Martin Lewis has shared how thrifty spenders can save hundreds on products ranging from tech to designer clothing by taking advantage of a little-known trick.
With just a little research, stolen goods can regularly be found for sale at a fraction of their original price, making for some great bargains. The process is entirely legal too, as it is police forces that sell them on when a rightful owner can’t be found.
“Not many people know about this trick,” says Mr Lewis’ Money Saving Expert website, “so you could nab some real bargains.”
Police are able to do this under the Proceeds of Crime Act, which enables them to sell on goods they’ve seized from criminals.
An easy way to take advantage of the programme is on eBay. Many police forces will sell on these goods on their official eBay pages, meaning they are accessible to most.
Not every police force is equally as active in selling on goods, so it is worth shopping around. However, the Money Saving Expert service points out a few that are offering many items.
First is Leicestershire Police, with over 200 listings up for grabs. This included Hugo Boss loafers which sold for £16, and a Jimmy Choo bag for £95.
Sussex Police also had nearly 100, with recent sales including a sound system that was confiscated from an illegal rave and which sold for £72, as well as an Apple Macbook Pro for £194. One lot, containing 11 bikes, sold for just £390.
There is even one police force – Northamptonshire – which is selling dozens of items on Vinted. These mostly include clothes and jewellery, with a few bits of tech.
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
Go to website
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
Go to website
It’s worth shopping around wherever you are in the country as most forces offer to ship smaller items to buyers. However, for those looking to make a bulkier purchase, such as a bike or large speakers, it’s more likely you’ll have to collect these from the station in-person.
Online marketplaces also aren’t the only way to nab a bargain from police sellers. Many forces use auction houses to sell on stolen goods, which will often need to be visited in person on the day, although they are becoming more common online. Either way, any auction will require registration.
The largest auction house selling items online only is John Pye Auctions. The auction house holds weekly police auctions, usually with around 100 lots up for grabs. It works similar to eBay, in that competing bids can be made by anyone right up until the end of the lot.
Unlike eBay, however, there is a buyer’s premium of around 25 per cent to pay on most sales. They can they be picked up in-person or delivered, but this option will usually also attract a fee.
In Scotland, Wilsons holds auctions both online and in-person at its Glasgow branch for items sold by Police Scotland. Registrations need to be made at least 24 hours before the auction, and there is a refundable £100 deposit to participate.
And for those wanting an in-person experience, there is Greasbys in South London, which works a little differently. Bidders will go to the auction house on viewing day, inspect the lot they are interested in, and leave a “commission bid” which is the maximum amount they want to pay. There is £100 refundable deposit for this.
The successful bidder is notified after the sale, and must collect the goods in-person by the following Thursday. While a more involved process, with hundreds of pieces of furniture, tech and designer clothing every week, it can be more than worth it. Note: there is a buyer’s premium which will add 26 per cent from April.
Most auction houses will add the buyer’s premium, which can add a hefty extra fee to sales. There is also often added VAT on the ‘hammer price’ of the lot – how much it is sold for – which can add another 20 per cent. For instance, if a lot which is bought for £30 has a premium of 30 per cent, after VAT is also added the final cost would be £43.20.
It should also be noted that just because police are listing an item doesn’t mean it will be much cheaper than the original price or those on other reseller outlets. It is worth shopping around on other second-hand marketplaces to check if an item can be found cheaper somewhere else – and also being diligent about checking an item is in working condition, especially tech.
Each police force uses the profit from the sales differently. They will generally go into its policing initiatives or to charity.
For anyone who spots a missing item that belongs to them on an auction site or marketplace, they should immediately get in touch with the relevant police force and the platform. This will have the item delisted while the force investigates your claim. In every case, forces say they have done everything they can to try and reunite items with their rightful owners.
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results.
#Martin #Lewis #points #bargains #offer #police #sell #stolen #Apple #Macs #designer #shoes #Jimmy #Choo #bags
