Why is it that people dream of owning a boat? Is it because Hollywood celebrities, the rich and the famous all have one? Having a boat is more than just a luxury. It is a getaway. It means freedom. It’s like a haven of peace and solitude usually absent from the constant flurry of activities, occupations and concerns of daily living. To have a boat means to have that one place on earth where you can be truly free.
But boats are very expensive. Many people go through an entire lifetime never experiencing the pleasures that boats offer. However, one doesn’t have to be rich in order to acquire ownership of a boat. There are many cheap boats for sale. It is only a matter of knowing what your options are.
Buying a boat for less isn’t really difficult to accomplish. There are different options for you to choose from. One option is to settle for a used boat instead of wishing for a brand new one. Used boats are less expensive, and they have been tried and tested. However, there are other costs to consider, such as repairs and maintenance.
Another option is to purchase a salvage boat. Salvage boats are put up for sale due to some damaged component. They are often sold at auctions, and like used boats, salvage boats also involve major repairs.
A third option you should contemplate on is buying a repossessed boat. When a boat owner fails to meet his payments, the bank claims it back and puts it up for sale. Boat repos are sold out at low prices, because banks usually want to get rid of them really quickly.
Whatever option you take, always remember that good planning, preparation, thorough inspection, and a little advice from a boat expert, can help you get the dream boat you want for less.
So Just What are Foreclosed Boats?
In the last two years, a significant increase in home and property repossession has occurred, due mainly to the economic crisis sweeping across America. Many boat owners in particular, have lost their prized possession – their boats. This is because these boat owners were unable to keep up with their payments. As a result, the bank or lending company claimed these unpaid boats. The term for this misfortune is called Foreclosure.
Boat foreclosures happen very commonly. But what happens to these boats when they are taken away? As banks and lenders get stuck with a huge count of repossessed properties, they want nothing more than to get rid of these items. So they put these items up for auction for a very cheap price, allowing interested buyers to take these items off their hands. The banks are happy, but the buyers are exultant! Boats are really expensive. But once they are foreclosed, they can be auctioned off at nearly half of their original retail prices!
But there’s more. Most foreclosed boats are still in great physical shape when they are reclaimed. Some even look barely untouched. The only downside when buying foreclosed boats is, they are sold without any guarantee or warranty, so you’re basically on your own once the deal is done. Another thing is, foreclosed boats are paid in cash. The idea behind this is to prevent another foreclosure. This means you must have the right amount of cash at hand to get the dream boat you want. Considering all of this, the advantages of buying foreclosed boats far outweigh the disadvantages. Boat foreclosures undeniably give you the great opportunity to walk away with the best deal ever!