Online auctions – yes or no?

In today’s tough economic climate, affordability is a top priority for car buyers. The allure of scoring a great deal often leads them to auctions. While there’s potential for savings, it’s crucial to understand the process before diving in.

Remaining vigilant at the auction is key, as scam artists may lurk. WesBank offers tailored guidelines for auction attendees to avoid pitfalls, ensuring a smooth purchasing experience.

Research and preparation

Before bidding, research the available vehicles and inspect them in person. Stay informed about any last-minute changes to the auction catalogue.

Registration and documentation

Registration is mandatory for bidding. Provide necessary identification and proof of residence. Understand that a refundable deposit is required, but be wary of any requests for additional deposits to secure a car.

Clarify terms and conditions

Familiarise yourself with auctioneer’s terms, including payment procedures and refund policies, to avoid misunderstandings.

Beware of scams

Exercise caution, especially online. Deal only with reputable auction houses and authorised representatives. Be wary of offers that seem too good to be true.

Lebo Gaoaketse, head of marketing and communication at WesBank, stresses the importance of dealing with trusted sources. “Ensure you’re dealing with reputable auction houses and official WesBank representatives. If an offer seems too good to be true, it probably is.”

Be alert to red flags, such as requests for payment outside the auction platform or vague product descriptions. Report suspicious activity to prevent others from falling victim to scams.

By following these guidelines and staying cautious, buyers can confidently navigate vehicle auctions, maximising their chances of securing a quality vehicle at a reasonable price.

Source: MotorPress