Everything You Need to Know About Repossessed Car Auctions UK
Find out everything you need to know about repossessed cars and repossessed car auctions in the UK. By the end of this, you’ll know exactly what they are, how you can benefit from buying one, and why they’re a great choice for all types of buyers.
So let’s get going.
What is a repossessed car?
A repossessed car is a name given to a car that’s been originally bought on finance — whether it’s hire purchase (HP) or a personal contract purchase (PCP) — and has been taken from the buyer because they have failed to stick to the terms of the contract or failed to make repayments.
Repossession is the last resort for finance companies, and they will only do this after all the other avenues of repayment have been exhausted. A repossession will start with the finance company arranging a bailiff, who will retrieve the car so the finance company can sell it on to recoup any money lost.
Why might a car get repossessed?
Almost all repossessions are a result of the owner not sticking to the finance contract — whether it’s missing payments or breaching another key term.
With HP and PCP finance contracts, the person providing the finance (usually a bank or a finance company) owns the car until all the payments have been made. So if a buyer fails to stick to the contract, the bank or finance company will simply reclaim (and then sell) the vehicle to make up for the missed payments.
Once the vehicle has been seized from the owner, it will be delivered to one of our Operation Centres, where we list it for auction.
Why repossessed car auctions are a great choice
For most people, when choosing whether to buy a repossessed, it all comes down to the price. And rightly so. Because you can pick up a car for a fraction of the price of a dealership or a standard car auction. On average, it’s around 20 to 30 per cent lower than what the car initially sells for.
As well as being cheaper, most repossessed cars come with low mileage and are in exceptional condition, making them a great option for all types of buyers — especially trade buyers who deal with consumers.
Why choose Copart for your repossessed car?
Unlike other repossessed car auctions, the vehicles available at Copart are unique to us, meaning you can’t buy them anywhere else. Our stock covers all types of makes, models and styles, from hatchbacks and saloons to vans and estates — there really is something for every buyer. And, with most of our repossession vehicles being in excellent condition, with no or few structural or cosmetic issues, they’re great value too.
At Copart, we deliver to all UK mainland cities, so you don’t need to travel to pick up your new vehicle. Oh, and you can check the Lot's additional information to see if we have run a HPI check, and you can also purchase a Vehicle History Report, to give you peace of mind that there aren’t any outstanding payments required on the vehicle.
Our live online actions start at midday, Monday to Friday, but you’re free to place a bid at any time. As well as bidding, some vehicles have a buy it now option, perfect if you want to make a quick purchase or you have your sights set on a specific vehicle.
How to Buy Repossession Cars at Copart
To buy repossion cars in our trade auctions, you will need to register as a Copart Member.
To register, simply complete the form on our registration page, pay your registration fee, provide us with 1 form of photographic ID and 1 proof of address.
Check Out Popular Brands of Repossessed Cars
FAQs
Is it okay to buy repossessed cars?
Of course! If you’re looking for a great deal on a used car, repossessed cars are definitely worth a look. Many of our repossessed cars are in excellent condition, with only minor signs of normal wear and tear. And with a price tag well below market value, they could be a great investment.
Are repossessed car auctions worth it?
Whether you’re a trade buyer or you’re buying for personal use, repossessed car auctions are absolutely worth it. As well as having a wide range of vehicles to choose from, some repossessed cars are only a few years old with low mileage — giving them great resale potential.
Who should buy a repossession?
It all comes down to what you’re after. Though, repossessions are more likely to be suited to a trade buyer dealing with consumers rather than a salvage buyer looking to fix it up and sell it on. Make sure you take your time to read the description of the car carefully so you can make an educated decision on which car to pick.
Do I need to worry about finance still on a repossessed vehicle?
No, not with Copart! All our vehicles will either have their finance markers removed or will be cleared on the day payment is received, giving you peace of mind that there aren’t any outstanding payments required on the vehicle.