TOP 3 THINGS TO CHECK BEFORE BUYING A SALVAGE BOAT
Hundreds of boats are being damaged, abandoned, or seized due to the illegal acts of the owners. When a boat is damaged as a result of accident, the insurance company will pay the owner an amount worth the cost of the boat while they are left with the unused boat. In its critical condition, the boat cannot be sold because people don’t want to buy damaged boat.
However, the boat can be acquired by a salvage company, repaired and then sold for a cheap price. This happens mostly if the reparation cost is not more than 80% of the boat’s worth. Buying wrecked boats can be a great way to save some cash. Salvage companies are increasingly taking over the market. Unlike before, boat buyers can now get a better deal due to the availability of fairly used boats. The evidence can be traced back to 2009 when boat salvage auction seems to be hotter than ever before. Irrespective of the choice of boat, either a jet boat or fishing boat, you can always save some cash; however, you will need to do some repair works afterwards.
There are several ways you can get the best out of a damaged boat. You can either repair the boat then put it up for sale at a better offer to yield profit or you can create your dream boat out of it. Considering these benefits, one can infer that the purchase of a salvaged boat can be a good decision.
There are several shops where you can get a wrecked boat. However, you can get the best deal on damaged boats directly from car auctions. Either you are a new to purchasing broken boats or not, there are some important things to always look for before acquiring the boat. Few of these points are discussed below.
Things to Look Out For Before Buying a Wrecked Boat
Purchasing a wrecked boat is full of risk. However, you can make a good bargain when buying a boat at the salvage boat auction if you keep the following in mind:
Degree of Damage
Before buying any cheap salvage boat, endeavor to know the type of damage the boat has and how serious the damage is. It is a reasonable decision to for boat with reasonable or cheap repair expenses.
Estimated Cost of Repair and Your Budget
The cost of repairing the wrecked boat should not be more than 70 – 80 percent of the boat’s value. There are several evaluation agencies that can help you to determine the worth of the boat after reparation. A good example is the NADA. In most cases, the repair may be extensive if the boat needs to function at its best. Hence, you need to know the cost of repair before bidding for the in an auction.
Type of Required Repairs
Another thing you need to know before bidding for a salvage boat is the kind of repair required to get the boat back to its initial state. If the boat sank in a fresh water, the repair may not be panoptic as when the boat sank in saltwater.
Conclusion: the best place to find a good deal on yacht salvage is to log on to a reliable and decent online auction site. This will give you a better opportunity to buy the boat of your choice. BinNDrive.com is one of all auction sites that gives you good deal on repossessed boats at an affordable price. Check us out today
We offer a different types boats for sale: yachts, pontoons, fishing boats, ski boats.