The Hunt For Repossessed, Cheap Boats Under $1,000 Finding Repo, Cheap Boats for Less Than $1,000
On September 28, 2009 in Retail
Due to the market jobless boaters have recognized their need to force a quick sale or surrender their boat to the repo man. Today more than ever new boaters are taking a double look at this new found opportunity and are unable to resist the flood of cheap boats for sale by banks, distressed owners, and even government agencies. So what is a cheap boat and how can you get your hands on one?
Cheap boats are vessels that are able to be purchased for less than $1,000 and may or may not require a bit of repair or restoration to be safe or legitimately seaworthy. A must sell, cheap boat can be found by sifting through local and online classifieds, internet auctions, and bank repo auctions, and Government seized boats.
Bank repo auctions are rather difficult to find since banks typically haul their repos to one or a few local boat auction houses so as to quickly and efficiently liquidate their non-performing asset. Only on rare ocassions will a bank store and liquidate on their own as they just aren’t equipped with the space, time, resources, or market experience. So lenders resort to local dealers or auction companies to repair, clean up, store, and liquidate the repossession quickly for a piece of the sale price.
Boat auction houses will typically auction off boats on average of around 20-30% below market, according to National Liquidators. Depending upon the popularity of a boat they can sell for up to 40-50% below market. For a large yacht the savings is significant but even a cheap boat under a $1,000 liquidated at auction can mean a $300-$400 cash savings compared to a dealer or private seller.
If you’re a DIY’er and have boat repair experience, extremely cheap boats or salvaged boats are often sold at insurance auctions and can offer savings as high as 90% below market value. However, the trade off is time and a little of work to get the boat back to her former luster.
In my experience with boat auctions over the past 7 years locating a legitimate worth while boat whether it be a cheap fishing boat, cruiser, or sail boat can be a time consuming process if you’re unaware of those resources available where for a minimal fee you’ll get the cream of the crop. The key to finding a cheap boat whether you
use it for your own pleasure or ‘turn it’ for a quick profit is to keep yourself in front of cheap boats for sale consistently and frequently. That’s why sources to consider likeBoat Auctions Direct, National Liquidators, and Associate Marine Specialists are just a few of the many sources you should use to keep your email full of new inventory.