The idea that second hand cars are the cheapest, or at least most cost effective, way to purchase a vehicle is actually a popular misconception. The fact of the matter is that bank repossessed cars will provide the most (and best quality) car for you money 9 out of 10 times. This is because bank repossessed cars are overall pretty new (newer than second hand cars in any case), but sell for much less. In fact, many of the cars you see at your local second hand car dealership are actually bank repossessed cars that the dealership has purchased from auctions or directly from the bank, and then sell for an increased price in order to make a profit.