Date: 11 Mar 2010 Comments: 0

The year 2009, has been one of THE best years for buying boats and water toys at state or local bank liquidation auctions. As a frequent boat auction attendee myself it’s typically accepted that a vessel sold at auction will deliver a 15-20% discount compared to retail.

That’s big!… especially when considering larger yachts retailing over $100K..the savings can be really be significantNow fast forward to now where boat auctions has only served to up that percentage.

Boat auction in the states — especially in the big four states (Florida, California, New York, and Arizona) are seeing banks and credit unions more aggressive in their re-marketing strategies of ‘non-performing’ assets. SunTrust Banks Senior VP, Don Parkhurst states with regards to their repossessed boat 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 new buyers who can now literally buy a late model vessel for significantly less than what a new boat buyer threw down 3-4 years ago for the same make and model. Boat auction sources like National liquidators and Boat Auctions Direct have witnessed 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 auction listings. Regularly attending 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 brag about savings of 50% or more. It’s really not rocket science.