Buy bank repossessed cars from auctions at events such as Burchmores in the Cape Town area.
And you could find yourself purchasing a fairly new vehicle at a wholesale price.
This is a great way to purchase a motor car or motorbike at the moment. As many people are sadly having to give their vehicles back. And cannot seem to find ways to avoid repossession.
You may have already heard about the frequent Birchmores vehicle auctions from the radio advertisements. Or word of mouth that are taking place near the city every week.
If you are thinking of buying bank repossessed cars at auctions in the Cape Town area from an event held by Birchmores or similar… Then there are a few guidelines you need to stick to.
Firstly, although you can view vehicles usually a day before an event and inspect the body, engine etc. You can’t take a repossessed car for a test drive.
So if you are a little unsure of what to look for when purchasing a second hand vehicle. Then take somebody with you that has a little more knowledge and experience.
Remember, one of the reasons that the previous driver could not find a way to avoid bank repossession of a vehicle was because they were having financial issues. Meaning that regular servicing and repairs may also have been neglected.
Finance to Buy Bank Repossessed Cars
You can get finance from the bank to purchase a repossession. Particularly from ABSA, Standard Bank, Nedbank and FNB. Who are likely to have vehicle financing kiosks or desks on the floor at an auction event.
A bank guaranteed cheque is one of the ways to secure a part in the actual bidding.
Although we advise that you spend time at one or two events as a spectator first. Especially if you are a little inexperienced, to learn how the process works.
Usually, Burchmores, Aucor and other auctioning companies will have staff on hand to help advise and guide you in your decision. So that you are assured of picking up a bargain if interested in buying a bank repossessed car or motorbike. From auctions in Cape Town and the surrounding suburbs.
Tips for Buying Vehicles at Bank Repossession Auctions
There are some things to bear in mind when you want to buy a vehicle from a repossessed car auction in South Africa.
First of all you need to know that anyone who has had their car repossessed has obviously been experiencing some financial difficulty. And has likely neglected any repairs or regular maintenance to a vehicle.
Problems with an engine cannot always be identified by inspecting at a warehouse or showroom floor and no test drives are permitted so know up front that you buy a model “as-is” and have no come-backs. It is part of the buying risk you take to purchase a pre-owned car cheaply.
Bank repossessed auctions in South Africa will permit you to browse and inspect cars usually a day before the event.
There are catalogues and lists available for bank repo’s from FNB, ABSA, Standard Bank and Nedbank. So that you can get an idea of what vehicles are for sale on the day.
Bidding at a Bank Repossessed Cars Auction
Bidding at an auction for the first time can be a little intimidating especially if you are bidding against seasoned pro’s such as second hand car dealers. Who are well educated and experienced in proceedings.
For this reason we always suggest attending one or two bank repo vehicle auction events before taking the plunge and bidding yourself.
Another great tip is to spend some time looking around your local second hand car dealers. Just to get an idea of the prices the make and model that you are interested in are going for.
Even the Auto Trader magazine can help with giving you an idea of prices. Or local classified newspapers and websites advertising cars for sale such as Gumtree or McCarthy Call-a-Car.
Getting an idea of how much the vehicle you want to buy is selling for at pre-owned vehicle dealers will help you to work out a maximum bid for when you take part at an event.
Advantages of Being a Private Buyer
If you are a private buyer looking to purchase a vehicle for yourself or the family then you do actually have a slight advantage over the many second hand car dealers that frequent these events.
- That advantage is the fact that you do not need to re-sell the car you intend to buy.
- You will be able to bid a little higher than a dealer and still remain within your budget and under your maximum bid amount.
- Also you are in no real rush to buy a car.
- There is no need to compete with the car dealers during bidding.
Perhaps a slightly more obvious tip to keep in mind when buying vehicles at bank repossession auctions in South Africa is try to go for the newer vehicles. The newer the better as there is less chance of anything going wrong down the line.