Buying a vehicle is one of the most exciting purchases you can make – MFC, a division of Nedbank, can help you get the perfect set of wheels.
If you’re looking for great value for money when buying a vehicle, consider the following options available to you:
Vehicle auctions are simple to understand and easy to take part in.
As long as you go into an auction prepared, it is a fun experience where you can get great deals on the vehicle you’re looking for.
Here is how MFC’s vehicle auctions work:
- 19:00 on Fridays ─ Registered members begin pre-bidding on their preferred vehicles online in increments of R1 000.
- 11:00 the following Wednesday ─ A real-time auction begins at a starting price equal to the highest pre-bid.
- If the pre-bid is not outbid during the real-time auction, the highest pre-bidder wins.
- If the top live bid is higher than the top pre-bid, the live bidder will win.
Another auction type that MFC offers is the timed auction.
Timed auctions happen when a vehicle fails to sell at a ‘standard’ vehicle auction.
These auctions take place online and anonymous bidding is open for a period of time, after which the person who put up the highest bid will win the vehicle, provided the bid exceeds the vehicle’s reserve value.
Consider these tips when taking part in vehicle auctions:
- Know what type of vehicle you’re looking for and the vehicle’s price on the market.
- Visit a few auctions to see how they work before bidding on a vehicle.
- Attend viewing days or use online tools to look at the car in advance.
- Ask experts to explain any technical terms to you.
- Use MFC’s vehicle finance team to help you buy your car.
Buying a used vehicle
Another great way to save money is to buy a pre-owned vehicle.
When buying a pre-owned vehicle, you should consider whether it matches your lifestyle and your budget.
Smart buyers also check the vehicle’s service history, mileage, and overall condition.
This is because if the vehicle doesn’t have a complete service history, there could be underlying issues. High mileage reading could mean the vehicle has wear and tear under the hood.
You should also check the vehicle’s interior, exterior, tyres and windows, and you should park it in the sunlight when checking for bodywork issues.
If you’re in the market to purchase a vehicle, MFC has you covered ─ even if you want to buy a vehicle from a friend or private individual.
MFC offers extensive private vehicle finance solution and its dedicated team make it easy for you and the private seller to navigate the process efficiently.
MFC also has a list of approved dealerships and has partnered with Gumtree to help facilitate safer and more efficient private vehicle sales.