Dirt Cheap Bank Repo Boat Sales Figures

One of the main reasons I hunt repossessed boats across the U.S. and Canada for the past 8 years now is because I’ve found no other venue that produces dirt cheap boats than what I find at boat auctions. Check this out..as newer boat and yacht prices surged in the past decade boat repossessions sold at local and regional auctions for almost 44% less.

According to YachtAuctions.net in 1998 a brand new cruiser sold for a modest $255k on average. Just four years later that same new cruiser sold for $367kFast forward to late 2008…a new cruiser averages a nearly $465k. Why I pursue bank repo boats is that the same cruiser sold at a local boat auction house or dealer liquidation (used of course) averaged just over $250k.

But boat auctions listings aren’t exactly regularly listed in your local classifieds. You really have to look if you’re a DIY’er, but the payoff is well worth the effort. If you’re able to keep your self in front of enough banks who actually have bank repo boats than you can possibly work out a deal as they are often in a must sell situation to write off their “non-performing asset” as quickly as possible. Your proposed offer may not be accepted but they’re almost always considered.

To find a repossessed boat you have to find credit unions or lenders in general who finance boats regularly and are willing to keep you on alert of new inventory. Not as simple as you would think. As it turns out most banks already have an ongoing relationship with a local or regional auction house. For this reason I got smart and leverage several online auction sources primarily www.BoatAuctionsDirect.com to stay ahead of any seizure or repo type auction locally.