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From jet skis to yachts to passenger cruise ships and used boats, you can bid on it all. There are bank repossessions, foreclosures, government seized vessels and brokerage boats.
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What You Should Know About Salvage Boat Sales

from: Every day there are boats and yachts that are found abandoned, damaged and seized from illegal activities. When a boat is damaged in an accident often times the insurance company will pay the rightful owner for the boat and then be stuck with a boat that they have no use for. Because the boat is damaged it is not as easy to sell as other boats. Everyone is skeptical of purchasing a damaged boat. So oftentimes companies such as restoration companies and individuals will visit salvage boat sales to find excellent deals on majorly damaged boats. They then send the boats to a repair shop that restores the boat, puts a fresh coat of paint and sells the boat for top dollar. So how does that affect you? It affects you because the consumer is the one paying for the extra cost. In most cases the public is welcome to participate in the salvage boat sales and can make their own purchase. If you have the ability to repair and do a little work you can save thousands of dollars.

Salvage boat sales are generally advertised by media to notify the public. Make sure to research boats and have a good idea of values and the types of work that needs to be completed. That way you can do the same thing as the restoration companies and keep thousands in your own pocket. Salvage boat sales are great for individuals that really love the water and want a boat, but can not afford to pay top dollar. These boats are generally sold at a much reduced price that allows for repairs and touch ups to be made to return the boat to normal order.
Another great way to get a luxury boat or yacht is to visit the salvage boat sales. Some times luxury boats have been seized from illegal activity. These boats are then auctioned to the highest bidder, which could be you. Normally these boats would cost thousands of dollars, but because they were involved in a crime, law enforcement will auction the boat off at a fraction of the cost. This is a win-win situation, the boats are typically in great condition so only minor repairs may be necessary.
One thing to be aware of when you are purchasing a boat is to make sure that you are not purchasing a salvaged boat when you think you are purchasing new one. There are some dishonest individuals that purchase damaged boats from salvage boat sales, make the necessary repairs and sell under the “new” pretext. There is certainly nothing wrong with salvage boat sales, but ensure that you are getting what is stated by the person making the sale. The best way to protect yourself is to deal with boating companies that have a good reputation.

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