UuVareations

The year 2009, has been one of THE best years for buying boats and water toys at state or local repo auctions. As a frequent boat auction junkie myself it’s generally accepted that a boat sold at auction will offer a 15-20% discount relative to book value.

That’s big!… especially when you consider larger vessels retailing over $100K..the savings can be really be significantAdd to that boat auctions has only served to increase that percentage to as high as 30%.

Boat auction in the states — especially in the hardest hit (California, New York, Florida, and Arizona) are seeing lenders and credit unions more aggressive in their re-marketing of bad debt assets. SunTrust Banks Senior V.P. Don Parkhurst says with regards to their repossessed marine inventory, “You’ve just got to lower the price to where you can move it. You’ve just got to take the hit.”

The surge in repossessed boats across the U.S. with most every lender has attracted buyers who can now literally buy a late model repo for significantly less than what a new boat buyer paid 3-4 years prior for the same make and model. Boat auction sources like National liquidators and Boat Auctions Direct have reported that with the decline of the U.S. dollar coupled with the rise of boat repos shrewd international investors particularly from Australia, UK, and Canada taking advantage of this high tide.

So how can you take advantage as well? The key is regularly reviewing what’s out there. Regularly attending online listings, classifieds, and dealer liquidations. Only by comparing asking prices and recent sales of similar models of the type of boat you’re interested in can you brag about savings of 50% or more. It’s really not difficult or as time consuming if you’re using the above tools.