Consider A Bank Repo Boat And Beat Used Boat Prices
With the economy ailing the way it is, most people think of people losing their jobs, homes, and automobiles because of the recent downturn. Times are also hard for upper middle class families as well and many of them happened to be boat owners. Remember when the "belt tightening" has to be done, recreational and luxury items are the first to go. Which would prefer to lose? Your car, home, or boat.
There are gigantic opportunities in buying repossessed boats. Savvy investors are picking up boats at 40%-70% discounts and reselling to people who can still afford them. Many recreational boaters are also finding a much better bargain on used boat prices than they can get at their local boat dealer.
Most bank repo boats were owned by people who cared for them and kept them well maintained. And since boating is seasonal in most parts of the USA, wear and tear is usually minimal as compared to an automobile which is usually driven daily. Generally the work needed on a repo boat is minor and clean up type work such as painting. The original owners kept them well maintained for insurance and safety purposes.
Lenders and finance companies who repossess boats have a non-performing asset on their books which they usually want to dispose of quickly. They know that they cannot hope to get market price in this economy. The longer they hold the boat the less they will receive when it finally does sell.
Remember, when considering a repo boat purchase be sure to do your due diligence just as if you were buying a home or an automobile. Finance companies always sell "as is" and they generally will not pay anyone to inspect or maintain the boat while they have ownership. Be sure to take someone who is familiar with used boat values and engine maintenance. You should also do a close visual inspection of the interior and the shell to make sure there is no damage or cover-up work to be considered. If you do find flaws, that should be factored into your bid price.
Whether you are purchasing your repo for personal use or to resell for a profit, make sure to do your research. The internet is a great place to start. There are auction sites that list boats for sale all over the USA and Canada.
Buying an e-book online or subscribing to an inexpensive auction membership site that deal in repo boats should give you enough information to make a quality decision and purchase.