Buy ABSA repossessed cars at bank auctions in South Africa for cheap prices that offer you a deal on your new set of wheels. Gauteng, Cape Town, Johannesburg, Durban, Port Elizabeth, Bloemfontein and George are among the local areas holding regular auction events around the country. Where pre-owned vehicles are for sale at prices often way below market value.
Many makes and models are no more than a few months off the showroom floor and can almost be classed as brand new!
The reason we write specifically about buying ABSA repossessed cars from the bank repo auctions in South Africa is because they are the country’s largest financial service provider. They have more repossessions available for sale to the public than most other registered institutions.
One man’s loss is another man’s gain as the old saying goes and it is sad for people losing vehicles in repossession due to defaulting on payments.
However it does present an opportunity for those looking to buy a pre-owned vehicle in good condition at a value for money price.
ABSA Repossessed Cars include makes such as:
- BMW
- Mercedes Benz
- Ford
- Volkswagen
- Renault
- Toyota
- Nissan
- Hyundai
- Audi
- Suzuki
There is no need to feel intimidated or nervous about attending one of the events and bidding against other buyers either. Even if you have no experience in the auctioneering process.
There are staff on hand at these events to help and guide beginners through the process and explain exactly how things work, what is required and how to bid against others to get the cheapest prices possible.
Finance too is almost always available to apply for on the day. Whether you are looking for a nice family vehicle, something small for yourself, luxury vehicles or even bakkies, motorbikes and caravans.
Be aware of who you might be bidding against
There are people bidding on the sales of cars at auctions in South Africa for different reasons.
Some of these include car dealers looking for stock to sell on the showroom floor of a dealership.
However you should have a buying advantage over most of these dealers. Because they are looking to get the lowest price possible on the purchase of a repossessed vehicle.
So they will often bow out of the bidding process if they think the price is going a bit too high for them to make any decent profit on the resale of a car.
This puts you in a position to buy a repossessed car at a price that may be a little bit high for a dealer but still a bargain for you.
Head on out to one of the next bank repo auctions near you to see a selection of and possibly buy an ABSA repossessed car for a price that suits your budget.
What exactly is a repossessed vehicle?
When you buy a vehicle, you will usually have to apply for financing from a financial service provider in order to pay for the car.
You will then sign an agreement binding you to pay a certain amount on your loan including interest every month.
Because our financial situations are unpredictable, some of us find that because of losing a job. Or because of an unexpected expense, we cannot afford to make our loan repayments.
The financial service provider who financed the loan will then be within their rights to repossess the vehicle.
The bank will take the vehicle away from the individual and sell it on as quickly as possible. Usually through an auction. In order to make back the money that they stand to lose if they do not get paid for the vehicle.
Why should you buy ABSA repossessed vehicles over normal second hand cars?
A repossessed vehicle is often much newer than other second hand vehicles. Therefore it looks good, its parts are in great working order and it has a low mileage.
It is also very likely that the car warranty and the service plan will still be intact. Saving the new owner a lot of money on repairs, services and maintenance.
An auction is a good way to buy a vehicle because there are bargains to be found. The potential buyers will decide how much they are willing to spend on any vehicle.
You can get cheap repossessed cars for sale at prices under R100,000 and occasionally under R40,000.
-
Why go through ABSA?
ABSA is a reputable, well-known financial service provider in South Africa with a great history and many happy and satisfied clients.
They are a long standing company who keep to their deals. And who always aim to finance those who can afford to pay them back.
ABSA repo cars go on sale at auctions throughout the year and you can contact them for details of sales near you. You can’t go wrong in any dealings with this upstanding financial service provider.
-
Who else sells repossessed cars in this country?
Almost every well-known financial service provider in South Africa has repossessed vehicles that they want to sell. If you do not find a vehicle that suits your needs, you can try one of the following banks:
- First National Bank
- Standard Bank
- Nedbank
You can find out about when the next auctions are by looking at the ABSA website. Or contacting the staff at your local branch for more information.
Auctions selling ABSA bank repossessed cars and bakkies in South Africa occur in:
- Gauteng
- Pretoria
- Johannesburg
- Cape Town
- Durban
- Bloemfontein
- Port Elizabeth
What to keep in mind when shopping for repo cars at an auction
There are things to keep in mind when you are shopping for second hand or cheap repossessed vehicles.
In the past, companies who sell second hand vehicles and those who sell repossessions have been known to be dishonest. Perhaps to sell cars for more than they are worth. Or vehicles that have certain flaws and problems.
It is a good idea to make sure that you are very careful about who you choose to buy a vehicle from. Make sure you go for a company like ABSA, that is reputable and that you can trust to sell you decent repo cars at cheap prices.
Overall, buying a car at an auction can be a good option if you’re looking for a bargain and don’t mind taking on a bit more risk. However, it’s important to do your research beforehand. Understand the potential drawbacks, and set a budget for yourself to avoid overspending.
Visit the ABSA Bank website today to find out more on their vehicle auctions and detailed lists of what types of repossessed cars are available.