How To Find Cheap Boats For Sale How To Quickly Find Cheap Boats For Sale
Due to the current market this year 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 seizing this new found opportunity and are unable to resist the lure 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 typically vessels that can be purchased for less than $1,000 and may or may not require a little repair or restoration to be deemed seaworthy. A must sell, cheap boat can be found by sifting through local and online classifieds, online auctions, and bank repo auctions, and Government seized boats.
Bank repo sales auctions are somewhat more difficult to find since banks typically haul their repos to one or a few local boat auction houses so as to quickly and efficiently remarket 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 storage space, time, resources, or market experience. So lenders resort to local dealers or auction companies to repair, clean up, store, and re-market the repo quickly for a percentage of the sale price.
Boat auction houses will often auction off boats in the neigborhood 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 total savings is significant but even a cheap boat under a $1,000 liquidated at auction can mean a $300-$400 cash savings compared to dealer retail or private seller.
If you’re a Do-it-yourself type and have boat restoration experience, extremely cheap boats often damaged vessels are often sold at insurance auctions and can offer savings as high as 70-90% below market value. However, the trade off is time and a little of work and effort to get the boat back to her once former luster.
In my experience over the past 7 years hunting down a worth while boat whether it be a cheap fishing boat, cruiser, or sail boat can be a time consuming process if you’re not aware of those resources out there where for a minimal fee you’ll get the cream of the crop. The real key to finding a one whether you
are interested in it for your own pleasure or flip it for a quick profit is to keep yourself exposed to cheap boats for sale consistently and frequently. That’s why sources to take note of 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.
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