ABSA repossessed bikes can be the ride you are looking for to find a motorcycle at a decent price. As one of the largest financial services provider in South Africa ABSA bank has more repossessed motorcycles up for auction than other financial institutions. Especially after the current financial times that have resulted in a lot more bike repossessions.
Bike repossessions in South Africa include models such as:
- BMW
- Honda
- Yamaha
- Suzuki
- Ducati
- Triumph
- Kawasaki
- KTM
- Harley Davidson
Many people these days are in debt because of the harsh economic conditions.
This means that people can’t afford purchases they once made, such as motorcycles.
If a motorcycle is bought through bike finance from ABSA. And the person who bought it is unable to make the necessary installments with interest. The bike is liable to be repossessed by the bank and put up for sale to cover its losses.
A bike can also be up for repossession if the owner dishonors the agreements or terms of the loan.
Buying ABSA repossessed bikes can be beneficial to your budget. Because the bank want to cover their costs rather than make a profit on sales. Repo bikes often sell for less than they are actually worth.
This gives buyers a great opportunity to take advantage of some great deals on wheels.
Where can I find repossessed bikes?
Repossessed vehicles such as motorcycles sell at auctions in South Africa. This is a quick and easy way for the bank to sell the bike as soon as possible and recover their losses.
This may also interest you: Bank Repossessed Motorcycles and Auctions
Weekly auctions are by auction houses such as Aucor and Burchmores in all major cities in South Africa. Such as: Johannesburg, Durban. Pretoria, Cape Town, and Port Elizabeth.
These auctions are a great way to pick up a used bike at a competitive price to have you burning rubber in no time.
There are a number of benefits of buying repossessed bikes on auction rather than buying a used bike through traditional means:
- Repossessed bikes sold on auction often sell for more reasonable prices.
- It is easier to get financing for repo bikes. As the bank will be eager to sell the vehicle. Banks such as ABSA often have counters at the auction event providing financing for your purchases.
- Auctions are an exciting and fun way of buying a used bike.
Motorcycle Auction Hints and Tips
Although there are a number of benefits to attending auctions of used bikes, there are a number of precautions to bear in mind. To ensure that you have a rewarding auction experience:
Always do your research. Before you go to the auction you need to get a list of all the bikes for sale. Decide which vehicle or vehicles you are interested in then do a background check on the motorcycles you may bid on.
You need to check up on the market value of the motorcycle that interests you. Compare prices of similar vehicles and decide on your maximum bidding price. Don’t bid above this amount. Otherwise you will pay more for the bike than what it is worth.
Once you know how much you would like to spend, approach the bank or other lending institution. To get a pre-approval for the financing you need for your purchase. An ABSA consultant will usually be at the auction so you can approach them before you bid.
Inspect the bike before the auction event. You need to see for your own eyes what kind of condition the motorcycle is in. If you don’t know much about bikes, bring along someone who does or find out what you should be looking for. Important aspects to inspect are looking at the bodywork for any signs of damage, and running the engine to check if the oil is clear.
Arrive early! You need time to inspect the bikes, to pre-approve financing. And prepare yourself for the bidding so don’t arrive just as the auction is starting.
Don’t forget to bring along your motorcycle license if you have one.
What Other Banks Sell Repossessed Bikes in South Africa?
It’s not only ABSA Bank that offer bike repossessions in this country. Other credit providers are having to repossess bikes due to non-payment.
Banks offering bike repossessions in South Africa include:
- Standard Bank
- First National Bank (FNB)
- Capitec Bank
- Nedbank
You don’t usually purchase the motorcycles directly from the banks themselves but rather they are for sale at repo auctions.
You can use an online search engine to seek out repo motorcycle auctions and general vehicle auctions near you.
In Summary
Buying a repossessed motorcycle in South Africa can be a smart way to save money while acquiring a reliable vehicle. But it’s essential to approach the process carefully to minimize risks.
The bikes are often sold at a lower price because they are usually recovered from owners who defaulted on their loans.
To make a successful purchase, you should begin by doing thorough research on the motorcycle’s history and market value.
This includes checking the vehicle identification number (VIN) for any past accidents or title issues and comparing prices with similar models to ensure you’re getting a fair deal.
Conducting a proper inspection is also crucial; consider hiring a professional mechanic to assess the bike’s condition, looking for any signs of wear, damage, or potential mechanical problems that could lead to costly repairs down the line.
Additionally, it’s important to fully understand the terms of the sale. Such as warranty provisions, return policies, and any additional fees that might be involved.
By taking these steps, you can make a more informed decision and increase your chances of acquiring a high-quality motorcycle at a reasonable price.
Absa repossessed bikes are probably some of the most reliable to purchase because they are sold by a reputable financial institution in South Africa.