2nd-hand cars on auction are really, really cheap right now
Repossessed cars are flooding the market and driving down prices.
Business Insider South Africa investigated and found cars and bakkies are currently auctioned (successful bids) at prices about a third less than “book value”, on average.
Some high-end cars come in at almost 80% below market value.

Related articles:
There are, of course, risks when buying on auction, and you’re usually required to pay before taking possession.
Test-driving is rarely an option and you often don’t get any kind of service history.
The massive discounts seem compelling – is it worth taking the risk?
Lester Kiewit put the question to motoring journalist Adam Ford.
Is it worth the risk? No… you have no idea what the condition of the car is… you can’t take it for a drive and there are no guarantees…
Adam Ford, motoring journalist
People get lured because they think they’re getting an absolute bargain… On a car lot, you can test-drive it, you can get it financed, the lot will do the roadworthy and license… Rather buy a second-hand car from a private individual…
Adam Ford, motoring journalist
If you understand the value of vehicles, you can make a couple of rands on the side…
Adam Ford, motoring journalist
If your car is going to get repossessed, you’re not going to send it in for a service… If you ain’t got money to pay for the car, you ain’t got money to fix it…
Adam Ford, motoring journalist
Listen to the interview in the audio below.
More from Business

Economy in 2021: 'Expect a better year for South African assets'
An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.
Read More
Retirement funds in SA are changing – new laws come into effect on 1 March 2021
Bruce Whitfield asks personal finance advisor Warren Ingram to explain in detail the new laws affecting provident funds.
Read More
Germany Covid-19 death rate now higher than US - considers 'mega lockdown'
Germany has squandered its early success in restricting Covid-19, laments Deutsche Welle Correspondent Chelsey Dulaney.
Read More
Wine industry runs out of storage due to ban - R1.5b's worth could be lost
A new harvest is imminent and there's no more space for unsold wine. We have the highest stock level ever - Vinpro's Rico Basson
Read More
Don't fall for promises of high returns from latest investment scam, warns FSCA
A new scam is surfacing on Facebook and WhatsApp groups. The masterminds are even using the FSP number of a legitimate company.
Read More
'Thank you Mr President for not shutting us down, but we need more support!'
Loadshedding is another blow to the struggling restaurant industry. We need more relief says Grace Harding (Restaurant Collective)
Read More
Pick n Pay announces retirement of CEO credited with retailer's turnaround
Richard Brasher will be replaced by Netherlands-born Pieter Boone in April. A retail expert evaluates Brasher's performance.
Read More
Negotiations underway to bring back UIF Ters payments amid impact of second wave
Business and labour are pressing South Africa's government to introduce a new round of UIF Ters relief to mitigate the impact of the Level 3 lockdown.
Read More
Elon Musk threatens South Africa’s SKA telescope
Astronomers in South Africa are extremely unhappy about Elon Musk’s plans, says Jan Vermeulen of MyBroadband.co.za.
Read More
Prioritise drivers for vaccination against Covid-19 - National Taxi Alliance
It's a fact - minibus taxis are essential for the functioning of the economy. Lester Kiewit interviews Alpheus Mlalazi (NTA).
Read MoreMore from Opinion

Economy in 2021: 'Expect a better year for South African assets'
An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.
Read More
'Disabled South Africans are sleeping on pavements outside Sassa offices'
A humanitarian and health crisis is unfolding, right now, in South Africa, warns Lynette Maart (Black Sash national director).
Read More
Anoj Singh fails to testify at Zondo Commission - despite it being mandatory
"It’s a very decisive moment for the legitimacy of the Zondo Commission," warns political analyst (NWU) Professor Andre Duvenhage.
Read More
Santam limits Covid-19 'business interruption' pay-outs to 3 months' losses
"The indemnity period is now the question," says lawyer PJ Veldhuizen. "I think Santam is going to be unsuccessful."
Read More
Elon Musk slips to no 2 in 'richest' rankings (but earns Andy Rice's hero award)
Pretoria-born Musk is a role model in terms of vision, creativity and conviction says branding expert Andy Rice.
Read More
Zimbabwe crisis: 'South Africa can intervene but solution lies with Zimbabweans'
It is probably expecting too much from the ANC government to censure Zanu-PF, a sister liberation movement, says Tapiwa Chagonda.
Read More
'ANC is against another hard lockdown'
"Family meeting" – the scariest words in the English language. Bruce Whitfield interviews News24 Political Editor Qaanitah Hunter.
Read More
All rich South Africans must submit to lifestyle audits - judge Dennis Davis
Auditing the lifestyles of potentially tax-dodging rich South Africans is low-hanging fruit, says Davis (Tax Review Committee).
Read More
Africa free trade agreement: 'Moving people across borders is the real magic'
The Continent is uniting. Ray White interviews Adrian Saville of the Centre for African Management and Markets at Gibs.
Read More
Alcohol ban was wildly effective at preventing trauma - data
The data is conclusive. Banning alcohol sales prevents trauma. Partially banning it partially prevents trauma (Dr Saadiq Kariem).
Read MoreMore from Lifestyle

Strained love relationships during Covid? Try to hang in there advises therapist
Relationship expert Paula Quinsee says do seek help but don't make rash decisions during these abnormally stressful times.
Read More
John Maytham's Book Reviews: 15 January 2021
John's three book picks for the week.
Read More
Economy in 2021: 'Expect a better year for South African assets'
An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.
Read More
Retirement funds in SA are changing – new laws come into effect on 1 March 2021
Bruce Whitfield asks personal finance advisor Warren Ingram to explain in detail the new laws affecting provident funds.
Read More
Don't fall for promises of high returns from latest investment scam, warns FSCA
A new scam is surfacing on Facebook and WhatsApp groups. The masterminds are even using the FSP number of a legitimate company.
Read More
Telegram now counts 500m active users. 'People are rebelling against Facebook!'
The new privacy policy being implemented by WhatsApp's parent company is the straw that broke the consumer's back - Toby Shapshak
Read More
Mindful drinking: 'Non-alcoholic drinks having a heyday in SA right now'
Non-alcoholic drinks can be seen on shelves just about everywhere. Bruce Whitfield interviews Mindful Drinking SA's Sean O'Connor.
Read More
How to buy your very first share – even if you have mere cents to invest
You can buy R1 (or even one cent) worth of shares. "The key to getting started is to get started," says Charles Savage.
Read More
Digital guest tracker helps tourism sector manage Covid-19 spread
CEO of SA Tourism Sisa Ntshona explains how the technology works.
Read More
Buying a new car may be possible – even if you can’t afford the monthly payments
Need new wheels? WesBank’s Lebogang Goaaketse discusses a popular method for making repayments more affordable.
Read More