One of the first questions that come to novice boat buyers is whether it is better to buy new or to buy used. The answer is that neither are optimal. While a new boat may be in perfect shape, it tends to have astronomical costs. In contrast, used boats are often worn out, with parts breaking early and frequently.
So where does one go to find a boat in good condition at a good cost? The most reliable place is at a repossession sale. Repossessed boats are often fairly new, and a fraction of the cost. This is because they are sold to pay debts or cut losses. A quick web search can find government auction lists, which generally contain some of the best repossessed boats on the market. Other sites congregate multiple government listings into a single list for a small fee.
When you find a boat that appeals to you on one of the lists, then its time to gear up and do some research. Usually, it is a good thing to compare the repossessed boat’s price against the average for the make and model (brand new) before doing anything else. It is also good form to check for generic problems with the model of the bank repo boats before looking at any history directly tied to what you want. This way, you have the time to distance yourself if you find that the boat is not a good buy, after all.
Finally, when you’re sure that the boat you want is the right one for you, it becomes time to check the bank repos boats out directly. If you have a working knowledge of boats, make sure to check all of the mechanics of the boat, as well as the structural integrity. If you don’t have a working knowledge of boats, you should probably bring a mechanically inclined friend along. Being informed is being forewarned, after all.
