Hammering home hard auction lessons
With thousands of repossessed vehicles landing up on auction floors, buying one at an auction is certainly a means of getting a car at a bargain price. But it is not without its risks.
While you can inspect the car before an auction and check out all its paperwork, you can’t drive it or send it off for a professional check.
Plus, Consumer Protection Act (CPA) regulations allow for it to be sold with “no duty to repair”, so if the car is out of warranty, or you discover it has a problem that’s not covered by the warranty, the bargain buy could end up costing you plenty.
And be aware that while an auction may be advertised, in big letters, as a “bank repo” auction, there’s a chance that the car you’re interested in wasn’t repossessed or part of a liquidated estate - it could have come from a dealer.
Hammering home the hard lessons
WITH thousands of repossessed vehicles landing up on auction floors, buying one at an auction is certainly a means of getting a car at a bargain price.
But it is not without its risks.
While you can inspect the car before an auction and check out all its paperwork, you can’t drive it or send it off for a professional check.
Plus, Consumer Protection Act (CPA) regulations allow for it to be sold with “no duty to repair”, so if the car is out of warranty, or you discover it has a problem that’s not covered by the warranty, the bargain buy could end up costing you plenty.
And be aware that while an auction may be advertised, in big letters, as a “bank repo” auction, there’s a chance that the car you’re interested in wasn’t repossessed or part of a liquidated estate – it could have come from a dealer.
