REPO CRISIS Is HERE And COPART Auctions Are SCREAMING IT!
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- เผยแพร่เมื่อ 28 ก.ย. 2024
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REPO CRISIS Is HERE And COPART Auctions Are SCREAMING IT!
My name is Brandon and I am a used car dealer. I created Car Questions Answered to share the ins and outs of the used car market from my perspective. I share with you updates on car prices, what's happening at the dealer auctions, and what it's like being a dealer. My goal is to share information to help you make the best decisions while buying a car to save you money. I do not want car dealers taking advantage of you.
Thanks for watching and please feel free to leave any comments you may have in the section below!
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*None of this is meant to be construed as financial advice, it's for entertainment purposes only.
#UsedCarMarket #CarPrices #carmarket #usedcarprices
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Most states either require you to have a dealers license, or you must use a broker to bid at CoPart or IAA auctions.
I thought you don't mess with salvage titles?, or rebuilt titles, that's pretty much what Copart is.
Is there a code?
Can you imagine being on the repo list? Always stressed out and worrying about it, keeping you up at night listening for the repo men, not knowing when you might lose your only form of transportation. Relieved that's not me, my '98 Prerunner has been paid off for over 20 years.
Been there lived that. Every tow truck that passed by was a cause for concern. Terrible
Lock the property and consider being armed...depending on where you live.
That black Tundra has the damage that I would expect to see if it had been PIT'ed to end a high-speed pursuit.
It was a WHITE Tacoma 9:18
I earned my lesson the hard way being young and dumb. Bought an F-150 I knew may cause me issues. Just signed the papers. Anyways I found myself in a situation where I couldn't keep up with exact payments 6 months straight and it got repo'd. Let's just say I still owed 11,000 after the truck was auctioned off. I was basically paying debt for a truck someone else was driving when you think about it. I paid it off a while back but man, definitely take your time when buying a vehicle and don't be embarrassed to get something within your budget to avoid these things young fellas
" I earned my lesson the hard way being young and dumb..." Welcome to the club. Also bought an education the same way. Hopefully we both learned from that!
The school of hard knocks teaches lessons that last a lifetime.
At least you learned from it, a lot of people never learn.
At least you learned from it, a lot of people never learn.
At least you learned from it, a lot of people never learn.
The only way you pay 20k over sticker for a challenger is if you had the cash and were worth 10 million dollars plus. Even then I wouldn't suggest it was the best decision especially as it isn't exactly a totally unique car.
To pay 20k over and finance it is pretty much the height of irresponsibility
Unfortunately, the kind of people that pay 20K over something like a Challenger are typically those without money who want to look like they have it. They're also likely impulsive and delayed gratification is a foreign concept to them.
@@channell11 you are probably right ... I feel very sad for such people as they are the authors of their own destruction.
Pick up Truck is a working car do not need all the gadgets they putting now,
is a waste of money.
Pickup truck is gender affirming care. Skip that shit be a real man.
I miss the basic trucks, as the manufacturers put all this crap in them and priced us out of the market.
In th e90s I drove a Nissan Hardbody. Manual transmission. 2 doors. All it had was a radio. I loved it. I was just talking to someone today about the outrageous prices of cars because of all the bells and whistles that are put in cars nowadays. I told him that I still roll up my own windows in my 09 Patriot. He sounded flabbergasted. Like WOW.
So, people won't even be feeding themselves. Someone will invent a spoon that does the work for you and some dip[shit will write, "I don't know how I ever lived without my self-feeding spoon".
Yes, lane assistance and all these safety features are nice, but they should be reserved as an option, not standard equipment. I'd bet a Subaru could sell for at least 5k less if they didn't add their stupid safety crap to the car.
And yes, it's stupid because I'm 60 years old and I cannot remember the last time I got into an accident. It's called turning your head and looking at where you are going.
i'm seeing more and more of these kind of cars on the roads these days !!! Really !!! Times are tough. Its Amazing what duct tape can do
Duck tape and zip ties holding fenders on cars because people can't afford the deductible.
Saab Story..HAHA..Thank you for making me laugh for the first time in months! I recently had most of my foot amputated due to sepsis and diabetes and have not been in the best of sirits but your videos always make me feel better and that there is hope..Thank you!
All those copart cars are damaged, is too risky to buy one of those.
My neighbors car just got repossessed the other day at 1:00AM. It woke me up. You can still see the tire marks on their driveway from the repo guy dragging it into the road lol. It was a newish Highlander like 6-7 years old or so.
Wow.
I see many repo wreckers on the roads these days. White or black tow trucks without a tow company name on them. They are snatching at interesting rates these days.
You're a star, keep shining bright!
Those little trucks used to be excellent. First vehicles for kids and college students. It was smaller easier to repair wasn’t expensive and got decent gas mileage also with the smaller cabs and stuff it meant less shenanigans because you could only hold you in a buddy or you and the girlfriend. This is the reason why I want the Hilux champ from Toyota to get here in the states the Mavericks are too damn expensive.
I wish Hilux was available in USA. I love the look of the Maverick. Trucks don't do much work now a days.
Why does this seem like paid advertisement for copart lol
Because it is. Stay away from them. I heard way too many horror stories.
@@shane250 I mean, it's not like you're buying a vehicle from a dealership. It's literally a place where vehicles go for one reason or another, which is never just "because we didn't like the color of it" or 'it needed new tires'
Well, that's what Copart was hoping. Maybe he'll get a great deal on all the fees if he wins the Sienna. It's all about the stuff that's NOT said.
If it looks like a duck...Copart is a gamble. While there are some decent vehicles, for the most part things get dumped at the auction for a reason.
It's the bank's fault for loaning way more than the value of the vehicle due to the markup. If banks would stop doing this the dealer markups would start to go away.
It all depends on who they can find to buy it. Some people will actually make up the difference with the down payment because they want it so bad. But you're right in that stopping the practice would curtail it a bit. It's kind of like where we're at now with the high interest rates. Not being able to afford the financing keeps a lot of people off the dealership lot.
I had a car repossessed many years ago.
I had become homeless for a while after the Army.
Needless to say after 7 years it fell off my credit report.
Today I have almost an 800 credit score.
You live an learn, I've been there too ...
Thank the EPA and fuel economy standards for why there are no compact trucks.
Yep the GOV. sucks.
Chicken tax.
EPA enacted by Nixon in 1970.
Brandon that's called the defenciency balance.
A good follow up to this video would be to talk about rebuild and savage vehicles and how they find their way back into the used car market and get “whitewashed” into circulation as “minor” damage vehicles. It’s a chronic problem on Facebook Marketplace and Craigslist.
Is this one giant ad??
Bingo!
Both those challengers were 6 cylinder, Hopefully nobody was paying over MSRP for a 6 cylinder. They were paying over sticker for scatpacks and hellcats. And I mean stupid money over sticker. I waited to buy mine and put a lot of money down, so I'm not upside down. I got my Hellcat under sticker. And that car is the most fun you can have with your pants on.
I bought 2 Camrys from copart few years back. One 2007 Hybrid $1800 and needed a hybrid battery, $2200. I also got a 2003 LE $850 + $300 shipping from about 400 miles. Needed a head gasket and a radiator. I have been and still drive the 03. Sold the 07 18 later for what I got in it. My experience is good with copart. Few things to watch for.
1. Auction fees are not included in price. About 10%-20%
2. Transportation. If you can't drive it out or too far, figure about $300-$3000 shipping
3. You can have the vehicle inspected before buying. It's about $150 on site inspection by a different company
4. Runs and drivers doesn't mean it runs and drives good 😂. Expect some repairs. If you can't fix it yourself as I did then it's not worth the saving on price, shops will eat you alive.
5. They will not let you run loose in the lot like Brandon. At least the ones I have been to. You will be escorted to see specific vehicles.
6. Titles may not be ready and you may not get all the paperwork and it can be misfilled. Copart will take care of it but don't be surprised at the DMV when they ask for more paperwork.
Some copart lots are total AHoles. But the majority are fine.
those REPOS......are probably theft recovery. Usually Copart deals with the insurance companies. They take all the insurance total outs and sell them. Sometimes theft recovery happens after the payout. Sometimes the car is found just out of gas. NO DAMAGE.
Great video, Brandon. Shows a different perspective to the auto industry. Vehicle sales are still high at 60k, 80k, with a 6% rate.
One of our workers had one of those small pickups. The bed was huge! His friends would steal his truck from him to use it - I suspect it's because you couldn't buy them anymore at that time (he was one of our workers in the 2005-2015 time frame). The large bed size was all that mattered. Didn't need back seats, didn't need to be 10 feet off the ground, didn't cost $80,000
I'm pretty sure it was a Nissan, 4 cylinder. "Make it practical (large bed for hauling), make it cheap" (the interior does not need to look like a Lincoln or Mercedes fergawdsakes)
Theyre made already however the government wont allow the sale of them in the U.S go figure
Saabs run forever (even with a turbo) and still have a great following. They're easier to work on and not nearly as expensive to work on as BMWs I own 5 Saabs, my brother has 6 and I've owned 5 other different Saabs before. My 2002 Viggen manual has 200K miles and doesn't burn a drop off oil, still pulls hard and feels solid!
But I LIKE meat, so I could never own one!
copart fees are insanity
I loved going to junkyards back in the day looking for parts…hard to find parts, had a 1968 red ford mustang..I once had to climb 3 cars high, piled on top of each other, to remove a part in the summer and the wrecked car was full of stinging wasps…I don’t think you can go into many junkyards these days? 😊
😂😂
That old ranger may be a diamond in the rough !!!!
Love them and still driving them.
They are getting harder to find.
The Mexicans have been buying them all for export to Mexico.
I've bought a few trucks from copart some clean and some salvaged. I've learned over time that the way they handle the vehicles with those loaders sometimes bend the drive shaft so if you get one from there and you have some vibration, check the drive shaft
The truck was reported stolen, insurance paid claim to victim. Insurance company now owns the brand new truck, Copart auctions insurance companies vehicles.
That red Ford pickup has been in a frontal accident, just look at the colour unmatched and the unequal gap on the hood. As for the Sienna, I doubt it will “buff out”. However, there’s a solution. You can have it buffed until there is no clear coat anymore and have a new coat of clear. Did it, it works beautifully to preserve the original paint.
To explain the reason, the blue tundra is at salvage auction, it could be a theft recovery. If a vehicle is reported stolen and not recovered in a reasonable amount of time, then the insurance company will pay out the owner. Subsequently if the vehicle is recovered then it belongs to the insurance company that is already paid the claim. Even if the vehicle is not damaged, it will receive a branded title or salvage title. Then they end up at a salvage auction even though there’s nothing wrong with them. This is very common for motorcycles.
That "nice" blue truck most likely has a salvage title for some reason. Salvage titles are a non starter for most people.
GM didn't even start making a regular 1500 truck with a full crew cab until around 2007, until then it was only on heavy duty trucks.
that little ranger, if the engine and trans didnt get junked in the crash, if the bed was the only thing ruined on it, id bid on that in a heartbeat and put a wooden farm style flatbed on it. ppl sent little trucks to the scrap yard for the stupidest reasons. my last two trucks i put over 500k miles on a piece were copart rescues. all i had to do with toss the old bed off it cause insurance said "to expensive to fix, junk it" and i was like YIPPY! got em for less than 500 at auction with nothing but crushed beds. wrong with em.
Even with gap insurance, some have limits of 150% of nada or acv. I have had a few Hyundai where ins paid their acv, gap paid up to 150%, and customer still owed.
One great benefit with a credit union is that some do not offer gap, but loan pay off in full
When thinking Copart, think Only for parts.
ragged-out tires on custom rims == teh po
Seinfeld loved saabs😂
Thats crazy i paid under 15msrp on my hell cat back in 2018😅
Hey Brandon, check out some of the motorcycles you can get at Copart.
Tundra - awful blue.
I’m in Miami Florida..and a month ago we had horrible flooding. My car got flooded. I stopped the video at 2min 29 seconds..maybe flooding 🤷♀️
What was done to that tire on the red F150? That rubber looked like it was decomposing.
My guess is people bit off more they can chew on the Tacoma & Tundra. Toyota is asking insane prices for them now. I saw the sticker price on a New Tundra here where I Live and it was $112K it sat on the lot for more than a month but it's gone now.
I was on vacation the other week and all they had available was dodge challengers, nothing else. As I was driving out of the rental lot must of been close to 100 of them between all the rental companies.
I have bought our last 3 cars from Copart. 2000 Mercedes CLK and a 2007 Wrangler and 2011 Land Rover Sport….. 😁👍🏻👍🏻🇺🇸🇺🇸🇺🇸
A lot of the no damage Tacos and Tundras you see are just out of warranty Transmission and engine blows. The engine is close to 30K and the trany is just over 20K. The bad part is that they are not like older trucks where you could pick a new engine and transmission and have the truck you wanted. These damn things will only work with the set engine and trans from the factory. Anything else and you have to pretty much rebuild the entire truck from the ground up.
I miss that simpler time. Plus Copart pisses me off with all the fees and I can't bid on half of the stuff without a licence.
Copart isn't really a viable option for people that aren't dealers. The buyer's fees, broker fees, etc. really eat up any savings that you might have gotten at the auction.
Crazy prices! This is just the tip of the iceberg.
Off roading hard trails with stock suspension , maybe ? The suspension probably blew up while on those hard trails .
Cb media had a vid from Thailand last weekend of a Toyota truck that's diesel for 12000 brand new over there.
After watching all these videos man am I happy with my new Subaru. Not even 30k and loving it so far, sounds like a commercial😂😂 but true. I wanted a Colorado zr2 / Tacoma but the prices are ridiculous and the engine offerings not even atractivo. Anyways, cheers man!
Yep Dad gave me his 91 S-10. Got 340 thousand now. Love. 😁
just brought car at auction a-lot of fees and it needs transmission
Their fees are enough to turn some folks off.
The problem with this eras cars is that manufacturers are too concerned cramming cars full of more computing components, which is also what helps to make cars more expensive to purchase and maintain.
I still have my 2013 ford focus. I keep it maintained and I not getting rid of it, especially not for one of these expensive, poorly made newer cars.
From 2018 on, car manufacturers went straight downhill in terms of producing a solid, affordable car that hasn't been computerized to hell and back.
I can't understand that none of the manufacturers will re-create a modern example of a Ford Ranger. A simple vehicle, yes it will need a PCM and emissions, evap, etc. Just build it without the special combustion, the DGI, a simple vehicle for the working man that is reliable, and not impossible to work on with a little knowledge and not requiring a $5000 scan tool. Also, where is the Dodge, Chevy or Toyota car of the past that served the same purpose as the grocery getter. Where dad could change the oil and do the brakes in his driveway on the weekend? Those are the vehicles people need today. We've gotten too crazy with every vehicle today being a data center on wheels, with no repairable parts and all replacement components costing thousands of dollars.
Great video - need more like this one
GOD BLESS ALL 4 I AM THE SHED ! ! ! !
I know someone who grabbed a mirai. Couldn’t afford it but they sold it to him anyway. He put it straight into his garage, may have put a few hundred miles on it before he made an arrangement with one of the tow companies that came for it. So he got this car above 70k I believe. 0 down, They gave him 5k cash and a 15k fuel card. The man held onto the car until he’d cashed out on the fuel card and let them take it back. I’m sure he’s down bad as far as debt goes, and credit is obviously gonna take a hit. But he’s really not caring about all that since his divorce will be going through later this year… can he go to jail for this? Asking For his friend.
Several Alphabet US Government agencies have regulations preventing small 4 cylinder trucks from being produced.
Any chance you can do a video on the whole CDK fiasco?
I’ve tried bidding on some or that stuff when I had a Copart down the street and that junk was wayyyy over priced they are very proud of that crap .
About a year and half there were tons of service vehicles
Go spend some time reading tech servive bulletins, you will completely understand "The saab story" bunch of stories without endings! Those clean cars are probably water damage from flooding
Great Job Brandon
The mint looking Tundra, im willing to bet the twin Turbos grenaded and locked up the motor and insurance was like "nah total it" see that alot on tundras at our local copart. they do on lot auctions at ours and ill crawl under them and try to spin the motor by hand and its locked up. Edit: to answer the new Tacoma question about the front end with the leaning tire and why it usually ends up at copart/ totaled out. The way the front suspension is designed, when hit on the side or if you kiss a curb hard enough to break any of the linkages, its a coin toss on if it stabs the engine block and goes right in. cause of parts shortages insurance companies just junk it.
That's the older Tundra with the reliable 5.7 V8, not the new double trouble twin turblow engine.
There are a lot of nightmare stories about buying at copart. I would never consider doing it.
There is no way to get back to the old small trucks I got a Ford Ranger for less than 12k new cash in 1991 but what it did not have is the crash testing and that was started a few years later the prices just went up then.
COPART just bought my 2023 SLT GMC. It looks great but don't be deceived. It was in an accident and the electronics are all fouled up!
There may be things wrong with some of those cars that you can't see?
The F-150, once you jack it up and put those wide tires on it, it loses $6 - 7K in value.
I would love the basic truck
Fees, fees , fees. Nope. COPART has about 1K just in fees that have to be added to final payment. If You are Not a dealer you must pay another $500+ to a company to buy it for you.
8:00 that's why more often than not Gap and extended service plans make sense!
Only if you’re stupid enough to pay $20k over MSRP and put zero down payment. Traditionally banks wouldn’t lend you money unless you put 20% down.
Its only flood damage how can i go wrong...
CAFE standards are the reason we no longer have small affordable pickup trucks.... It is a Government Problem, not an American Manufacturing problem..
i saw 2 astons sell for msrp this weekend. economy is fine for most people
Love your videos. I was excited to go see what CoPart has but it only took 20 seconds to close that browser. They want me to pay a membership fee to be on their website. That is a complete joke. They can close that company down, lol, I'll buy cars from the thousands of other places that I don't have to pay a membership fee. :) Keep making videos, I hate car salesmen because none of them are 'real' like you are.
Bank loans FOR more than car worth! CRIMINAL !
Might that pretty blue Toyota truck be flood damaged?
I went through bankruptcy in 2000. Bought two new 2001 Chevrolet trucks in 2001. Repo in 2012. Repo deleted in 2014 for failure to notify of auction. You need to learn the rules of this game. Try to rarely ever repay any bank in full. Bad loans disappear after 7 years! Load up, rack up, don't pay, repeat...
Those tacos look like they were jumping in them. Plus, landing hard on the front end.
Enjoyed this.
Economy is terrible rn
Let’s go to a wrestling match!!!
Tundra is probably a recall that doesn't have a fix. Toyota dealers aren't taking them in on trade, and they can't sell them until there's a fix (engines are suicidal).
The Tundra that is in the video has the V8 and is not part of the recall on the 2022 and newer V6 twin turbo. The Tundra shown in the video is actually holding value or going up in value right now as people want the dependable V8 Tundra.
Anyone who buys a "perfect" car at Copart has to realize these guys treat everything they load out as salvage cars for parts only. This means they bring the car to your trailer with a loader and don't give a crap about the undercarriage components they damage. NOTHING they handle is perfect for very long. Buyer beware.
A Saab? That was unexpected, I just bought a Saab 90 last week
Don't buy from a copart unless you personally inspect the car. I know crooked dealers that bought cars from copart, swap the good engine and install their blow engine in a Z06, then take it back to copart and off it. Lot of shady stuff. Not to mention that copart charges stupid high fees and ridiculous storage fees if you have to ship something.
don't buy from copart unless its from an insurance company.
In the 1980s-90s new base Ranger🛻 & S10🛻 sold for the same price as base Escorts 🚓or Cavaliers🚗. And payments💵for 3yr loans were affordable on a Walmart🏪worker 👷♀salary.
Now you cannot get either the cheap little pickups🛻 or the cheap little cars🚓.
Or wages that kept up.
Metal shavings in the oil. Toyota tundra
Beware of salvage title cars and trucks. Even if they are repaired their only worth half the money. Don't get scammed. There is a reason why they are in that lot its not because they are a good vehicle. Electronics repairs can run into thousands for repairs.
Interesting, thanks
Could these be there from serious engine problems?
Government cafe standards ruined the the small truck market as we as import tax. You can check out The fat election he did a video on imports.
The manufacturers were thinking, "We can sell 7 small economy pickup trucks to make the money one $75,000.00 pickup truck will make us.