The cost of bank vehicle repossessions differs between banks with FNB repossessed cars prices being no different. The fees vary depending on a range of factors. Here we examine what affects the selling price of the First National Bank repossessed cars for sale and why they’re valued at these amounts.
FNB (First National Bank) is one of the major banks in South Africa. It is a subsidiary of FirstRand Limited, one of the largest financial services groups in Africa.
As is the case with the major banks FNB offers car finance to customers that qualify. However a percentage of vehicle buyers default on their repayments. So the bank has no option but to repossess these vehicles and sell them at auction to recover costs.
This may also be of interest to you: Wesbank Weekly Auctions and Vehicle Catalogues
How FNB Repossessed Cars Prices Amounts Are Calculated
Amounts for the vehicles selling by First National Bank will vary according to a list of factors. The following are the main reasons for calculating the cost of FNB repossessed cars prices.
- Condition
- Market Demand
- Mileage
- Vehicle Age
- Location
- Title Status
- Options and Features
Condition: The condition a repossessed vehicle plays a significant role. If the car is in good condition with minimal wear and tear it will sell for a higher price compared to one with significant damage or mechanical issues.
Market Demand: Market demand for a particular make and model can affect the price of repossessed cars. Popular models with high demand may fetch higher prices, while less popular models might sell for less.
Mileage: Mileage is an important consideration for buyers. Lower mileage generally translates to a higher price, as it suggests less wear and tear on the vehicle.
Age of the Vehicle: The age of the repossessed car is another factor. Newer vehicles sell at higher amounts, while older ones may sell for less due to depreciation and technological advancements in newer models.
Location: FNB repossessed cars prices can vary based on the location of the sale. Urban areas such as Johannesburg and Pretoria in Gauteng or Durban and Cape Town may see higher prices in comparison to rural areas.
Title Status: The status of the vehicle’s title (clean or salvage) can affect its price. A clean title typically sells at a higher price as it indicates that the vehicle has not had severe damage or declared a total loss by an insurance company.
Options and Features: Additional options and features such as navigation systems, leather seats, or advanced safety features can increase the price of cars repossessed by FNB.
The Varying Prices of Car Repossessions From FNB
FNB repossessed cars prices will be different according to the things we mention in the list above.
It is possible to get repossessed cars for sale under R50,000 and at times even at prices under R40,000.
However you’re not going to get a lot of options for vehicle repossessions under R30,000. Because the cost depends largely on the year and condition.
Cars with damage will go for lower amounts and are usually bought by dealers who will fix them up and sell them at the dealership.
Some Good Advice When Looking at the FNB Repossessed Cars Prices
One tip when buying a repossessed car is to thoroughly inspect the vehicle’s maintenance records if available.
Because of financial hardship repossessed cars may have been neglected or poorly maintained by their previous owners leading to potential issues down the line.
By checking the maintenance records you can gain insight into the previous care for the vehicle and anticipate any upcoming maintenance or repair needs. This can help you make a better decision and avoid unexpected expenses after purchase.
FNB Repossessed Cars Prices and Lists Available of Vehicles at Upcoming Auctions
There are auctions in areas throughout South Africa selling car repossessions from FNB. You can see the details of these events by visiting the Wesbank car auctions website here: https://www.wesbank.co.za/auctions/
You can check dates, times, locations and catalogues of the vehicles for sale at upcoming events.
Also you can bid online for cars so if you’re comfortable with that you don’t even need to physically go to the auction itself. Although you can go in person of course and even view the vehicles a day before the auction event takes place.
In Conclusion
To conclude, while it is easy to find the FNB repossessed cars prices online there are certain factors to take into account before bidding on and buying a vehicle.
Make sure you know these things before you weigh up the final cost of a vehicle to you and how it will affect your financial circumstances.