- Joined
- Jun 12, 2023
- Messages
- 2
So, I'm interested in purchasing vehicles through IAAI and was hoping someone could help me with some info and advice.
My situation: I've got quite a good bit of experience working on cars and I'm in a financial position where taking a loss on a vehicle would not be the end of the world (although the wife wouldn't be too happy with me ). I also live close to the Detroit IAAI branch. I'm also in no hurry (only buying the exact deal I'm looking for even if that's less than once a year). I'm hoping to, at worst, buy my own family a vehicle for cheap or, at best, buy 1 or 2 vehicles a year to flip for a little side cash.
The type of deals I'm looking at: Since I'm no salvage rebuilder, I'm basically only looking at vehicles that are Available to the Public, Run & Drive, Keys Present,
My questions:
1. I'm wary. These deals seem too good to be true and most of the time that means you're missing something. The Rav4 shown above, for example, seems to be a $24k vehicle, likely getting sold for around $10k. Even including IAAI's fees, some unexpected repair costs, and registration/title, this would still be a steal compared with buying something comparable from a dealer or privately. And this is by far the best I've seen. I recently saw a 2020 Durango worth $36k (no damage listed at all) sell for $6k. So what gives? Am I missing something?
2. Why are vehicles with so little damage even being sold through IAAI? Occasionally vehicles will come through with no damage at all. Should I trust that that's accurate?
3. The site says I can "View it in person prior to the sale during the auction preview window". How does this work? Can I just look at it, turn it on, drive it, etc.? Like I mentioned, I live close by.
4. Basically all of the vehicles I see have "Clear" titles. Does this mean it's like buying a car from a dealer or privately when it comes to titling and registration? How would this differ if I were buying cars with rebuilt, salvage, or "wait for title"?
5. In general, how risky is purchasing the types of vehicles I'm looking at? I spoke with someone from IAAI that told me that the damage type is self-reported so unless it is obviously incorrect, you are reliant on honesty and that they don't actually drive the vehicles to check Run and Drive (they only turn them on and put the car in Drive). Should I go in with the mindset that there are probably things wrong with these vehicles that people are not reporting?
Thanks for any information anyone is willing to share and any advice.
My situation: I've got quite a good bit of experience working on cars and I'm in a financial position where taking a loss on a vehicle would not be the end of the world (although the wife wouldn't be too happy with me ). I also live close to the Detroit IAAI branch. I'm also in no hurry (only buying the exact deal I'm looking for even if that's less than once a year). I'm hoping to, at worst, buy my own family a vehicle for cheap or, at best, buy 1 or 2 vehicles a year to flip for a little side cash.
The type of deals I'm looking at: Since I'm no salvage rebuilder, I'm basically only looking at vehicles that are Available to the Public, Run & Drive, Keys Present,
My questions:
1. I'm wary. These deals seem too good to be true and most of the time that means you're missing something. The Rav4 shown above, for example, seems to be a $24k vehicle, likely getting sold for around $10k. Even including IAAI's fees, some unexpected repair costs, and registration/title, this would still be a steal compared with buying something comparable from a dealer or privately. And this is by far the best I've seen. I recently saw a 2020 Durango worth $36k (no damage listed at all) sell for $6k. So what gives? Am I missing something?
2. Why are vehicles with so little damage even being sold through IAAI? Occasionally vehicles will come through with no damage at all. Should I trust that that's accurate?
3. The site says I can "View it in person prior to the sale during the auction preview window". How does this work? Can I just look at it, turn it on, drive it, etc.? Like I mentioned, I live close by.
4. Basically all of the vehicles I see have "Clear" titles. Does this mean it's like buying a car from a dealer or privately when it comes to titling and registration? How would this differ if I were buying cars with rebuilt, salvage, or "wait for title"?
5. In general, how risky is purchasing the types of vehicles I'm looking at? I spoke with someone from IAAI that told me that the damage type is self-reported so unless it is obviously incorrect, you are reliant on honesty and that they don't actually drive the vehicles to check Run and Drive (they only turn them on and put the car in Drive). Should I go in with the mindset that there are probably things wrong with these vehicles that people are not reporting?
Thanks for any information anyone is willing to share and any advice.