Repossessed boats are often found at boat auctions. Repossessed boats are boats that have been repossessed as collateral once the borrower has defaulted on their loan.
The next type are boat impounds. These are typically boats that been seized by government or police. A lot of times you can get these boats for a super low price. You may have to go to a government auction in order to find them.
The next type of boats are damaged or salvage boats. Once a boat gets wrecked, the insurance company will usually reimburse the owner for the cost of the boat. The boat will then be sold at an auction. You need to be careful with these boats because they can often cost a lot more to fix than they are worth. A lot of times, people buy salvage boats for spare parts.
There also liquidation boats. Typically, this happens if the dealer gets foreclosed on and all of their boats become liquidated. It is a good opportunity to buy boats for 30% to 40% less. Sometimes you can even buy boats that are brand-new.
You can also get good discounts when you buy boats are motivated sellers. These water crafts can be sold at an auction, but usually they are sold for sale by owner. Motivated private party sellers want to unload their cheap boats since they don’t want to continue making boat payments or they are simply not interested in owning a boat anymore. A lot of times people are having financial troubles or they are going through divorce. Otherwise, you could not be buying a boat that was inherited, or one that is being sold to pay for medical bills. By taking the time to find sellers that are motivated, you can get really good deals on used boats. If you don’t want to be stuck making payments, it would make sense to purchase the boat with cash if you are able. Boat auctions provide another way to find terrific deals for purchasing boats.