Whether you are a seasoned boat owner or a first time buyer, you may be wondering about the likelihood of finding good deals at boat repossession auctions. The short answer is maybe. There are many variables that you must take into consideration, so it really does all depend on the conditions of the auction and your dedication to finding the right vessel for you. It may be difficult and/or time consuming, but it is possible to find a rare gem if you know how to navigate boat repossession auctions.
Take Your Time
The most important thing to remember when navigating boat repossession auctions is that patience is key. There may be hundreds of boats available for this auction, but when it comes to repo’s your likely looking at boats that have may have been neglected, so you don’t want to just jump at the first ship that appears to be in good shape. The auction next month may have an even better selection! If you have real patience, go to several auctions during different times of the year and get a feel for what is typically available without any intentions to buy anything so that you know when your optimal time to strike is.
Hire a Professional Marine Surveyor
A great trick is to hire a professional marine surveyor, like Christian A. Syoen, to come with you and briefly look over any particular boats that catch your eye to see if they’re worth your effort. This may seem a little costly if you are attending multiple auctions, but if you are determined to buy your next boat from a boat repossession auction it could be the safest way to make sure you are not wasting your money on a bad investment.
Choose Your Moment
As stated before, there are many variables that can impact boat repossession auctions. If the attendance is too high you might not be able to handle the competition, especially if cost is a driving factor in your choice of purchase method. Of course, this is usually only a problem if there are a number of exceptionally popular or high-valued vessels available. The time of year can also greatly influence an auction’s inventory. For instance, you may be more likely to find a larger or better selection of boats during the spring when the rate of repossession is higher than normal.
Don’t Be Afraid to Bid
If you do see a boat that looks like it’s just your speed and it’s either in good shape or you’re prepared to give it the TLC it needs, don’t be afraid to place a bid. However, also don’t be heartbroken if someone else outbids you. Bidding on a boat at auction is a lot like fishing. If you’ve already done the work of finding the best fishing spots and you know when all the fish are going to be there, all you have to do is toss your line in and wait. You might not catch a fish every time you cast, but so long as you keep trying you’ll eventually catch the big one! If you are considering the purchase of a new or used boat and are looking for a marine surveyor, call Christian today at 1.810.531.0992 or fill out the form in the sidebar to schedule your free consultation.