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Due to the market jobless boaters have recognized their need to force a quick sale or surrender their boat to the repo man. Right now more than ever new boaters are taking a double look at this new found opportunity and are unable to resist the tsunami of cheap boats for sale by banks, distressed owners, and even government agencies. So how do you define a cheap boat and how can you get your hands on one?

Cheap boats are generally accepted as 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 deemed seaworthy. A must sell, cheap boat can be found by sifting through local and online classifieds, internet auctions, and bank repo auctions, and Government seizures.

Bank repo auctions are rather difficult to find since banks typically haul their repos to one or a few local boat auction yards so as to quickly and efficiently remarket their non-performing asset. Very rarely 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 houses to repair, clean up, store, and liquidate the repossession quickly for a percentage of the sale price.

Boat auction companies will often auction off boats on average of around 20-30% below market, according to National Liquidators. However, depending upon the popularity of a boat they can sell for up to 40-50% below market. For a large yacht the total savings is significant but even a cheap boat under a $1,000 liquidated at auction can mean a $300-$400 discount compared to a dealer or private seller.

If you’re a Do-it-yourself type and have boat repair experience, extremely cheap boats often damaged vessels are often sold at insurance auctions and will offer savings as high as 90% below market value. However, the trade off is time and a little of elbow grease 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 out there where for a minimal fee you’ll get the cream of the crop. The important key to finding a cheap boat whether you
are interested in it for your own pleasure or ‘turn it’ for a quick profit is to keep yourself exposed to 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 really need to take advantage of to keep your email full of new inventory.

Tags: auction yards, bank repo auctions, elbow grease, government seizures, insurance auctions, national liquidators