What are bank repossessed Vehicles?

Banks have cars repossessed every day when borrowers cannot meet their financial obligations; this means new inventory in the bank repossessed vehicles market arrives on a daily basis. You can find bank repossessed vehicles in just about every kind of make, model, and style too.

The condition of the bank repossessed vehicles you are researching is a very important consideration. You cannot necessarily judge a vehicle by its overall appearance. A car can look great on the exterior and still have a shoddy interior or a substandard engine. If you can arrange to view a vehicle in person it is highly recommended that you do so. Many auctioneers offer a standard preview period where potential bidders can give bank repossessed vehicles a once over.

What are the benefits of buying bank repossessed vehicle?

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! These vehicles can sometimes save a car buyer as much as eighty to ninety percent off the original retail value of the vehicle.

What should I look out for?

  • 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.