. And now they want to unload it and fast.
Could I likely get a lower price buying a one or two year old repo car than any price a dealership would let the same car go for?
Sure, there won't be any kind of limited warranty that many dealerships offer on much of their used stock, but I figure the few and far between mechanical repairs a newer low mileage car will need in the near future could be more than offset by the amount I save on the purchase itself.
What do you think?