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Boat auctions can be a great way to get used boats for a price much less than a new boat. However, it can also be risky to buy a boat at an auction since you often have to buy it "as is" without any return policy or warranty. If you never had a boat before, you need to be extra careful, since you might not know what to look for when examining a potential buy. This page takes you through the steps of how to buy a boat at auction.
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Boat auctions can be a great way to get a boat for a price much less than a new boat. However, it's also risky to buy a boat at an auction since you often have to buy it "as is" without any return policy or warranty. If you never had a boat before, you need to be extra careful, since you might not know what to look for when examining a potential buy. This page takes you through the steps of how to buy a boat at auction.
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Introduction
- Buying a boat an an auction can save you much money and can be a great deal. However, it can also result in an unpleasant surprise if you find out that the boat is not in satisfactory condition after you buy the vessel. Make sure you are willing to take the risk before bidding at an auction.
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Step 1: Do Your Research
(Creative Commons photo by Jun Acullador)- Before heading an an auction, read as much as you can about boats and what to look for when purchasing one. Also read about different types and brands of boats. Think about what type of boat to buy and how much to spend. If you have a particular boat in mind, research how much the boat usually cost used or new.
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Step 2: Before the Auction
- There are several different types of boat auctions, auction firms, government auctions, police auctions and state auctions.
- If the auction is held by an auction firm, determine whether it's a reputable and reliable firm. Make sure they have a procedure in place for preventing bid manipulations, when sellers (through someone they know), bid for their own items to raise the price.
- Attend the auction preview, which usually starts days in advance to allow buyers to inspect the auction items.
- If you had not decided on a specific boat before visiting the auction, research the boat you are planning to bid on.
- Unless you are very familiar with the boat's structure and engineering, hire a marine surveyor to inspect the boat.
- Also inspect the boat carefully yourself.
- Set a maximum bid for yourself before starting bidding. This should be the maximum price that you are willing to pay, can afford and that is reasonable for the boat and its condition.
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Step 4: The Online Auction
- There are several ways to buy a boat an an online auction. Many auction Web sites such as eBay has online auctions of used boats. There are also many auction firms who hold online auctions for repo boats.
- It's always best to see the item personally. Try to bid for a boat located close enough that you can go and see it.
- While buying a boat online most likely will be cheaper, you will not have any way to inspect it if you can't physically go and see the boat. Consider the risks of getting a boat that is not in satisfactory condition.
- Check the reviews of the seller and don't bid on a boat if the seller has several negative reviews or no previous reviews.
- Ask the seller any questions you might have about the boat.
- Be sure about your bid - there is usually no turning back once the bid is accepted.
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