Vehicles repossessed by South African banks come in a variety of prices and conditions. The cars are repossessed by the bank because the previous owner could not make their monthly payments on one or more of their assets. The result is cheap cars as lending institutions try to recoup lost funds at repo auctions. Although these cars are pre-owned, it doesn’t mean that they are in bad condition. Many people have to give their cars back after only a few months which might mean that you get an excellent second hand vehicle at a much lower price than you would have hoped for.
The people who attend repo auctions for vehicles repossessed by South African banks are the people who are looking for a deal. They want cheap cars and are at the auctions to get them. This also means that they start of the bidding at very reasonable prices so that people do not get scared off. The credit crunch has made many people think twice about those extra pennies and when it comes to buying pre-owned cars, this is all the more obvious. People want second hand cars, but they want them at low prices. Cars are able to be inspected before purchase, and it’s always good to ask about previous accident history and mileage.
Cars at repo auctions are sold as is, which means that if they are in poor condition and you don’t know about this before, the sellers are not liable to fix them. That’s why it’s important to question the dealers, and to not let the credit crunch influence you to make impulse purchases. Although they are cheap cars, this is only valuable if they actually run. So if you need a second hand vehicle, then have a look at vehicles repossessed by South African banks.