When going to an auction for the first time you may be a bit nervous as you don’t know all the “rules and regulations”. Here are a few pointers.
- Don’t go if you aren’t serious about buying. Most auction yards will ask that you pay a deposit in order to register for the auction.This deposit will be refunded after the auction if you did not purchase anything. But, be careful, you will lose your deposit if you do not follow the terms and conditions stated by the auction company.
- Have your money ready. You will be asked to pay a deposit upon registration, usually by cheque or EFT. This means you need to have tour phone on you, with internet banking, ready to transfer (or register and pay beforehand).If you make a purchase you will need to pay that day, onsite – so make sure you have everything in place to pay. You will not be allowed to go home and pay later or first get the money together to pay.
- If you are planning to finance your item first check home much deposit will be required. At NUco Auctioneers a deposit of 10% of the total value of the item/s being financed is required.
- Be ready to take your purchased vehicles with you that same day. Once a purchase has been made the vehicle is your property and you will have to pay a “storage fee” to leave your vehicle at the auction yard.
Vehicles become the responsibility of the owner if not removed from the auction yard by a certain stipulated date. This means that the owner takes full responsibility for any risk, and cannot claim against the auction company if something (including but not limited to theft and damage) were to happen to the vehicle.
- There are extra costs involved – the “fall of the hammer” price is not the final price.
- The buyer will have to pay the auctioneer a premium of 10% (excluding VAT) on the “fall of the hammer” price.
- You will have to pay 14% VAT on top of your bid price.
- In order for the vehicle you purchased to be dispatched you will have to provide your ID Document and proof of residence (no older than 3 months).
You will also have to wait until the dispatching times, after the auction, to take your purchase home. One cannot simply buy, pay and leave.
- Remember that there will also be a vehicle paper processing fee to pay.
- Lots are sold as is with not warranties or guarantees.