When looking to buy a reliable boat that won’t burn a hole in your pocket, you can always count on online boat auctions featuring repossessed boats for sale. But proceed with caution. To get a great deal at online boat auctions, make sure you are clear about your needs and the buying process. Even before these two concerns, an important prerequisite that should be covered is your understanding of repossessed boats. Read on to learn all you need to know about repossessed boats. 

What are Repossessed Boats?

The term ‘repossessed’ means that the boat was seized by the bank or any other lender due to the owner’s inability to repay the loan taken out to finance the boat’s purchase. Some repossessed boats might be seized by law enforcement agencies after they are found in illegal activity such as poaching, are bought through unlawful brokerage, or are seized due to non-payment of IRS debts. Boats like that are sold at online auction websites such as Salvagebid.com and can go for unbelievably low prices. 

Choosing a Repossessed Boat

It’s simple. Make a list of all the key parameters. The list should include: 

• Purpose and frequency of use
• Distance you intend to cover
• Type of water body in which the boat will be used
• Availability of parts 
• Maintenance cost

Based on these factors, you can explore the repossessed boats for sale featured in our online boat auctions. You can use various search filters and sorting options to speed up the process. 

Once you have shortlisted a few options, check their history, and book an appointment to inspect their condition. As inspection is an essential part of the process, make sure the yard is near you. If it isn’t, you can hire a 3rd party service to inspect the boat for you.

After inspection, you can start bidding on your shortlisted options and bring your dream boat home without going over budget 

Factoring Additional Expenses

The most important aspect before entering a bid at an online boat auction is deciding your budget and maximum bid. Keep in mind that, besides the final purchase price, you may also have to invest is repairs and/or maintenance to get your boat ready to hit the water. You’ll have to factor in insurance and transportation costs. By adding up all the additional costs, you’ll be able to decide your maximum bidding price. When in doubt about transportation costs, you can get an estimate using EasyHaul’s online calculator. Once you’ve got these covered, you know your maximum bid limit and can take decisions accordingly. 

Wrap Up

For those who love the idea of sailing in their own boat or have business requirements, but are on a budget, bidding on repossessed boats for sale is a great option. To participate in our online boat auction, all you need to do is register with us to start bidding in a few simple steps. If you have any questions or would like to know more about the repossessed boats for sale in our inventory, talk to our experts at +1 (360) 347-1300. You can also send us a message and we will take it from there.