Author: Abhishek Agarwal
There are many ways to fulfilling your dream of owning a powerboat. Not every one can buy a new boat outright and few people can even afford to have a powerboat financed by a bank or financial institution, simply because the risks are many and guarantees too few. So if you cannot go in for a new boat then what are the other ways you could realize your dream of owning a boat? There is the used powerboat market, but even that could be out of your budget, there are the powerboat repo auctions that could land you a fabulous deal of a lifetime.
Boat auctions are not as few and far between as many people would have you believe. The crux of the matter is knowing when the power boat repo auctions are going to be held and where. It is not like they are a regular feature on ever colander. Many powerboat repo auctions are mentioned as advertisements or news items in the papers many are kept a secret till the last minute. This is because the people who know about it and want to bid would like the least competition they can get at the auction. So you will have to follow every bit of information about power boat repo auctions if you want to get the best deal on a power boat, because this is the one place you could make a steal, as the saying goes.
If you have some contact in the marine bureaus or someone that works on the docks you could be intimated on the next powerboat repo auction and the kind of boats that are going under the hammer. Marinre bureaus usually auction powerboats that they recover for non payment of dues among other reasons. Government agencies such as the coast guard and insurance agencies apart from financial institutions are also a good place to find some good deals on boat auctions. These agencies recover boats that have either been claimed by insurance or banks due to non payment of installment dues. Boats from Repo auctions can be purchased for some very good prices.
Then there are the omnipresent Internet search engines where you can get a lot of information about powerboat repo auctions. Even then if you do manage to find a good auction there are a few thing s to keep in mind. Many auctions have a set of rules and start with a reasonable bidding price. The price will be driven by the crowd, the type of boat and the auctioning agency. So do not expect miracles at the auction.
Never base your bid on your fantasy for owning a powerboat. You should bid with due diligence and also do your research about the boat you want to bid on. Attend the repo auction preview before the auction. Have a close up look at the boats that are gong to be auctioned then decide which boat you would like to bid on. Examine minutely the various aspects of the boat like the cost of repair if any, and the cost of paper work like registration and taxes. Then decide on a maximum amount you will bid and hope for the best.