Buying a Boat on Auction
Buying a boat can be quite an expensive affair. Even for a basic model with minimal features, a buyer might have to shell out thousands of dollars. So how do you ensure that you get a good deal? Online boat auctions are a good choice if you want a wide variety of options at competitive prices. How do online auctions work? There are a number of websites today that host online auctions for boats. You can place a bid on the boat that you like from any part of the world. Like a physical live auction, a bidding war ensues and the boat is then usually sold to the highest bidder.
What do you need to know before placing a bid?
Though online boat auctions may seem like a good idea, there are a few things that you need to know beforehand in order to avoid making poor investments or purchases.
Does the boat have major signs of damages?
Try to inspect the pictures closely or visit presale exhibitions to get a clear picture of the boat condition. Inconsistent paint job throughout the boat may be signs of repair or damages.
How old is the boat?
It is normally not a good idea to purchase a boat which is quite old unless it is in pristine condition. Check the mileage, looks and the number of previous owners to get a clear idea of the boat condition and quality.
Is it maintained and serviced at regular intervals?
Auctioneers today even post records of service intervals of maintenance schedules. Choosing a boat that is well maintained and serviced can help you avoid common problems and malfunctions.
Why is this important?
Auctioneers today sell boats or other items in an “As-Is” condition. This means that they normally don’t take any responsibility for any damages or issues that arise after the sale. Therefore, it is important to make a sensible decision when investing in a boat in order to avoid more expenses or rework.
How to find more information regarding boats up for auction?
Auctioneers normally don’t allow you to use or take the boat out for a spin. This means that you have to take a call just by looking at its external condition and other details. Here are some tips that can help you get more information regarding the boats.
Check if the boat is listed on any other public websites
This will help you gather some useful information such as the asking price, actual worth, service history, and flaws (if any).
Try to visit pre-sale exhibitions
Auctioneers normally put their products up for a live display or an exhibition days before the auction starts. Visiting such events can help you get a better picture of the quality and condition of the boat.
Auctioneers reveal a full catalog of the products up for auction weeks before the process starts. This gives you ample time to research and dig up as much information as you can before placing bids.
Ensuring that you get high value for your time and money from an online auction.
The most important thing that you can do to avoid getting scammed at an online boat auction is to stick to a budget. Try to figure out the actual worth of the boat and ensure that you do not bid above it even if it means that you may lose the auction. There are still plenty of other options that you can consider. Normally, bidding wars get so intense that boats get sold at ten times their actual worth. Though this may seem like a win for the highest bidder at that moment, it is not a sensible investment.
Figuring out how much a boat is actually worth can be a difficult thing to do if you are inexperienced in the area. Try to speak to an expert or an advisor before deciding to bid on the auction.
Additionally, try to understand the pattern and interest shown by other bidders during an auction. Online boat auctions normally attract seasoned investors. Keeping a close watch on their activities can help you make more sensible decisions. Lastly, choose well-reputed sites like SalvageBid or Boattrader to get more benefits and reliability when buying a boat through an online auction site.