UuVareations

This year has been simply the best of years for buying boats and water toys at state or local repo auctions. As a frequent boat auction attendee myself it’s typically accepted that a repo boat sold at auction will deliver a 15-20% discount when compared to book value.

That’s big!… especially when considering larger yachts 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%.

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

The continued escalation in repossessed boats across the states with most every lender has attracted new buyers who can now literally buy a late model vessel for suprisingly less than what a new boat buyer paid 3-4 years prior for the same make and model. Notable boat auction companies like National liquidators and Boat Auctions Direct have witnessed that with the value decline of the U.S. dollar coupled with the rise of repossessed collateral shrewd overseas buyers particularly from Australia, UK, and Canada taking advantage of this high tide.

So how can you get in on the action as well? The key is frequently reviewing auction listings. 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.