Is it really possible to buy used cars under 500 dollars? Yes, it is, but it does take some work to find ones worthy of driving. While you probably won’t find decent, super reliable, low mileage vehicles in this price range, or even the $1000 range, you can find roadworthy automobiles that you can drive away with for cheap. Let’s look at some of the best ways to buy used cars under 500 dollars, so you know where to look for the bargains. I’ll start with repos and go from there.
Bank Repossession Vehicles
You can buy used cars under 500 dollars (and trucks, too) by checking local or regional banks and lenders for their repossession automobiles. As people default on their loans, they banks seize or repo the autos and put them up for sale. Sometimes they are sold by silent auction, and sometimes they are simply sold for fair market value or less. If you are looking to buy used cars under $500, this is a good option to consider. A simple phone call to local banks and lenders will yield some repo results, with some being in the $1000 range or less.
Sheriff or Police Impound Sales
Vehicle up for sale at these events have generally been seized or recovered by law enforcement following a crime, or have gone unclaimed. It’s a legit way to buy used cars under 500 dollars. You will generally only get a bill of sale, not a title, but you will typically not have issues registering the auto. Most will have owner applied numbers, in the absence of serial numbers. It’s just one of the many methods you could employ to buy used cars under 500 bucks, cash.
These can include impound sales as listed above, but it can also include county or city vehicles that have been replaced. This gives you a good option to use to buy used cars under $500. You’ll sometimes be pleasantly surprised at the bargains you can find, even if you have limited funds. Up it to $1,000 and you’ll find even more options. It’s a legit method to try when you are looking to buy used cars under 500 dollars. Even the cheap ones at these sales, assuming they are old county or city vehicles, have generally been maintained well.
If you have a buddy that works in the industry, you may be able to attend a dealer’s auction. You may find repos or other seized vehicles, along with trade-ins from other dealerships. It’s a good way to buy used cars under $500.
Try making lowball bids online on auction sites and see what happens. You may get lucky and be able to buy used cars under 500 dollars that way. In addition, you can scan the classified ads and see if people will take less for their truck or auto for a cash sale. It’s a legit method to use.