At public Wesbank car auctions in Cape Town you can scoop up some of the best car deals in the Western Cape, and even in South Africa. You may be thinking, “Wesbank is a bank. Why are they auctioning off cars?” Yes, but this also means that they act as a lending institution, financing assets such as houses and cars.
When people are unable to meet the necessary monthly instalments on their car purchases or default on these payments, these cars will then be repossessed and sold on auction to help the bank cover any losses incurred.
What are the advantages of buying a repossessed car?
- When a bank is auctioning off a repossessed car they are not looking to make a profit; they only want to recover any losses or the remaining amount owed on the car. This means that these cars often sell for very low prices.
- Because the banks want to sell off the cars quickly, it is usually easier to get financing for repossessed vehicles than it would be for ordinary car purchases.
Where can I find cars repossessed by Wesbank?
There are public Wesbank car auctions in Cape Town as well as other major cities such as Port Elizabeth, Bloemfontein, Gauteng and many other parts of South Africa. If you are interested in attending a repossessed car auction, you can view the cars on offer one day before the auction to see if there are any vehicles you are interested in, although these lists are subject to change on the actual day. You can even secure financing for the vehicle before the actual event.
- Every Wednesday and Saturday, Burchmore’s host an auction of repossessed vehicles at Marconi Cresent, Montague Gardens, Cape Town. For more information, call (021) 551 2320
- Every second Wednesday, Wesbank auctions off repossessed vehicles in Cape Town at the Aucor Auction House (Aucor Park, 17 Dacres Ave, Epping 2, Cape Town) at 10:30am. For further information, call 021 534 4446.
- You can also contact Wesbank directly to ask when the next public auction in Cape Town will be held. You can also visit your local Wesbank branch to make an enquiry.
Tips for buying repossessed cars on auction
- Cash is not accepted at auction events, so you have to come prepared with a ban guaranteed cheque.
- Look for an online auction guide if it is your first time attending an auction, or bring an experienced auction-goer with you.
- You are not allowed to test drive any vehicles on the day, so make sure that you know a bit about cars yourself or that you bring along someone who does. You will need to thoroughly inspect the car you are interested in to ensure that you are actually landing up with a good deal rather than a junk heap.
- Look out for the auction personnel who are there to help you when viewing the different cars on offer.
- Consider attending one or two events before actually bidding so that you can get an idea about the proceedings.
- Before going to an auction it is important to conduct research to compare the car you are interested in with similar vehicles on the market. When you come to a car auction knowing what you should be paying for the car you will be well-equipped to make a good buy. To do this, simply look online at cars for sale or visit your local dealership for further insight.
- Remember that any vehicle to buy is subject to Value Added Tax (VAT) that will be added on after the sale has been made so be sure to prepare yourself financially for this.
- Have fun! Finding a good car deal from a Wesbank repossessed car auction should make you smile so go out and there and enjoy yourself!