If you love the idea of being out on the water, but you don’t like the idea of spending a fortune on a new boat, you might want to consider looking for repossessed boats for sale. It’s often much cheaper than simply trying to buy a used boat from a dealer, and it’s a method of buying that many people overlook.
Choosing to buy repo boats can help you get into a great watercraft for a fraction of what it would normally cost.
What Does the Term Repossessed Mean?
When you find repossessed boats for sale, it often means that the bank or other lender seized the boat because the owner was not able to keep up with their financial obligations. Eventually, they go into default status, so the bank will take and resell the boat to help them make their money back.
Other times, the repossessed boats for sale could be due to seizure after an illegal activity (poaching or even illegal brokerage). For example, someone may have not been paying their taxes, and the IRS could seize the boat. The boat might have been involved in smuggling too.
Where to Find Repossessed Boats for Sale
One of the best ways to find these boats is through auctions, either online or in-person. You can find a wealth of different auctions in your area, as well as on the Internet, which have repossessed boats for sale.
The auctions tend to include a wide variety of different types of boats as well. Once you start searching, you should be able to find everything from small marine fishing boat to sailboat, yacht and even cruiser aluminum or pontoon for sale at auction.
Something you should do before you even start looking at the auctions for these boats is to determine the type of boat that you want. This will help you sort through all of the options faster, and it will help you determine the amount you want to spend on the boat.
Fortunately, you can find boats available that will fit nearly any budget and need. However, it can take some time to find the one that’s right for you. Don’t get overexcited and simply choose the first boat that you find. Make sure you do your research on the boat.
Another thing you should remember about these repossessed boats for sale is that some of them could be in rough shape. They might have some engine work that you will need to fix. They might have some exterior or interior damage as well. When people find out that they are in danger of repossession, they tend not to take good care of the vehicle.
Still, given the amount of money that you can save when you buy these boats, it can still be well worth it. You can often save enough in the purchase price that you can take the rest of the money in your budget to handle the repairs.
When you are researching the options for the boats through the auction site, make sure you read everything possible about the boat, full list of inventory. Understand what’s wrong with it and what you will need to fix. Just as you would do with a car, get an estimate from a professional to determine what it will cost to repair the boat.
If the amount is too high and pushes you out of your budget and comfort zone, you will want to step back and look at another boat. Do not go into debt when you are buying repossessed boats.
Enjoy the Boat
After you get your boat from the auction, and you make sure that it is in good shape, it’s time to enjoy your purchase. Few things are as fun and peaceful as getting out on the water. Whether you will be taking a trip on your yacht, or you are simply taking a boat out on the weekends for some fishing, remember to have a great time.