There are different vehicle auction bargains at auctions. Where you can find vehicles of all types, makes and models at great prices. But keep in mind that you may have to do quite a bit of searching to find the right vehicle for you. Among others that may be priced low because they are not worth much.
Whatever type, make or model you are looking to find you can be sure that you will find several possibilities if you look at auctions.
You will probably not find many brand new vehicles at auction sales and you will most likely have to look for second hand vehicles. However you should keep in mind that you may find almost new vehicles with very low mileages at decent prices.
Repossessed vehicle auctions
Repossessed vehicles go up for auction throughout the country regularly.
When an individual purchases a car, caravan or motorcycle, he or she will usually have to take out a loan to pay for the vehicle. Because life is unpredictable and finances are even more so. Many people find that they cannot make their vehicle finance loan repayments.
If you miss one of these payments or do not pay the full amount, the financial service provider will send you a warning. If you continue to make non-payments, the financial service provider will be within their rights to repossess the vehicle.
The vehicle is usually held for a short period in order to give you a chance to come up with the money that you owe. If you cannot come up with the money, the financial service provider will sell the vehicle on. Usually through an auction, in an attempt to make back some of their money.
Financial service providers such as ABSA bank are usually very keen to get rid of vehicles that they have repossessed.
This means that they are often willing to drop the prices in order to get a quick sale.
Many financial service providers, like Standard Bank, run their own auctions. And advertise their repossessions on their website.
Other financial service providers give their vehicles to large, reputable auctioneering houses. Such as Aucor, to handle the sales for them.
Contact financial service providers like Standard Bank, First National Bank, Nedbank and ABSA to find out if they have any vehicle auction bargains near you. Or simply contact the auctioneering houses for details.
Some auctioneering houses offer online auctions. If you live too far away from regular auctions to attend, you could simply log on to your computer and take part.
There are many different websites you could visit. But as mentioned above, it is a very good idea to contact your financial service provider first.
What to keep in mind when shopping for a vehicle at an auction
A few auctioneering houses have a bad name for selling cars above their worth. Or for selling vehicles with hidden faults and problems.
It is a good idea to always go through a reputable auctioneering house or financial service provider. And to make sure that you can trust the staff members that you are dealing with.
Do some research online about the companies that you are thinking of buying from. Look for reviews and speak to friends, acquaintances and family members about their experiences with these particular companies.
Although you are not usually permitted to test drive a repossessed car… Make sure to thoroughly inspect any vehicle before you sign anything or hand any money over. Check the VIN number to make sure it is not a stolen vehicle. And take a friend or family member who is a motor expert with you when you inspect the vehicle.