Wednesday, 15 August 2012

Boat Repos

One way to save money is to purchase salvage boats. Salvage boats are those that have been damaged in some way. To find salvage boats for sale, begin with classifieds and craigslist, as they are sometimes sold by private owners. More often, however, they are sold at auctions by banks or insurance companies. These boats can range from needing a few minor repairs, to needing significant repairs, replacements and maintenance. The cost to purchase a salvage boat is often very low; however the total cost of ownership could be quite high, especially if the boat requires major repairs. If you are skilled in boat repairs, or feel like taking on a big project, then a salvage boat may be a great place to start. If you want the quality of a gently used boat, but want to pay salvage boat prices, then you may want to consider buying a repo boat from an auction. Many repo boats are in excellent condition but are being sold at 20-40% of the original price. Repo boats are boats that have been taken back by the bank when a borrower fails to make adequate payments. Banks usually want to offload these boats as quickly as possible, thus the low prices. Before you buy a boat from an auction, keep in mind that you are buying without any guarantees and warrantees. Do a thorough inspection of the boat before the bidding begins to make sure that the boat does not need significant repairs. It is also a good idea to set a maximum bid before the bidding begins, to help you stay within your budget.

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