Buying a Repossessed Boat

Most people would expect to find good deals on repossessed boats and in some cases they are right. There are a few things to note however when purchasing a repossessed boat. Although some repossessed boats are sold through dealerships, most units are sold at boat auctions.

When purchasing a vehicle at auction, it can be difficult to determine the condition of the boat in the auction environment and in the time allotted. In addition you’ll want to make sure that the proper title work is available for your state and for your requirements. Most vehicles at auctions are sold “as is” and payment is usually required immediately or within a short time after the auction has ended. This can pose a challenge for those buyers intending to finance their purchase.

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Financing Your Boat

One thing to consider with a non-current boat purchase is the financing. If you are planning to finance, the lenders will base the amount financed off the wholesale or trade in value from one of the used boat guides such as NADA. This will undoubtedly translate to a higher percentage down payment. For example, instead of 10% down you can expect 20% or more for the down payment. You can use a boat loan calculator to check the impact on your monthly payment.

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Where to Find Boat Deals and What to Know About Financing Them

Now is a fantastic time to buy almost anything. Home prices are down, car prices, electronics, even gas. If your looking for a” real deal” on something however, now is the time to pick up that boat you have been considering. The down economy has provided an excellent opportunity to buy a boat at fire sale prices. There are several good sources for both new and used units if you know what to look for.

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Mercury Marine is launching its 5 & Drive Sales Event with an added bonus for boaters of a free five year engine warranty. Depending upon the engine the free warranty can save boaters up to $2420.

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Due to excessive inventory Century Boat Company has shutdown production at its fiberglass boat manufacturing facility in Panama City, Fla. for the final for 2 months of 2008. Century Boat vice president and general manager Dean Burnett stated the reason for the shutdown was to, relieve dealer inventory pressure for the remainder of the calendar year and plan for the future success of this company in 2009 and beyond.”

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