Friday, July 13, 2012

Repossessed Boats

Buying repossessed boats has allowed many fulfill their dream of owning a boat, they would not have been able to afford if they bought a used boat at a dealership. Dealers often buy up stock at repo auctions and then sell them on a profit. Shoppers, who are in the know, understand that if they cut out the dealer or middleman, they will be able to make significant savings and get the best deal possible. So how do you begin to find repo boats for sale? I will tell you about the best resources available and give you a few pointers to ensure that you will attend your first auction with expert knowledge.

How to Find Repossessed Boats for Sale

There are a number of places that you can find repo boat auctions.

1.Banks/Financial Institutions If you contact your local banks and financial institutions they should be able to inform you of any upcoming auctions in your area.

2. Local Newspapers Auction notices will usually be found in the legal notices section of your local newspapers. Some types of auction are legally obliged to provide public notices in local publications.

3. Online Auction Services These services provide comprehensive listings of all the auctions available countrywide. They can cost a few dollars to join but the more auctions you know about the better chance you have of getting the boat you are looking for at the right price, so it may be worth a small investment.

How to Prepare for an Auction

1. If you are a boat enthusiast you will probably already know what type of boat you are looking for, but try to define your choice by make and model. Decide on any features that you require and take a look at the prevailing market values of the boats that interest you. You should use this information to set your budget.

2. Prior to the auction, check the list of boats available and shortlist those that best match your requirements.

3. Before showing up to the repo auction, make a list of any documentation or identification, you will need to register for the auction.

4. Take your time to inspect all the repossessed boats on your shortlist prior to the auction start time. If you know a boat mechanic, it may be useful to bring them along with you. However, if you are going it alone, make sure you do a visual inspection for any signs of damage and run the motor or engine to ensure that it is running smoothly and that there are no signs of smoke.

When the Auction Begins

1. It is important that you stick to bidding on the items you have selected in advance and that you have inspected.

2. Don't get caught in a bidding war. It can be tempting for an auction novice to get caught up in the excitement but this can radically reduce your potential savings. Stick rigidly to your budget. If you don't get the boat you want at your first auction, there will be others and by sticking to your guns, you will achieve a more successful outcome.

A little research and preparation can pay huge dividends when purchasing repossessed boats for sale at auctions. There is no need to pay a dealers premium, when you can attend the auction yourself and buy your boat directly from the source. Sellers really need to sell their stock to recoup losses and avoid storage charges and you can benefit greatly from their desire for a quick sale if you adhere to the advice above.

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