Boat Repossessions Sales are Taking New Turns - Are You on Board?
How the recent tide of bank repossessions can really float your boat.
Lenders aren’t thrilled and former owners are all wet, but the reality this year is undeniable..
are making it possible for buyers to cruise off into the sunset on the decks of some really unbelievable deals. If you’ve never considered taking the plunge at a marine repossession sale, then you’re paying too much for your next boat.
Boat Repossessions for Sale
The nation’s largest boat retailer, MarineMax, reports that sales have dropped by about 28% over the past three years, while the market for repossessed boats is up over 100%.
In fact, the folks at National Liquidators – the biggest marine repossession companies in the world – state that business has tripled in the last three years. They report about 200 repos a month in just three states alone (savvy shoppers in Florida, Ohio, and California take note). No matter where you live, however, bank repossessions are making boat ownership more affordable than ever.
Consider these facts:
- The market for used boats is taking a dive in the wake of falling new boat sales. As a result, buyers are grabbing up repo boats – many just one or two years old – for around 40% of what they would cost new. That’s just $40,000 for a $100,000 yacht!
- Most repos are crafts measuring less than 60 feet long. Why? Buyers with pockets deep enough for larger vessels are more likely to have the financial stability to hang on to them, even during a rough economical period.
- Back in years 2000 thru 2006, the average loan for a new boat purchase tripled to $141,000. The meaning for repo buyers? There are some really nice fish in the repo sea!
Repossession Auctions: The Best Deals on the Block
The condition of bank repossessions varies across the board, with some looking like they belong in a show room and others obviously sinking closer to salvage yard status. The great thing about shopping repos, however, is that the worse they look, the better the bargain.
It’s hard to argue with news like this:
- A 2007 Maxum in pristine, like new condition recently sold for $39,600 – a whopping savings of $20,605 off of the $60,205 appraised value.
Boat Auctions Direct
lists the recent sale of a 17’ 2000 Starcraft in average condition for just $1,150. The lucky buyer paid $6,950 less than the established retail value of $8,100!
- Are yacht repossessions more your style? Someone made off with a 2006 Sea Ray for just $94,500. That’s an incredible $60,700 savings off the suggested value of $155,200 for the bank repo’d 34’ vessel!
Salvage sales, of course, reap even bigger rewards. Thanks to bitter owners unwilling to walk the plank without a fight, some bank repo boats end up in the salvage yards where they will be sold off at rock bottom bargain prices.
A handful of 40 footers recently sold for about $25,000 a piece, while a 45’ Wellcraft in need of a little TLC was available for just $78,000 – a simply astounding price for the 1998 model!
Finding Boat Repossessions for Sale
Whether you’re looking to take the plunge with your first boat purchase or want to upgrade to a bigger and better vessel, Boat repossessions represent a small window of opportunity for buyers to buy cheap. For a quick look at seized boats and lender repos check out