Are car auctions worth it in the UK?
Yes, used cars at auction are usually cheaper than buying from a dealer or private seller. That’s because many dealers buy cars at auction, then resell them at a higher price to make profit. However, lower prices aren’t always guaranteed. But why are repossessed cars so much cheaper? The main reason is that lenders, such as banks and credit unions, are not in the business of selling cars. When they repossess a vehicle, their primary goal is not to make a profit but to recover the remaining balance of the unpaid loan as quickly as possible.