Repossessed cars at the auctions held on regular dates around SA can be bought at bargain prices for those hoping to purchase a cheap vehicle but some caution needs to be exercised. The main reason many people end up losing their wheels to the banks is because of financial difficulties. They cannot keep up with the monthly repayments and eventually after trying to negotiate and make arrangements the bank will employ a debt collector to come and take the vehicle. The people that this happens to are more often than not in serious debt and struggling to access any money.
This may mean that some repossessed cars sold at auctions have been neglected. Those who have lost their vehicles to the banks may not have been able to afford regular services or any mechanical repairs that might have been needed. Bearing this in mind it is a good idea to take somebody who knows something about the mechanics of a motor vehicle or better still a fully qualified mechanic. Most auctions will allow potential buyers to view cars, motorbikes, caravans, bakkies and anything else that is being sold at the auction one day prior to the event. Lists and catalogues are usually available as well for potential buyers to browse through before attending.
So what different kinds of auctions are held around South Africa? Well, the major banks in the country, Absa, FNB, Nedbank and Standard bank all have lists of repossessions and organise various events at different times in many parts of SA. Registrations and sales processes may differ between the banks and finance for those who need it is often available to apply for on the spot and the day of an event. Another popular repo auctioneering company in the country is Burchmores. They too hold regular events all over, you may have heard the Burchmores radio ads or seen their adverts in newspapers which normally inform the public of the times and whereabouts of the most recent events. The key to buying is simply not to rush a decision and take time to check everything properly before buying any repossessed cars at the auctions around South Africa.