How to Buy a Repossessed Boatby Contributor
When it's time to buy a boat, consider buying a repossessed boat. Many repossessed boats are fairly new and in excellent condition. They can also be a real "steal" financially. Here are some important things to know before you buy a repossessed boat.
Locate the best places to find repossessed boats. Many boat dealers either finance the boat themselves or deal with a local financial institution. Contact boat dealers to get a list of their repossessed boats. Contact local banks and financial companies to be added to their list. Banks and financial companies usually maintain a list of potential buyers for repossessed boats. Those who are on the list have the first chance at buying a boat before it goes to auction. Check online auction sites and government foreclosure sites for the latest listings of repossessed boats.
Learn all you can about the boat you want to buy, before you buy it. Check the price of a brand new boat that's the same make and model as the one you want to buy. Check local prices for used boats of the same type. Learn about common problems owners experience with that type of boat. Learn the title history of the boat you're interested in, before you buy it. If the boat has been sold several times there may be a mechanical flaw.
Inspect the boat before you buy it. If you aren't mechanically inclined, take a boat mechanic with you to the inspection. Inspect the "bones" of the boat to make sure it's structurally sound first. Look for obvious signs of repair. Check the engine thoroughly and take the boat for a ride, if possible. Become an informed consumer before you buy a repossessed boat.