Boat Auctions Savings Are….What?!
The year 2009, has been one of THE best years for buying water toys at state or local bank repo auctions. As a frequent boat auction attendee myself it’s generally accepted that a boat sold at auction will offer a 15-20% savings relative to retail.
That’s not bad, especially when considering larger vessels retailing over $100,000..the savings can really be big. Add to that boat auctions has only served to up that percentage to well over 20%.
Boats auction in the U.S. — especially in the harder hit (California, New York, Florida, and Arizona) are seeing financial institutions like banks and credit unions more aggressive in their re-marketing strategies of non-performing assets. SunTrust Banks Senior VP, Don Parkhurst says 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 continued escalation in auctioned boats across the U.S. with most every lender has attracted new buyers who can now literally buy a late model vessel for substantially less than what a new boat buyer paid 3-4 years earlier for the same make and model. Boat auction sources like National liquidators and Boat Auctions Direct have reported that with the value decline of the U.S. dollar coupled with the rise of boat repos shrewd overseas investors particularly from Australia, UK, and Canada taking advantage of this high tide.
So how can you get in on the action as well? The key is frequently reviewing auction 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 see savings of 50% or more. It’s really not much luck as it is smart shopping with the right tools.