If you’re looking to buy a motorhome or campervan for your travels, purchasing a repossessed one is a fantastic way to save yourself some money, so you have extra cash to spend on your holidays.
Here we break down the simple tricks and tips you’ll need to ensure your choice of repossessed motorhome or campervan is in good working order, is safe and represents good value for money.
Why are motorhomes and campervans repossessed?
You may ask yourself why a motorhome or campervan is repossessed to begin with. Most vehicles that are repossessed are due to the owner not being able to keep up with the repayments of their new temporary home.
Those who buy using Hire Purchase (HP) or Personal Contract Purchase (PCP), would have secured a loan against the vehicle, meaning their motorhome/campervan can be seized and repossessed if they are unable to keep up with the payments.
A finance company will usually only repossess a motorhome as a last resort. They would prefer to have their money back rather than a vehicle potentially worth less than the secured amount remaining, so they’ll want to exhaust all other avenues for repayment first.
If a vehicle is to be repossessed, bailiffs will be sent round to pick it up. It will then be sold at a specialist auction as quickly as possible to recoup as much money as the finance company can.
What to look at when buying a repossessed campervan/motorhome
Buying a repossessed motorhome or campervan is a great way to obtain a vehicle you want for a cheaper price. However, ensuring you are buying a vehicle in good working order at a fair price can be tricky if you do not know what you are looking for.
Here are some simple tips to ensure you don’t get ripped off.
Check for damage, engine issues and damp
When purchasing any vehicle it’s important to check for any damage, and repossessed motorhomes and campervans are no different. You should always get the full details on the health of the vehicle before you agree to pay.
As well as the motorhome’s service and maintenance history, make sure you check for:
Engine issues
Make sure the engine starts first and foremost. Then listen carefully for any suspicious noises that may alert you to an issue. Ask to go inside, and then check for any exhaust fumes or smells creeping inside your living quarters.
Ensure there’s no damp or rust
Check all of the interior and exterior for signs of damp or water ingress. Using a damp/moisture metre is a great way to see if there is any damp that’s not as easy to spot. On top of using your sight, make sure you smell all around the motorhome and campervan for dampness too.
When you’re checking for damp, also keep an eye out for any signs of rust. Just like damp, rust can be an expensive problem to fix.
Look for missing and damaged items
Remember it’s not just the engine you are buying when purchasing a repossessed motorhome. You are also paying for the commodities inside. Be sure to look at the cupboards, cushions, flooring and furniture to see if there is any damage, marks, stains or scratches.
You should also ensure the water, gas and electric points are all in working order too.
Hire Purchase Investigation check
A Hire Purchase Investigation (HPI) check will check to see if the repossessed motorhome or campervan has been stolen, and whether there is money still owed on the vehicle by another party. All you have to do is visit the website and input the registration number plate, it will also detail the mileage the motorhome has done.
Government help service
There’s also a government advice service available for buying used vehicles. It will help you investigate whether there’s any unpaid credit due on the vehicle and whether it’s been flagged as an insurance write-off.
Set yourself a budget and stick to it
When buying a repossessed motorhome or campervan it’s important that you know how much you can afford. Some people can get carried away if they spot a model they fall in love with and stretch their belt to beyond their means.
To help yourself stick to a budget, research is key. Make a list of campers or motorhomes that appeal to you and work for your preferred budget.
It’s also important to remember that, as well as the purchase price, you’ll also have to consider the cost of any necessary repairs or refurbishment.
Owning and running a motorhome in particular is not cheap. You will need to pay for servicing, road tax and motorhome insurance – all of these costs can add up over time.
Motorhomes range from £10,000 – £300,000 depending on the model and specification, but buying one at an auction could see you save some serious cash.
How and where to buy a repossessed camper/motorhome
There are a number of different companies that specialise in helping lenders sell repossessed motorhomes and campervans, both online, at auctions and online auctions.
When looking into auction sites you will need to check if they are open to the public, or whether they are strictly for those in the motor trade. For example, BCA is not of any use to you as it’s only for those who work in this sector.
Auctions for traders and private customers include the likes of Copart and Merthyr Motor Auctions.
Tips for buying a vehicle at auction
Before buying a model you like the look of, it’s best practice to shop around. Check out the different online auctions, and those in person if you can attend, to get a feel for what constitutes a bargain for the models and spec you are looking for.
Whether you’re attending in person, or online, make sure you get there earlier. This is so you can flick through the catalogue to see if there are any real finds that you may not have expected. These guides will provide you with the initial details you’ll need to see if a vehicle meets the standards and specifications you are looking for.
Once you find a motorhome or campervan you are happy with, take the time to look over it with your own eyes, and as mentioned previously, run a HPI check using the reg plate, check for damp and rust and ask, if it’s a motorhome, for the engine to be turned on. They may say no, but it’s always worth an ask.
When it comes to bidding don’t rush into raising your hand if it’s a bid you can’t afford. If it feels unwise, or your gut is telling you not to pay x amount then listen to it. Just because an auction is coming to an end doesn’t mean you should rush into a quick decision over a fee.
Remember there will always be another motorhome at another auction. However, if you win the auction, you will be liable to pay the agreed price in full, as well as any other costs incurred by the auction house has previously set.
If the bids are staying low for a vehicle you want, don’t rush into raising your hand as that may drive the price up. Instead, wait to see if the price remains low and swoop in at the end if it’s still within your budget.
Insuring your campervan or motorhome
No matter which repossessed motorhome or campervan you buy, or whether you buy one another way, you’ll need to protect it. Sterling understands this, which is why we can help you find the right motorhome insurance or campervan insurance.
Call our advisors on 0808 109 4111, or book a free callback at a time that’s convenient for you.
