Pickup trucks can be ridiculously expensive, especially if you’re aiming for luxury brands. But as cliché as it may sound, if there’s a will, there’s a way.
If you’re planning to buy a used truck, consider:
- Surplus: Vehicles are sold cheap since the demand for them is low.
- Trade-in: A truck for trade-in means it can be used as a partial payment for a higher-priced used truck.
- Certified pre-owned: Some of the most prized used trucks are certified pre-owned (CPO), which means they have already been inspected, tested, refurbished, and, most of all, certified by the car manufacturer.
- Repossessed: Usually these are trucks that have been repossessed through court or voluntary action because the previous owner has defaulted from his repayments. A major reason for selling the truck is to recover losses due to defaults. Thus, these vehicles are priced cheap.
- Seized: These are vehicles that have been seized by the government usually via the defense agencies because of civil forfeiture.
- Salvage: This should be the least of your priorities. The fact they are already considered salvage means they have already lost their salvageable value and have been deemed a total loss by the insurance company.
How to Join an Online Auction
Joining an online auction is the best way to win a bargain pickup truck when you don’t want to travel or are busy to participate in a live auction. This is also a good choice if you don’t like the pressure that comes with seeing your competitors, which, of course, happen if you are in a live auction.
- Find a good online auction program. Some of the best pickup truck bargains are those offered by a government auction. They are believed to be in good condition and with clean titles as agencies don’t want to run the risk of selling a bad vehicle.
- Register for free.
- Select the vehicles that are up for bidding. Determine their minimum bidding price.
- Set your bid.
- Monitor your bidding and change yours until you reach your maximum price or you’ve beaten the others. At this point, you don’t spend any money, although you can make a deposit to improve your chances of winning the bid.
- If you win, wait for further notice on when and where you can get the truck. This is the time you can test drive, process your paperwork, and pay for the truck.
- If you want to supplement your funds with an auto loan, do it before you start bidding. With hundreds of lenders out there, you should be able to find one quickly that can give you a great deal.
- Note that these vehicles are sold as is. Do your due diligence and research as much as you can about the truck, including checking VIN reports.
- Once you start bidding, you can no longer back out, so bid only when you’re finally ready.
- Keep track of your bids. Sometimes the auction can run very fast and you may miss the opportunity to secure a pickup truck because you are not paying attention.