Sometimes, you have to search out different ways of fulfilling your dream. If you can’t afford that brand new power boat and even the used ones are out of range, don’t settle for your second choice just yet. There is another option: power boat repo auctions.
Boat auctions are more common than you think. The problem is discovering when and where. While some are printed in newspaper ads or announced in a few periodicals, many are not. They have to be tracked down.
How do you find out about a power boat repo auction? Check a variety of sources including local marine bureaus. Have they repossessed any boats lately for non-payment of slip fees? A common practice, this is a possible source.
Government agencies and banks are two other possibilities. Remember to phone, e-mail and follow up any possible leads. Some groups contract out to internet agencies to handle the sales. A possible, if frustrating way to pass the time and maybe find out information, is to type the word power boat repo into a search engine and see what comes up. Frequently, a site leads to other sites. Don’t get caught in the whirling eddies.
If you find and plan to attend an auction, don’t expect miracles. Each auction has it’s own rules. Prices can vary wildly. Much depends upon attendance, the product, who is bidding and the drive of the crowd.
Before arriving, do your homework. Obtain all possible information on what will be there. Attend a preview to examine the boats at close range. See what flaws they have, make a list of what boats interest you, then hit the book: the blue book. In this way, you can check the value of the boat, compare low and high ends and decide your bid range based on reality not a fictional fancy. As with buying any boat, check comparable models in the classifieds and gauge the local range.
Read the boat descriptions carefully. See what is listed and, just as, or maybe more importantly, note what is not included. Assume nothing. This way, on the day of the auction, you will come prepared.
There are two major points of concern when attending a power boat repo auction. Do not get caught up and born away by the auctioneer and his/her spiel. Also, avoid entering into a competition with other bidders and ending up with a boat you do not want.
There are a few caveats with buying a power boat repo. The boat is sold as-is and the shipping costs. There is often no way to verify the condition of the engine, the soundness of the electrical system or the solidness of the inner workings. These boats do not come with warranties.
Finally, make sure you have complete ownership of the power boat repo. Obtain clear title not just a bill of sale and you might just have bought your dream.