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.

Thursday, 9 August 2012

Things To Look Out For During A Boat Auction

It is always easy to get lost in the emotional frenzy during biddings so you must be well prepared and focused on your goal if you want to end up a winner at a boat auction. Emotions have no place in a boat auction. Do not fall for that trap or else you will lose control over your bidding powers. To help you stay focused on your goals during a boat auction, here are some pointers for you. Check Your Expectations When you are going to a boat auction, you should never expect too much. Note that boats that are placed in an auction are already used and some of them have seen several years of use and may have weathered several storms so you cannot really expect them to look like brand new. Moreover, boat auctions sell these boats as is, meaning that what you see is what you get. There are no warrantees on these boats. Check Your Budget Before you go to a boat auction, you need to condition yourself to let go when the bidding price reaches to a point beyond your budget.It is easy to get distracted during a boat auction, especially if you are an avid boat lover, and that is why you need to make sure that you know before hand how much money you can afford to pay for a boat.