ABSA was holding a no reserve, repossesion auction in Milnerton, and sensing the opportunity for a bargain, I decided to attend. The variety was quite interesting in itself, from cars that were damaged beyond repair to cars that were almost brand new. I did go to the inspection on Wednesday, which was useful in identifying the cars that I could possibly bid for, but the ultimate test drive was not possible.
The auction itself was an interesting experience, and I noticed that some buyers ended up spending more than the car's reported trade value. But there were a lot of deals to be had, and quite a few cars were sold below half the reported trade value. Ultimately, I realised that my budget was a bit too small for the purpose of buying a car at an auction esp. as I was bidding against car dealers, but for more expensive cars, and an adequate budget, auctions could be a great place to pick up bargains.