Prices for auction vehicles have softened, particularly at the luxury end of the market, and that's bringing out droves of buyers, says Park Village Auctions' (PVA) ace auctioneer Clive Lazarus.
Prices for auction vehicles have softened, particularly at the luxury end of the market, and that's bringing out droves of buyers, says Park Village Auctions' (PVA) ace auctioneer Clive Lazarus.
PVA is gearing up for its next two auctions due to take place tomorrow at the Bank Asset Disposal Centre, Prolecon Road, Prolecon, and on Wednesday, September 12, at the Bank Repossession Centre, 221 Main Road, Martindale. Both will commence at 10.30am.
About 300 vehicles in total will come under the hammer at the two auctions.
The inventory includes an excellent selection of bakkies, passenger vehicles, luxury makes and 4x4s, courtesy of the likes of Standard Bank Vehicle and Asset Finance, Nedbank and BMW Financial Services.
"With new car prices creeping up and buyers finding credit more expensive, auction vehicles are definitely in favour despite manufacturers and dealers offering incentives and attractive financing packages.
"Buyers correctly see real value in vehicles derived from reputable sources with low mileage that are coming on to our auction floors, many still with their motor plans and warranties," he adds.
A snap survey of stock sold at a recent PVA vehicle auction provides pointers to both price trends and the quality of the vehicles now reaching the market. These were:
2003 Toyota Tazz R32000.
1998 Hyundai Sonata R 19000
2004 BMW 318i R96000
2006 BMW 330D R212000
2006 Mini Cooper R113000
2002 Volvo S40 R64000
"Interestingly, while prices are softer, buyers are more selective than ever and in that respect, the fact that we are getting such excellent stock counts very much in their favour.
"The buyer mix remains wide, including private individuals, businesses and dealers. There is no question that the bargains are there, particularly when compared with new car prices.
"What's more with inflation beginning to rise and financing costs possibly even increasing with another interest rate rise, demand for auction vehicles can only get stronger, and we see nothing but continued good sales for the rest of the year," he said.
For further information, contact 011-789-4375/6/7 or www.parkvillageauctions.co.za