USA: Where Everyone Can Boat Auction For Fun and Savings
This has without a doubt been a banner year for buying boats at state or local bank liquidation auctions. As a frequent boat auction junkie 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 you consider larger yachts retailing over $100K..the savings can be really be significantAdd 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 (Florida, California, New York, and Arizona) are seeing banks and credit unions more aggressive in their re-marketing strategies of non-performing assets. SunTrust Banks Senior V.P. Don Parkhurst concluded 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 the states with most every lender has attracted new boat buyers who can now literally buy a late model repossession for substantially less than what a new boat buyer threw down 3-4 years prior for the same make and model. Boat auction sources like National liquidators and Boat Auctions Direct have witnessed that with the drop in value of the U.S. dollar coupled with the rise of boat repos shrewd international investors 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 frequently 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 see savings of 50% or more. It’s really not difficult or as time consuming if you’re using the above tools.
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