Repossessed Boats For Sale Why Buy One

Repossessed Boats For SaleWhy Buy One?

By: - Fishing - August 22, 2011
repossessed boats for sale why buy one

So you’re in the market for a boat.  You’ve wanted one for a long time, and even though the economy is depressed you’ve managed to save some money and you think now is the time.  In fact, this probably is a very good time to buy a boat.  Not only are boat dealers offering great prices, there also are a lot of repossessed boats for sale.

Let’s start at the beginning.  What are you going to use a boat for?  The answer to that question will determine what kind of boat you buy, and how big it will be.  Obviously if you’re going ocean cruising, you won’t want a rowboat.  But you don’t need the Queen Mary, either.

In order to narrow this down, let’s assume that what you’re looking for is a boat for fishing.  There are a lot of fishing boats for sale right now, so let’s take a look at the options, and in particular look at repossessed boats for sale.

Auctions of Bank Repos

There are a couple ways of buying used boats.  One, obviously, is through a classified ad such as the ones on Craig’s List.

That said, however, there seem to be lot of scams on Craig’s List and like places, so going somewhere you can see and touch the boat and know it’s the real deal is a good idea these days.

Once place you can find used boats are at auctions, as bank repossessions.  Sometimes you will just happen to find a boat at a general merchandise or estate liquidation auction, but if you look around you can find auctions that are exclusively for repossessed boats for sale.  And the truth is that buying a boat at auction isn’t nearly as intimidating as buying a new boat at a dealership can be.

At a dealership, the sales person is all about “selling” you the biggest boat he can get you to buy.  At an auction, however, nobody cares who buys which boat.  Nobody will try to push you into buying anything.  You can walk around, look at the boats that will be sold, and ask a lot of questions.  Whether you bid, buy, or walk away, nobody is going to say a word.

Advantages

When you buy a fishing boat for sale at an auction, you’re going to get the best price around.  The price at an auction usually is only a fraction of what you’d pay at a dealership, particularly if you’ve done your homework and know what the boats in the sale are worth.  The keys are to not get caught up in a bidding war, and to quit bidding if the price starts to climb too high.

One reason you’ll get a great deal is that you’re buying the “package” and not adding on features for additional cost, such as a trailer, cover, hitch, and other accessories.  Whatever is on the boat is already there; take it or leave it.

Another advantage is that it’s a cash transaction.  If your credit isn’t great, so what?  Bring cash with you and you won’t have to worry about it.  Just remember that there is always a buyer’s premium—usually 10 to 13 percent—in addition to your actual bid for the boat.  This is standard across the auction industry.

Disadvantages

Auctions sell fishing boats for sale “as is.”  In other words, what you see is what you get.  You won’t know if everything works until you put the boat in the water and try it.  And there’s no recourse and no warranties; if there’s a problem, it’s your problem to fix.

If you go to a reputable auction house, however, they’re going to tell you everything they know about any problems with the boat.  So if you have limited money for a boat or bad credit, buying a repossessed boat for sale can be a good option.


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Comments (1)

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