Finance your Car
Buying a repossessed car at an auction can be a thrilling experience. On the plus side, cars are offered at wholesale prices and you can get a fantastic deal if you have done your homework before bidding. On the down side, all cars are sold “voetstoots”, which means no guarantees or warranties apply, but if you are able to spot a good deal, a real bargain can be had!
Buying a repossessed car can be a thrilling experience. The process is fairly simple, and auctions happen fairly regularly in larger provinces such as Gauteng.
- Find two or three cars that interest you before you go; and do your homework on comparative prices for these cars
- Set a budget before you go to the auction. It is very easy to get caught up in the excitement and bid too much on a car you think you want
- Your best bet would be to attend an auction or two before you go and become an active bidder so that you get a feel for the processes involved
- Remember that the cars on auction are on display so that you can view them before you bid on them – so take advantage and be especially aware of any flaws
There are a few things you need to bear in mind when attending an auction – one of which is that there is a cost involved when you register as a bidder. This is generally about R5 000 and is fully refundable.
When pricing the vehicle, always remember that the bid on the car is generally excluding VAT – so always factor that into your calculations.
Documents you need
Always take a copy of your ID and proof of your physical address with you when you head to an auction.