This year has been simply the best of years for buying boats at state or local bank repo auctions. As a frequent boat auction follower myself it’s usually accepted that a repo boat sold at auction will deliver a 15-20% savings compared to retail.
That’s not bad, especially when considering larger yachts retailing over $100,000..the savings can be really be significantNow fast forward to now where boat auctions has only served to increase that percentage.
Boats auction in the U.S. — especially in the harder hit (Florida, California, New York, and Arizona) are seeing banks and credit unions more aggressive in their re-marketing strategies of bad debt assets. SunTrust Banks Senior VP, 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 continued escalation in repossessed boats across USA with most every lender has attracted buyers who can now literally buy a late model repossession for significantly less than what a new boat buyer paid 3-4 years ago for the same make and model. Boat auction liquidation sources like National liquidators and Boat Auctions Direct have indicated that with the value decline of the U.S. dollar coupled with the rise of repo boats shrewd overseas boat enthusiasts 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 auction listings. Staying in front of boat auctions, 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 see savings of 50% or more. It’s really not difficult or as time consuming if you’re using the above tools.