ABSA, Nedbank, Standard Bank and FNB are having to repossess vehicles at alarming rates due to the current financial credit crunch and are selling a large majority of these pre-owned models at car auctions in Cape Town, Johannesburg, Durban, Port Elizabeth and other regions throughout SA.
Anyone can attend these events and bid on makes and models of all pre-owned vehicles being auctioned off.
If you are in the market for a new vehicle there is no better time to get bank repossessed cars at wholesale prices than now!
Finance is available on the spot from ABSA, Nedbank, Standard Bank or FNB depending on which motor vehicle auctions in South Africa you are attending.
Birchmores hold a few auctions a week and specialise in selling pre owned cars to the general public and dealers alike. They always have friendly staff on hand to help and teach you how the whole bidding process works if you have not yet attended one of the events around the country.
Keep in mind if you decide to visit a bank repo auction that anything and everything is sold on a “Voetstoots” basis, meaning that you buy it “as seen”. If you can take a car fundi or even a qualified mechanic with you to an event to assist you in examining and checking vehicles for any signs of accident damage, wear and tear on the engine etc then it will certainly help.
Potential bidding participants are given the opportunity to have a good look at makes and models for sale as much as a day before the actual event. Whether it’s Aucor vehicle auctions or a Birchmores event, the opportunities exist to buy yourself a bargain and get bank repossessed cars at wholesale prices throughout the country.
Four dealerships in South Africa that sell repossessed vehicles
The following are four good places to purchase repossessed cars. They all offer a wide range of repossessed vehicles at a range of different prices.
My Cars is a vehicle selling branch of the well-known and reputable financial service provider Standard Bank. This company sells many different types of vehicles. You can find vehicles sold by My Cars in the following provinces:
- Eastern Cape
- Free State
- Northern Cape
- Northern West
- Kwazulu Natal
- Western Cape
You can visit the My Cars website at www.mycars.co.za for more information about the different vehicles available. You can narrow down your search by choosing a make of vehicle, a price range, a location, model, mileage and years. You can also contact staff at My Cars for more information about auctions or specific vehicles.
ABSA also offers vehicles that they have repossessed. Their repossessed cars and other vehicles are sold at public auctions at several ABSA trade centres.
ABSA also offers financing, instalment sales and lease and rental agreements on used or repossessed vehicles.
There are ABSA trade centres in the following regions:
- Port Elizabeth
You can visit the ABSA website at www.absa.co.za for information on particular vehicles or for sales. You can also contact the staff at ABSA for details about finances or what your next move should be in buying a vehicle.
First National Bank
First National Bank (FNB) regularly repossesses vehicles and offers them for sale at great prices. Wesbank and First National Bank often sell their repossessed vehicles at the same sales and you can choose from twice as many cars.
You can bid, apply for financing or peruse repossessed vehicles on sale through the First National Bank website on www.fnb.co.za. This financial service provider is a very well-known and reputable bank that you can trust to provide you with the best financing when you buy a vehicle.
Burchmores is an auctioneering house that offers a great deal of brand new and second hand items for sale. You can find new, used and repossessed vehicles of all different makes, models, types, years and mileages on sale at the many auctions that Burchmores runs.
Burchmores has three different branches in South Africa:
- Cape Town
You can visit the Burchmores website and search for vehicles based on make, model, location and price range. It is a good idea to contact Burchmores for more information on vehicles that are available and to view and inspect vehicles that you may be interested in at www.burchmores.co.za.
What to keep in mind when purchasing a repossessed vehicle
There are several disadvantages and advantages to buying a repossessed vehicle after a normal second hand vehicle or brand new car. You should keep these in mind when you make your choice.
- Repossessed vehicles are often new and will be more aesthetically pleasing and younger than other used vehicles.
- Repossessed vehicles are usually much cheaper than brand new vehicles and high quality used vehicles.
- Repossessed vehicles will usually have a lower mileage than other second hand vehicles.
- Repossessed vehicles might still have their service plans and warrantees intact, saving the new buyer money.
- Repossessed vehicles are often sold ‘as is’ meaning you will be financially responsible for any problems or flaws that become apparent once you have paid for the vehicle.
Whichever vehicle you choose, make sure you inspect it thoroughly and stick to your budget.