Rischio

The year 2009, has been one of THE best years for buying boats at state or local bank repo auctions. As a frequent boat auction attendee myself it’s typically accepted that a boat sold at auction will deliver a 15-20% savings when compared to retail.

That’s big!… especially when considering larger boats retailing over $100,000..the savings can be really be significantNow fast forward to now where boat auctions has only served to up that percentage.

Boat auction in the states — especially in the hardest hit (Florida, California, New York, and Arizona) are seeing lenders and credit unions more aggressive in their re-marketing strategies of bad debt assets. SunTrust Banks Senior vice president Don Parkhurst states 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 rise in repo boats across the U.S. with most every lender has attracted new boat buyers who can now literally buy a late model repossession for significantly less than what a new boat buyer paid 3-4 years prior for the same make and model. Boat auction liquidation sources like National liquidators and Boat Auctions Direct have witnessed that with the decline of the U.S. dollar coupled with the rise of repossessed collateral shrewd international boat enthusiasts particularly from Australia, UK, and Canada taking advantage of this high tide.

So how can you save on a boat this year as well? The key is regularly reviewing listings. Frequenting 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 brag about savings of 50% or more. It’s really not rocket science.