Are Boat Auctions Delivering Diamonds in the Rough?

By Arnie Talmond

Boat auctions are very common today and a quiet a few people know about them. Boats and marine equipment of all makes and sizes can end up at action and be hidden treasure troves for the almost anyone. These sales can be online or can be local and are sponsored by any one of a number of agencies or private organizations.

While many people have heard of salvaged vessels not as many are familiar with the salvage auction for these vessels. Boats will turn up in all types of condition from near perfect to those which need a complete rehab or rebuild before being deemed sea worthy. Collectors working to restore antique vessels can find boat auctions an invaluable source for hard to find parts and equipment.

There are a few guidelines that can help the person new to these sales get the most for their money and enjoy the process as well. It is vital to know what organization is sponsoring the sale as well as the full history of the boat. Knowing the boat history and viewing the documentation can help assure the boat is being sold by the rightful owners. Different sales may feature different types of vessels from antique boats from a private collection to pleasure boats confiscated by law enforcement agencies.

Knowing the rules of the particular sale is vital. Online auctions may require registration and verification from bidders before they are permitted to bid. Local sales may have different rules and government salvage sales can even be found locally if the bidder knows where to look. Luxury vessels that have been repossessed by financial institutions may be found for those who want to save on a vessel they might otherwise be unable to afford.

A professional should appraise any vessel for sale. Some sales offer vessels with no guarantee as to their condition. While this can be ideal for the operator who enjoys working on their own vessel it is important to know that the repairs will not cost more than the boat is worth. Other sales will provide a professional appraisal and in the case of local auction, the buyer can also arrange for a second appraisal on a vessel they are interested in.

Anytime a boat, pwc or piece of equipment hits the auction block it also should be

accompanied by documentation verifying ownership of the vessel. Specifically the title doc's. The condition of any craft up for sale can vary extremely so it is wisest to research the vessel before bidding. It may take some time to find the perfect boat but is usually worth the time invested.

The golden rule for any bidder is generally to know what the vessel is worth, to know what their budget can tolerate and to stick by those. Professional appraisals as well as a complete history of the vessel are only one part of the research but an important one. Not everyone can afford the time to attend an auction in person but most sales make arrangements for bidding online or by mail.

Just as with every other type of sale where bidding is done, it is important that the purchaser set a budget and stay within it. Sales of this type are so popular because they provide the possibility of a great deal on a luxury item but in the excitement of the actual bidding a buyer might go over their intended budget. Boat auctions can combine savings with fun if a little research before the sale.

About the Author:

Boat auctions are a preferred venue amongst purchasers hoping for a reduced cost. You can find an inventory of repo boats by looking online.