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This has without a doubt been a banner year for buying boats and water toys at state or local bank liquidation auctions. As a frequent boat auction junkie myself it’s typically accepted that a repossessed or seized sold at auction will deliver a 15-20% savings relative to book value.

That’s not bad, especially when you consider larger boats retailing over $100,000..the savings can really be big. Now fast forward to now where boat auctions has only served to increase that percentage to well over 20%.

Boats auction in the U.S. — especially in the hardest hit (Florida, California, New York, and Arizona) are seeing lenders 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 marine inventory, “You’ve just got to lower the price to where you can move it. You’ve just got to take the hit.”

The continued escalation in repossessed boats across the states with most every lender has attracted buyers who can now literally buy a late model repo for significantly less than what a new boat buyer threw down 3-4 years prior for the same make and model. Boat auction sources like National liquidators and Boat Auctions Direct have indicated that with the drop in value of the U.S. dollar coupled with the rise of repossessed collateral shrewd international buyers 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 consistently 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 reap savings of 50% or more. It’s really not difficult or as time consuming if you’re using the above tools.

Tags: boat auctions, buying boats, liquidation auctions, national liquidators, repossessed boats