Knowing how and where to find lists of repossessed cars for sale online is a good start to finding a good quality vehicle at an affordable price.
In today’s world it is essential to have transport in order to live a successful, fulfilled and happy life. If you are in control of your own transport, you will have greater freedom in structuring and managing your own life and that of your family. However, buying a car is expensive and many people cannot afford brand new vehicles.
Some people then look to second hand vehicles through second hand dealerships, but due to the perception of dishonesty and bad value for money that second hand dealerships have, this option is not much better. One of the best ways forward in terms of good quality of the vehicle and affordability is buying a repossessed vehicle.
What is a repossessed car?
When an individual purchases a vehicle, they will undoubtedly need financial assistance. Most people approach reputable financial service providers like ABSA, First National Bank, Wesbank, Standard Bank and others for loans. If they are approved, they will have to pay monthly loan repayments to the bank who serviced their loan. If someone in the family lost their job, if an emergency expense came up unexpectedly or if an investment went sour, the individual would find themselves in a sticky situation financially.
Because essential living costs have to be paid, the loan repayments might falter. Once the bank has realised that they are not being paid their loan repayments in full and on time, they will repossess the vehicle. After a short holding period (which is a last chance for the individual to find the money to pay back the loan) the financial service provider will have the vehicle auctioned off or sold to make back as much of their loss as possible.
Typical Repossessed Cars List:
Why buy a repo vehicle?
Repossessed vehicles are usually sold at auctions by leading auctioneering houses or by the banks themselves, but some are sold privately or at set prices. There are several reasons why buying a repossessed vehicle is better than going with a second hand or brand new car. Some of these reasons include the following:
- Bank repossessed vehicles are often still very new.
- Bank repossessed vehicles, because they are generally quite new, will still have their rust and other warrantees intact in some cases. This will save the buyer money on maintenance in the future.
- Bank repossessed vehicles might still have their service plans intact which would save the buyer money on maintenance and repairs in the future.
- If you are buying your repossessed vehicle through an auction, you will have the opportunity, along with the other potential buyers, to decide what you are willing to pay for the vehicle.
Where to find lists of repossessions for sale online
There are many financial service providers, auctioneering houses and car sale companies who sell repossessed vehicle through online or real life auctions or through normal sales. These companies generally advertise their vehicles online. If you are interested in buying a repossessed vehicle, it is a good idea to contact a reputable firm and ask for a catalogue of the vehicles that they have for sale. The following is a list of some of the companies that list different repossessed vehicles for sale.
- Car Find
- Park Village Auctions
Online classifieds like Gumtree and Junk Mail also list advertisements for repossessed cars for sale. Bid or Buy and other online auctioneering sites do sometimes list repossessed cars for sale or auction as well. Financial service providers might also list the vehicles they have repossessed so it might be a good idea to check the websites of all the leading banks in the country. Some of the banks that might list their repossessed vehicles online are: