Buying or selling a vehicle through an online auto auction is one of the more convenient ways to purchase a car, motorbike, truck or other motor vehicle. There are several different types of companies that offer online vehicle auctions
Buying or selling a vehicle through a second hand dealership can be a long, tedious process. There are perceptions of dishonest in second hand dealings and vehicles can take a long time to move. Prices are also set which means that they could be going for more than they are worth. If you are looking to buy a vehicle without hassle or fuss and at a good price, looking at bank repossessed vehicles is your best bet. They are most often sold at both online and real life auctions.
What does ‘bank repossessed’ mean?
Because vehicles are so expensive, most of us cannot afford to purchase one without taking out a loan. Loan repayments can also be expensive and should something befall you, you might not be able to make your loan payments in full or on time. Things like being retrenched from your job, emergency hospital bills and bad investments can mean a decreased income. Because your essential living costs come first, the loan repayment is often the first thing to be affected.
Should a client not be able to come up with the money for their vehicle loan repayments in full or on time, financial service providers will often repossess their vehicles. They will then hold the vehicle for a short period to give the client a chance to come up with the money. If they client is unable to produce the outstanding money, the bank will auction the car off to get their money back.
The benefits of buying a repossessed vehicle
Repossessed cars are often a good buy because of the following reasons:
- The vehicles are often still very new.
- The vehicles might still have their warrantees intact, saving the new owner money on maintenance.
- The vehicles might still have their service plans intact, saving the new owner on repair costs.
- At an auction, the price is not set and the potential buyers decide what a vehicle is worth.
Online auto auctions
There are auctions held by several reputable auctioneering houses all over the country, but if you do not have the stomach for the energy and tension that come with a live auction, you can auction online. You can view catalogues to find vehicles that you are interested in and even view the vehicles in person before the online auction begins. It is always dangerous to purchase a vehicle without seeing it first. You should make the effort of doing a thorough inspection in person to ensure that you know what you are getting yourself into.
SAIA (the South African Institute of Auctioneers)
You should also ensure that the company you are buying your vehicle through is registered with the South African Institute of Auctioneers. This body strives for ethics, responsibility and respect in the auctioneering process. All reputable auction houses will be registered with the SAIA to show potential customers that they offer honest, reliable service and good quality products.
Online vehicle auction websites
There are many companies who offer online vehicle auctions including the following.
- International Online Auto Auction
Because this auction is international, you should be prepared to pay for shipping costs and you should realise that you are not likely to have the opportunity to see the vehicle before you bid on it.
- Imperial Auto Auctions
This company is a reputable dealership and offer many good quality vehicles.
- Auto Trader Auction
Auto Trader Auction sells all manner of vehicles from SUVs to trucks to sedans and caravans. You will undoubtedly find something on offer that will suit your needs.
- Standard Bank Auto Auctions
Well-known and reputable financial service provider Standard Bank offers online vehicle auctions on repossessed cars. You know you are in safe, reliable hands when you go through Standard Bank.