- WesBank issues guidance on buying cars at auction.
- Check VAT and fees on bid prices.
- Winning a bid does not guarantee finance.
- Inspect vehicles, but expect no test drive.
- Verify auctions through official websites to avoid fraud.
Vehicle finance provider WesBank has issued guidance for motorists considering buying a car at auction. It says buyers should understand how an auction works before they register, to avoid expensive surprises later.
“Auction buying can give consumers access to a wide choice of vehicles, but it is important to go into the process prepared,” says Lebo Gaoaketse, Head of Marketing and Communication at WesBank. She advises buyers to know what they can afford and to take the time to understand the auction rules.
Auction fees and vehicle finance
Buyers should check whether the advertised or bidding price includes VAT, and whether auctioneer’s fees, buyer’s commission, administration charges or document fees are added on top. These costs differ between auction houses and should be calculated before bidding. Buyers should also check what happens to the registration deposit if no vehicle is bought, along with the cancellation and complaint procedures.
Finance should be arranged before the auction. Winning a vehicle does not mean finance will automatically be approved, and any application still goes through the usual assessment process. “Set a figure that works for your household finances and stick to it. If bidding moves beyond that amount, be prepared to walk away,” says Gaoaketse.
Inspecting the vehicle and paperwork
WesBank says an auction vehicle deserves the same scrutiny as any other used car. Where pre-sale viewing is allowed, buyers should check the bodywork, tyres, interior wear, lights and any missing parts, look under the bonnet where permitted and ask about service history. Those who are not confident can take a trusted mechanic along. Buyers should not assume a test drive will be possible.
Auction terms and conditions are available at www.wesbank.co.za under the auction section, and assets can be viewed 24 hours before the auction. Buyers should note the terms on vehicles sold as is with no duty to repair. The auctioneer provides comments on known defects. The VIN should be checked against the documentation, and any mismatch flagged before bidding.
Checking an auction is genuine
Fraudsters can create convincing adverts and social media pages using the names of legitimate businesses. WesBank advises verifying an auction through the company’s official website or independently sourced contact details before paying a registration fee or deposit. Requests for money to secure a vehicle outside the stated process, urgent pressure to transfer funds or contact only through informal channels are warning signs.
Ownership costs after the auction
Ownership costs begin immediately. Buyers should arrange insurance before delivery where required, budget for registration and licensing, and allow for tyres, servicing or repairs depending on the vehicle’s condition. “Buying any vehicle is a longer-term financial commitment,” says Gaoaketse.
Supplied by MotorPress (WesBank)
This story is based on aggregated news, press release(s) or other sources and was prepared with the help of AI tools, which can make mistakes. Prices, specifications, general information and availability may change, so confirm the details with the manufacturer, other news sources or a dealer.