When you can find them, foreclosed trailers and Rvs are really a great deal. If you have ever seen a home in foreclosure or that has been repo-ed by a bank, you may be thinking that the used trailer will be in horrible condition and reek of pet odors and cigarette smoke. However, this is not usually the case with foreclosed trailers. Up until 2008, this was because you had higher standards set to lend of trailer homes then on home loans.
People who default on newer RV loans typically leave the RV in decent condition. We still however recommend you have every foreclosed trailer you buy professionally inspected.
New vs. Used and Used vs. Foreclosed
We know that 9 times out of 10 buying a used trailer is a great way to save money over a new trailer. Dealers typically mark RV trailers up 25% to 55% above invoice. Manufacture’s suggested retail invoice averages 40% over the wholesale invoice. The reason for these high mark ups are that trailer and RWhen you can find them, foreclosed trailers and Rvs are really a great deal. If you have ever seen a home in foreclosure or that has been repo-ed by a bank, you may be thinking that the used trailer will be in horrible condition and reek of pet odors and cigarette smoke. However, this is not usually the case with foreclosed trailers. Up until 2008, this was because you had higher standards set to lend of trailer homes then on home loans.
People who default on newer RV loans typically leave the RV in decent condition. We still however recommend you have every foreclosed trailer you buy professionally inspected.
New vs. Used and Used vs. Foreclosed
We know that 9 times out of 10 buying a used trailer is a great way to save money over a new trailer. Dealers typically mark RV trailers up 25% to 55% above invoice. Manufacture’s suggested retail invoice averages 40% over the wholesale invoice. The reason for these high mark ups are that trailer and RVs are a higher risk and carry more overhead per unit then a car lot.
A typical $50,000 trailer retails for $70,000. Buying it a year or two old from a private party seller, you should be able to purchase the trailer for about $45K. Buying the same trailer foreclosed at auction should enable you to buy it for $25K-40K.
Buying foreclosed trailers is a great way to get a lot of upgrades without paying directly for them. With most dealerships, upgrades are just free money a $75 dollar satellite for instant. May be a $500 upgrade and the dealers invoice pricing list. When you buy a foreclosed RV, in most cases all the existing upgrades come standard.
Bank foreclosed trailers or RVs are typically sold at auctions. These normally take place on auction lots and are sold either through silent auctions, where people are aloud to look at the trailer and then submit their bids in an envelope or through live auctions where buyers bid vocally. Auctions of foreclosed trailers are advertised in newspapers or other RV printed materials.
Auction selling prices are determined by the amount of bidders present and what they are able to bid. Going often can help you understand how the process works and come out with the best deals on the purchase or your next foreclosed trailers are a higher risk and carry more overhead per unit then a car lot.
A typical $50,000 trailer retails for $70,000. Buying it a year or two old from a private party seller, you should be able to purchase the trailer for about $45K. Buying the same trailer foreclosed at auction should enable you to buy it for $25K-40K.
Buying foreclosed trailers is a great way to get a lot of upgrades without paying directly for them. With most dealerships, upgrades are just free money a $75 dollar satellite for instant. May be a $500 upgrade and the dealers invoice pricing list. When you buy a foreclosed RV, in most cases all the existing upgrades come standard.
Bank foreclosed trailers or RVs are typically sold at auctions. These normally take place on auction lots and are sold either through silent auctions, where people are aloud to look at the trailer and then submit their bids in an envelope or through live auctions where buyers bid vocally. Auctions of foreclosed trailers are advertised in newspapers or other RV printed materials.
Auction selling prices are determined by the amount of bidders present and what they are able to bid. Going often can help you understand how the process works and come out with the best deals on the purchase or your next foreclosed trailer.
Spencer Arnold is an expert on finding great deals. For more information on buying Foreclosed Trailers come visit our site!
Information for Trailers, Campers, Fifth wheels and RV Repo Auctions available here!
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