The year 2009, has been one of THE best years for buying water toys at state or local bank liquidation auctions. As a frequent boat auction follower myself it’s generally accepted that a boat sold at auction will offer a 15-20% savings compared to retail.
That’s big!… especially when you figure larger yachts retailing over $100,000..the savings can be really be significantNow fast forward to now where boat auctions has only served to up that percentage to as high as 30%.
Boats auction in the U.S. — especially in the hardest hit (Florida, California, New York, and Arizona) are seeing banks and credit unions more aggressive in their re-marketing of ‘non-performing’ assets. SunTrust Banks Senior V.P. Don Parkhurst says with regards to their repossessed boat inventory, “You’ve just got to lower the price to where you can move it. You’ve just got to take the hit.”
The rise in repossessed boats across the states with most every lender has attracted new boat buyers who can now literally buy a late model vessel for significantly less than what a new boat buyer threw down 3-4 years ago for the same make and model. Notable boat auction companies like National liquidators and Boat Auctions Direct have indicated that with the decline of the U.S. dollar coupled with the rise of repossessed collateral shrewd overseas investors particularly from Australia, UK, and Canada taking advantage of this high tide.
So how can you save on a boat this year as well? The key is regularly reviewing what’s out there. Staying in front of boat auctions, online listings, classifieds, and dealer liquidations. Only by comparing asking prices and recent sales of similar models of the type of boat you’re interested in can you brag about savings of 50% or more. It’s really not difficult or as time consuming if you’re using the above tools.
Tags: auction companies, boat auction, boat auctions, liquidation auctions, national liquidators, repossessed boats, suntrust banks