Repossessed cars offer chance for affordable wheels
Auctions still appear to be providing a good opportunity for those seeking a bargain
The country’s political, economic and social climate has changed in just three months to attract investment, Park Village Auctions says.
"In these times investors need to keep a level head to make buying decisions based on reality and educated guesses rather than false perceptions, mass hysteria or, on the other end of the scale, overly euphoric reactions," Roy Lazarus, head auctioneer at Park Village Auctions, says.
"It pays to remember that on the upside the markets currently believe in the abilities of the new leadership with resultant currency appreciation and improving market segments.
"On the downside the expropriation issue raises concerns for property ownership and is sensitive enough to lead the country into turmoil if not sensitively, but [rather] decisively dealt with once and for all," Lazarus says.
"Where does this leave the investor? At a crossroads. Either wait and see what happens, or buy now while the markets are at the bottom of a cycle and take advantage as the wheel turns.
"One thing is for sure: make sure you select your investments carefully and buy right at the right price and you will never go wrong," he says.
The market for vehicles is no different with lots of good stock and a growing base of potential buyers as people have become more accustomed to dealing with auctions and indeed the secondhand market.
While many in the industry are forecasting new-vehicle sales growth of just 1% in 2018, the wider car market is growing faster than that and requires a healthy secondhand market to fill in the gaps between people’s requirements and the cars that they can actually afford, says the auction house.
The company’s director, Clive Lazarus, says the key word in 2018 is affordability, with import duties, emission taxes and VAT on the rise and pushing up the overall cost of a vehicle.
"The result unfortunately is people will either overextend themselves to buy the car they want but can’t actually afford or they will look towards auctions to find their dream car at an affordable price."
Lazarus says repossessed-vehicle auctions continue to represent an opportunity for buyers of all types of vehicles to find the car they want at a price they can afford.
"Prices fetched at our recent bank repossession centre auctions show quality cars at a good price are still in high demand. The same applies to less expensive cars where astute buyers recognise our auctions as a reliable place to invest in clean, low kilometre vehicles."