What online repossessed car auctions are available in South Africa? Is it a good idea to buy a vehicle online or should you go to a physical auction event? This information will help you if you are looking to bid online for a car repossession.
If you are looking to purchase a quality second hand vehicle at a lower price you can look into bank repossessed vehicle online auction sales.
There are many repossessed vehicles for sale at any given time throughout the country. And by different financial service providers.
You could go to a live auto auction event to find a vehicle. However it is far easier to look into buying a repossessed vehicle through an online auction.
You will find vehicles of every different type, make and model on the online vehicle auction sites. So you will find something that will suit your needs and wants as well as your budget.
Where can you find Online Repossessed Car Auctions?
Some banks auction off the vehicles themselves. While other banks pass them on to auctioneering houses to auction the vehicle off for them.
A few of the banks that have repossessed vehicles to offer include:
- Standard Bank
You can contact your bank or look at the websites of any of the above banks to see if they offer online repossessed car auctions. Companies that sell repossessed vehicles through online auctions include My Cars and Buy Repo Cars For Sale.
What is a Bank Repossession?
When most people purchase vehicles they usually take out a car loan from a financial service provider to finance the vehicle.
They will then be responsible for making monthly loan repayments with interest until the loan is paid off.
However, it’s difficult to predict what most people’s financial situations are going to be like in the future.
After a brief holding period the individual has a chance to pay back the money that they owe the financial service provider.
If the bank does not receive the money from the individual, the bank will then attempt to resell the repossessed vehicle. To make back the money that they lost. They usually do this through a vehicle auction.
What are the Benefits of Buying a Vehicle from Online Repossessed Car Auctions?
Purchasing a repossessed vehicle from an online auction is a good way of finding a good quality vehicle at a very low price. Generally repossessed vehicles are quite new. And many still have their warrantees and service plans still intact.
In addition you can browse a wide range of vehicles all in one place using your mobile phone, desktop computer or tablet.
You can see prices of cars as well as details such as vehicle condition, mileage and service history.
This will save any potential second owner a lot of money on maintenance and repairs. Because most financial service providers are quite eager to get rid of the vehicles they are sold for a very low price.
What to Remember when Making your Purchase
It is important, wherever possible to stick to your budget when you are bidding on a vehicle at an auction.
Because it can be very tempting to go over budget. So you should always try to remain firm and not to go higher than you can afford.
It is also important to find a reputable seller. Many car dealers are known for their dishonesty and for overcharging customers for vehicles with major flaws. Therefore it is important to find a well-known seller who will make a fair and honest sale.
This may also interest you: What do You Need to Know Before Buying a Repo Car?
At a physical auction event most sellers will allow potential customers to view vehicles before the auction. So that you can be sure you are making the right decision before you bid on a vehicle.
It is also a good idea to take an auto expert with you to view the vehicle so that you know that there is nothing seriously wrong with the vehicle before you buy it.
In Summary of Online Repossessed Car Auctions
Whichever online financial service provider you purchase your car from, it is important to be sure about the choice you are making before you bid on the vehicle.
A purchase as expensive as a car is something that you will be paying off for a long time to come. So you do not want to have anything to regret after making your purchase.
Have a look at the resources for online repossessed car auctions that we mention above. Spending a little time and research looking at different makes and models can save you some money.