Buying foreclosed boats at auctions can be both exciting and fun. Most decent boats cost 30-50 thousand dollars used. This is a lot of money to spend no matter what level your income is at. Who wouldn’t mind saving a few $1,000’s or even as much as 50% by buying a boat foreclosure. To some, buying a boat that has been foreclosed on is a gray area. They think it is a bad thing to profit off of someone else’s misfortune. I wish more people thought this way, so there would be even less competition.
The truth of the matter is that the owner of the vehicle looses a little, but the lender typically looses out the most. By buying these boats from the lender, we are helping them recoup some of their bad investment. (Coincidentally, the best way to avoid foreclosure is to pay cash for the boat.)
Some of the best reasons for buying boat foreclosures, are as follows:
The best reason is that you can buy below market value. Often these boats sell for 30% to 50% below retail. If you know what you are doing, you can get a great deal!
There is also a lot of inventory available. (Especially in 2009 and the beginning of 2010) when foreclosure rates were at a high. Every auction has a 100% turn-over rate, where everything must be sold and no two auctions are alike.
Fun and competitive bidding atmosphere. The sale takes place relatively quickly and there is no haggling with pushy sales people over the final sales price and payment options.
At a repo boat auction, no one pays retail for the boats they purchase. This means that most of the boats sold are good deals, and a lot of them are even great deals. You should be aware though, that boats are sold in ‘as-is’ condition. It is the buyer’s responsibility to inspect the boat and fix any repairs that they find.