How Boat Auctions and Banks Can Help You Buy Cheap
On January 01, 2010 in Entertainment
This year has been simply the best of years for buying boats at state or local repossession auctions. As a frequent boat auction junkie myself it’s usually accepted that a vessel sold at auction will offer a 15-20% discount compared to book value.
That’s not bad, especially when considering larger boats retailing over $100,000..the savings can really be big. Add to that boat auctions has only served to inflate that percentage.
Boat auction in the states — especially in the big four states (Florida, California, New York, and Arizona) are seeing lenders and credit unions more aggressive in their re-marketing of non-performing assets. SunTrust Banks Senior VP, Don Parkhurst concluded with regards to their repossessed marine inventory, “You’ve just got to lower the price to where you can move it. You’ve just got to take the hit.”
The continued escalation in repossessed boats across the states with most every lender has attracted new boat buyers who can now literally buy a late model repo for significantly less than what a new boat buyer threw down 3-4 years ago for the same make and model. Notable boat auction companies like National liquidators and Boat Auctions Direct have reported that with the decline of the U.S. dollar coupled with the rise of boat repos shrewd international buyers particularly from Australia, UK, and Canada taking advantage of this high tide.
So how can you get in on the action as well? The key is frequently reviewing what’s out there. Frequenting auctions, online listings, classifieds, and dealer liquidations. Only by comparing asking prices and recent sales of similar models of the type of boat you’re interested in can you see savings of 50% or more. It’s really not rocket science.