Repossessed Standard Bank cars at auctions are a great place to get vehicles at greatly discounted prices. If you are wondering exactly what it means if a vehicle has been repossessed then the best way to explain it is that a car has been taken back by the bank because the owner of the vehicle has missed several of their monthly instalments. This however does not happen if you miss only one repayment but rather if you miss a few and the bank sees that you have no other means with which to pay off the car.
If you are wondering why you should consider purchasing one of the many repossessed Standard Bank cars at auctions then here are some simple reasons for the different types of people who are looking for vehicles.
Individual sales:
People who are looking to purchase a car for their own use should definitely consider a car at auction. The majority of the time these cars are in fantastic condition and are sold for much lower than you would find at any used car dealership or private sale. The reason for this is because the banks are only trying to make back the money still owing on the car. What is more is that you can either purchase the car with straight cash if you have that kind of money saved up, or you can purchase the car from Standard Bank on vehicle finance. So instead of spending anywhere between three and five years paying off a brand new car, you can spend much less and have minimal repayments depending on your application for finance.
Organisations:
Organisations should definitely consider purchasing vehicles at car auctions. As many organisations need to have a fleet of cars that their employees use to conduct their jobs, the cost of purchasing all of these vehicles brand new can become steep. If you however visit a car auction, you can purchase an entire fleet or cars for greatly discounted prices. Again this is because of what was mentioned above whereby the bank is only trying to recover the outstanding amount owing on the vehicles. This means that your capital overlay for conducting your business do not have to be exorbitant and you can get every kind of car you need at these auctions.
However, there are certain factors that need to be considered when purchasing a car at auction and these include the following:
- The vehicles sold at auction come as it. This means that should you find after you have purchased a vehicle that has some sort of default, the bank is not responsible for this. It is therefore imperative that you get a qualified mechanic to inspect any vehicles before you purchase them. Should the mechanic find a fault with the vehicle, you can therefore negotiate on the price of the vehicle with the auction house.
- There are no warrantees offered at auctions and therefore you need to investigate how much longer the car is under warranty before you purchase it. This is especially necessary due to the above mentioned point that the bank is not responsible for any faults.
There really is no reason why you should not consider purchasing a car at auction. You can get really great deals on some of the latest models of cars at these auctions and with the banks providing you with vehicle finance at the auctions it means that anyone can now purchase a car at auction. One word of warning though is to go in to the auction with a fixed amount of money that you are willing to spend and do not get caught up in the excitement of the auction and bid more than you can afford as there is no going back once the final paddle has been stuck.