Cars bought on auction can dramatically reduce the total cost of ownership of vehicles and ensure owners trade-up a class or two higher than they would usually be able to afford.
With car prices at an all-time high and fuel prices on the increase, car buyers are faced with an affordability dilemma and have to choose between a car that fits its purpose and the owners status objective, or settle for affordable and economical.
Looking at the current economic landscape, PVA’s Clive Lazarus says there is growing interest in auctions as buyers look to maximise money spend and still afford the kind of car that they want. The regular intervals between their auctions in Martindale, Durban and elsewhere, as well as the popularity of the company’s online auctions, is also making it easier.
“Most of the vehicles we offer are genuine bank repossessed cars, so buyers at our auctions look for the type of car that they need and want rather than having to settle for the cars they can afford. We have many examples of buyers finding their dream cars here,” he says.
His top 10 tips for choosing a vehicle on auction are:
1. Narrow down your selection to the type and make or model of the car you want.
2. Do your research and gauge the “going-price” of the car you would like to buy.
3. Visit the Park Village Auctions website regularly or contact the branch managers for previews of what will be available.
4. On auction day make sure that you have done all the required administration and arrive or login early.
5. Set limits and only bid what you can afford.
6. Always be prepared to walk-away from a lot if you are being outbid and can no longer afford the prices.
7. Be on the lookout for bargains that match your criteria but may not have been on your original wishlist.
8. Make sure you get as much information and history about the car as possible and determine if warranties, motor plans etc still apply.
9. Look at the overall appearance of the car as it often matches its overall condition.
10. Go after the car that you want and if the price is right, don’t be afraid to buy it.