Car Auctions

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evilsee

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Anyone here attend bank repossession auctions?

What do the vehicles, on average, go for compared to there retail price, would it go for 30% or 50% of its value.
 
Do your homework first. The cars are sold voetstoots and you are not allowed to inspect the car before the auction like they use to in the past. You will get a car at least 50% of so called book value but you may run the risk of spending much more on repairs.

Just remember that bank repos are from people that could not afford payments, so whats the chance they could afford to service their cars.

(I was contemplating buying through a bank auction last year).
 
cbrunsdonza said:
you are not allowed to inspect the car before the auction like they use to in the past.
Click to expand...

Where do you get this????

No no - inspections of the cars is usually the day before the auction - most auction places will even let you go for a test drive if you organise beforehand.

Yes cars are sold as "voetstoots" but most of the time the service books are available (usually with newer cars). In case of BMW, simply take down the VIN number and phone any BMW dealer - they will be able to supply the car's complete history.

Overall there is not a lot more risk involved when buying from an auction (as compared to normal dealer) if you have done your homework properly.

Just remember to read the auction rules clearly! Most of them you need to add VAT after the sale - which you need to keep in mind when bidding!

Here is a popular auction house:
http://www.burchmores.co.za/

All the best
 
Yes I am well aware of the risks of buying a repo'd car, the particular one I want is still under motor plan, I confirmed this when I called the agents. Im just hoping it goes for super cheap.

I have also set myself a limit and wont go more than that. This being my first auction Im a little weary, ideally I would have wanted to attend a few just to get a feel for them,

Cheers.
 
do you generally get the cars cheaper ? or are there 500 people bidding for every 'good deal'
 
I haven't been to an auction in years.
A friend of mine, used to buy and sell cars from the auction and there were plenty of great deals to be had.

I nearly bought a car from an ABSA auction a few years ago, but the idiots bidding pushed the car up way beyond what I was willing to pay for it.

Essentially you'd want to get a car at an auction for a substantial amount under trade value, then it's worth your while - or it was at least back then when I attended.
I have no idea what the market is like now, but reckon the fscking stealerships will still be there inflating prices for stock they need.

Good luck at the auction.
 
Also depends on the car.

I know an auction that smiles if a Quantum or minibus comes through, as they generally always get *more* than book at the auction.

GTIs and popular cars are not much under book (15 percentish) and Geelys don't sell ...
 
Shake&Bake said:
A friend of mine, used to buy and sell cars from the auction and there were plenty of great deals to be had.
Click to expand...

I know a guy that does this, he buys the cheapies which he then sells on for a profit of R5k-R10k
 
Yip it depends on where they start the bid for the car, and how many people are interested in the car, and how many are willing to go further with you on the bids...e.g

2009 Alfa Romeo Brera 3.2 Q4 red with all factory extras and glass roof...Retailed in 2009 for R520k last time I checked.

Last year at Aucor - it had about 30k on the clock, FSH, one owner - it was sold for R185000!!! That's more than 65% off the original price!

I don't know how they decide on the starting bid, i.e the starting value for a car on which people have to bid on...but its normaly your deciding factor, if the starting bid is low enough compared to the value of the car, you'll make a bid, if the starting bid is too high...you'll leave it...like it was mentioned before, you need to do homework on the car, I'd suggest going to 2 or 3 auctions just as a spectator to see how events unfold...chat to the auctioneers and get yourself aquainted with the rules etc...

Oh, also remember, the auction house fee and the VAT of 14% is NOT ADDED TO THAT SALE PRICE - so in the Alfa Brera example, its R185k + 10% for auction house + 14% for VAT!

So that Brera owner would have paid this...

R185 000 + R18 500(auction house) + 25900(VAT) - R5000(deposit to be able to take part in Auction) = R224400 So...its not really that much of a saving if you take Alfa's depreciation into consideration! So...go there looking for a car in your price range...it is absolutely vital to KNOW before hand what you can spend! And in that budget work in the auction house's price and the VAT please...I've heard many stories of people buying a car at Auctions only to find out of the supposed hidden costs...well organised Auctions like Burchmores and Aucor will inform you of this before hand...

So, be warned!
 
14 years later, time to resurrect this thread :-)

Can anyone tell of their recent experiences in car auctions?
what you bought, what you paid (trade/retail/was it a good deal etc)
which auction?
Just want to get a feel of its still attractive enough to throw a bunch of cash at an auction and what experiences people are having with the reputable and less reputable auctions?
and maybe has webuycars auctions taken the entire market?

thanks !
 
A wise man once told me that if the car was any good, a dealer would’ve bought it and put it on his floor at a markup looong before it hits the auction room floor. There’s a reason it’s there.
 
I follow this CC oke on the 'Tubes, sometimes you see killer deals!

www.youtube.com

Car Guy

Everyone sees vehicles on pictures and websites, but once you see the vehicle in person it looks completely different. That's why this channel has been created where I go to car dealers and do proper detailed reviews on the cars to make it easier for the buyer to see exactly in what condition...
www.youtube.com www.youtube.com




 
FiestaST said:
I follow this CC oke on the 'Tubes, sometimes you see killer deals!

www.youtube.com

Car Guy

Everyone sees vehicles on pictures and websites, but once you see the vehicle in person it looks completely different. That's why this channel has been created where I go to car dealers and do proper detailed reviews on the cars to make it easier for the buyer to see exactly in what condition...
www.youtube.com www.youtube.com




Click to expand...
I also follow this guy for the jhb auctions.


Very keen on getting my next run around from an auction.

Just need to find a buyer for my current car.
 
been watching the vids guys. alot of info there for sure!
what is the 2nd link there toxic. it just plays a BOB ad.
 
pboy said:
been watching the vids guys. alot of info there for sure!
what is the 2nd link there toxic. it just plays a BOB ad.
Click to expand...
Sorry about that.

youtube.com

TopNiceCars

On this channel I share information related to the automobile industry. The channel covers production and motorsports vehicles of all kinds in South Africa and aroudn the world.
youtube.com youtube.com

Hopefully this one works.
 
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