What can we assist you with?
Buy a car or moveable asset with Absa. We assist you every step of the way, from finding a car to getting up to 100% finance and vehicle insurance.
Here’s how we can help you buy a vehicle
Your roadmap to buying a vehicle
PROS It has the latest features and updated technology. It’s an affordable option if you have a small or fixed budget. Freedom of choice – you can consider a variety of vehicles. Resale value – depreciation is usually a good reason to buy used instead of new. You have more choices about colour schemes or trim combinations and extras or upgrades. When buying a used vehicle, it is safer to buy a vehicle that has been quality checked and certified by a dealer. A good time to buy new is when dealers offer discounts on outgoing showroom stock. “Barely used” and “demo” cars can often include a warranty and maintenance plan. CONS It is considerably more expensive than buying used. It’s a risk as a used car can cost you more over the lifespan of the vehicle. You don’t know how well a used car was looked after. It may require more maintenance and repairs far sooner than a new car. Used car repairs are often not covered by a warranty. Available features, choice of colour, etc. are often limited.
Things to consider when searching for a vehicle
Find your dream car
The benefit of buying a repossessed vehicle at an auction is that cars are offered at wholesale prices and you can get a fantastic deal if you have done your homework before bidding.
On the downside, all cars are sold as “voetstoots”, which means no guarantees or warranties apply. However, if you are able to spot a good deal, you can drive away with a great bargain.
A list of repossessed vehicles can be obtained two days before the sale or by contacting the relevant Repossession Centre for details.
How to buy a repossessed vehicle?
What do I need to do?
- Register as a buyer before the auction starts.
- Pay a refundable deposit of R5 000 (this amount may vary depending on the auctioneer) in the form of a bank guaranteed cheque or confirmed electronic transfer.
- Receive your number that enables you to participate in the auction process. Now you are ready to bid.
Tips to get the most out of your auction experience:
- It’s a good idea to decide what vehicle you would like to buy and set a budget before attending an auction. (Don’t forget to include costs and VAT).
- Do your research and compare prices on vehicles.
- Before the auction begins, look at all the vehicles and thoroughly inspect those that interest you. The cars are on display in the auction centre the day before and on the morning of the auction.
- Select two or three vehicles that you are interested in so that you have a choice when bidding.
When are auctions held?
Smaller regions have an auction every month, bigger centres like Gauteng have auctions bi-weekly.
What do you need to take with you?
- A refundable deposit of R5 000 is payable on day of registration at a public auction. This amount may vary depending on the auctioneer.
- Only bank-guaranteed cheques and confirmed electronic transfers will be accepted as payment. No cash will be accepted.
- Bring your identity document (or a certified copy of it).
- Proof of physical address is required.
In the event of a legal entity being the purchaser (e.g. company, trust or close corporation) a copy of the trust deed, articles of association or similar document indicating the beneficiaries, trustees, shareholders, directors or members is required.