It is surprising to most people how often you can get used cars in Portland, ME at wholesale prices. This is especially true for people who aren’t familiar with the area. If you live outside the area and will be attending these auctions online, then this is particularly important to understand. Here is a closer look at why Portland, ME is unique to other areas in the state and how this translates into the opportunity to purchase used cars at wholesale prices.
One of the biggest factors is that Portland is the largest city in the state. It consistently grows at a rate of about 3% per year and shows no signs of slowing down. If anything, the population may begin increasing at a more rapid rate. The Greater Portland area includes nearly one-third of the entire states population and the metro area is home to more than 500,000. The sheer size alone means that your odds of finding a hidden deal are much greater. It is important to note that the best way to get used cars in Portland, ME at wholesale prices is by utilizing auto auctions.
The Portland Harbor plays a large role in the growing number of auto auctions in the area. The Port of Portland is the second-largest destination in the state. It is also the largest port in the state. This means that the harbor is a major transportation hub for the state, which is particularly important for shipping purposes. With so much flowing through the port, there are a large number of abandoned shipping containers which often have used cars. Plus, a large number of cars are shipped to the area solely for the purpose of being placed in local auto auctions. This means that the auctions are not only full of local cars but vehicles from around the surrounding states. With this constant increase the supply, the demand simply cannot keep up – even with the large population. As always, when supply out-paces demand, the price drops. For auto auctions, the result is winning bids that are near or below wholesale prices.
Another reason that you can find used cars in Portland, ME at wholesale prices is because of the huge base of financial institutions. A majority of the nationwide financial services base all of their Maine operations out of Portland This includes huge lenders like Bank of America, Key Bank, and TD Bank, Maine Bank & Trust. Plus, with the huge population, there are a growing number of local lenders as well. As always, with more loan availability comes more loans and often more defaulted loans. In the case of autos, defaulted loans mean repossessions and repo auctions. Since there is already a huge influx of cars being shipped into the area, this additional source of cars at auctions can drive prices even lower. At the same time, it also boosts the variety that you will see.
If you live outside of the Portland, ME area then utilizing online auction sites to gain access to these auctions is a valuable resource You will be able to access these wholesale priced used cars from across the country. As an added bonus, you can save on transportation costs because so many things travel through the area. You can use the highways, railroads, or transport the car by ship. With so many options, you can end up saving a lot of money.
As you can see, there are a number of variables that contribute to the growing number of used cars in Portland, ME at wholesale prices. While the city’s population is the highest in the state, the influx of additional used and repossessed cars at auction still manages to out-pace the demand. In the end, this huge supply and limited demand can turn into huge savings.