Are you struggling to find a quality used car at a reasonable price? You're not alone. The landscape of buying used cars in South Africa has drastically changed, leaving many buyers with fewer avenues to purchase cars as affordably as they once could when buying privately listed vehicles online. Traditionally, those in search of a great deal would scour the internet for private sales. However, with the rise of big brand car buyers who are purchasing a significant portion of private cars for sale, the stock of available private listings is dwindling. This scarcity, coupled with an increase in online fraudsters scamming potential buyers with fake car listings, has made the process even more challenging.
So, why aren't more people considering buying at auctions?
South Africa holds around 10+ auctions nationally each week, many of which offer online bidding. These are reputable bank auctions, big fleet company disposals, and commercial vehicle auctions, boasting a wide variety of popular makes and models, including many late models with low mileage and older, budget-friendly options.
Why Private Buyers Aren't Taking Advantage of Auctions
Concerns Around Transparency of Online Bidding
Many buyers worry about the transparency of online bidding. However, the auction industry has made significant strides in regulation and transparency over the past few years. Reputable auctioneers are members of the South African Institute of Auctioneers (SAIA), ensuring a level of trust and integrity.
Additionally, if you see "Auction Finance" available, you can rest assured that this is the bank's approved finance arm facilitating finance at these reputable auctioneers across SA. To make it even easier, Auction Finance offer a free WhatsApp Auction Alerts service, listing genuine bank (ABSA, WesBank, MFC, and Standard Bank), fleet, and commercial auctions.
Perception That Dealers Outbid the Private Sector
There's a common misconception that dealers can outbid private buyers. In reality, vehicle pricing at auctions is dictated by the market. The bidding process considers various factors like vehicle mileage, condition, popularity, and even the weather on the day can effect the final bid!
Dealers buy either to wholesale the car or to sell it off their dealership floor, meaning they still need to make a margin on reselling the purchase. Private buyers can still outbid dealers and, by buying a vehicle at auction between trade and retail, save on the dealer's reconditioning costs, which might include unnecessary cosmetics and the dealers mark-up.
Lack of Awareness About Auctions
Many private buyers simply aren't aware that these auctions are happening. While dealers are actively seeking new stock and keeping updated about auctions, few auctioneers have a significant presence in the marketplace. This is where staying in contact with our WhatsApp group can be incredibly beneficial, providing updates and sharing the link with family and friends.
Unawareness of Available Finance at Auctions
Perhaps the biggest reason people don't bid is that they don't know finance is available for auction vehicles. Auction Finance is available on-site at all reputable bank auctions across SA. Our staff is there to assist clients through the process, discussing finance options, and securing pre-approval. This takes the risk out of bidding, allowing bidders to participate with confidence. We guide them on maximum bids, considering various add-ons at the auction like VAT and buyer's commission if applicable.
Why Consider Auction Finance?
Auction Finance simplifies the buying process at auctions by offering pre-approved finance. This service not only helps you bid with confidence but also ensures you have a clear understanding of your budget and the associated costs. By securing finance in advance, you can focus on finding the perfect vehicle without worrying about last-minute financial arrangements.
Join Our WhatsApp Auction Alerts
Stay updated with the latest auction listings and never miss an opportunity to find a great deal. Join our WhatsApp Auction Alerts group for free and get access to genuine bank, fleet, and commercial auctions from reputable auctioneers like ABSA, WesBank, MFC, and Standard Bank. Share the link with your friends and family, and start taking advantage of these opportunities today.
Join our Auction Alerts WhatsApp group: https://chat.whatsapp.com/Cpa0FcnIQqSBf0BzXmPYD1
Auction Finance is an authorised financial services provider (FSP34936).
For more information and updates, visit our website or follow us on social media:
- Website: www.auctionfinance.co.za
- Facebook: https://www.facebook.com/AuctionFinanceSA
- Twitter (X): https://x.com/Auction_Finance
- Instagram: https://www.instagram.com/auction.finance.pty.ltd/
For commercial finance solutions, visit our Auction Finance Commercial Division: www.com-fin.co.za
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