DETROIT – Whether you dream of lazily floating in the ocean on a luxury yacht or spending the day fishing with your family, using an online auction to find salvage boats for sale could be the perfect way to make that dream come true.
Depending on the type, a brand new boat can cost you anywhere from $12,000 to $300,000. However, the average price for a new boat is typically between $50,000 and $75,000. For most people, this is a huge expense that does not fit into most budgets. Buying a salvage boat could save you thousands of dollars and help to make your dream of becoming a boat owner a reality.
Photo credit: Drahomír Posteby-Mach
Still on the fence? Continue reading to learn more about the benefits of buying a salvage boat near you and how you can cut out the middleman and save money with a used vehicle auction site today. Also learn about the coatings you may need for your salvage boat.
What is a Salvage Boat?
Generally speaking, a salvage boat is a boat that has been recovered or seized by an insurance company. After a serious accident, the insurance company will assess the damage to the boat and calculate how much it would cost to repair those damages. If the cost of repairing the boat exceeds its market value, the insurance company will deem it unworthy of repair, and brand it “salvage.”
Not all boats are damaged beyond repair, however, and the ones that suffer minor damage or can be repaired are often sold by insurance companies at auction. Additionally, some auction sites also sell non-repairable boats. Non-repairable boats are vessels that are no longer operable but can be used to harvest parts for other boats.
For a long time, these auctions were only available to dealers and a select few. Used boat dealers, and other people who had access to these auctions, would buy salvaged boats at reduced costs and repair them before selling them for a profit. Many auctions are still only accessible with a dealer’s license. However, auction brokers have made it possible for all people to register and buy a salvage boat without having a dealer’s license.
Today, even auction sites like eBay and Boat Trader have made it possible for average people to cut out the middle-man and buy salvaged boats that will be delivered right to their door.
Why Would a Boat be Salvaged?
There are a number of reasons why a boat might be salvaged. Some of the most common reasons include accidents, sinkings, fires, and extreme weather; this is especially true for areas like Miami, San Diego, and Long Island, where tropical storms are common.
It’s not uncommon for large storms to cause insurance companies to see a massive influx in insurance claims. During times when they are receiving a high volume of claims, many insurance companies will not take the time to inspect or assess the damage to the boat thoroughly, and will instead just deem it “totaled”. This does not mean the boat is inoperable. It only means that the cost of repairing the boat would exceed the current assessed value of the boat.
Benefits of Buying a Salvage Boat
There are several benefits of buying a salvage boat from an online auction site.
- Salvage boats are inexpensive. Depending on how many people bid on the boat and how high the bids go, many salvaged boats can be purchased for a fraction of their assessed value. Buying a salvage boat is a great option for people who want to own a boat but cannot afford a new one.
- You own it free and clear. Boats can cost tens of thousands of dollars and usually come with payments that can run as high as $500 to $700 a month. When you buy a salvage boat from an online auction you avoid hefty boat payments and own the boat outright.
- You can find high end brands. It is possible to find high end boats such as Xpress, Tige, and G3, for much less than you would ever find them new.
- It is possible to find amazing deals. Not all of the boats that are branded “salvage” are inoperable and it is often possible to find boats on auction sites that still operate and only need minor repair work done to return them to working order.
- They make great projects. Because you can obtain them at such an inexpensive price, salvage boats are a great project for people who want to learn more about boats or want a family project.
- Spare parts. Perhaps you already have a boat that you need to repair but you have been quoted an astronomical price for parts. You might be able to go online to an auction site and get all the parts you need for less than the cost of just one of the parts bought brand new.
Where can I Find Salvage Boats for sale?
No matter where in the country you live, you can find salvage boats from the auction sites listed below.
SCA Auctions
SCA Auctions is the #1 online insurance auction site in North America. They have over 300,000 salvage, clean-title, and non-repairable vehicles to choose from and over 165 locations nationwide. Their inventory includes boats, cars, motorcycles, trucks, and much more. A dealer’s license is not needed, and registration is free. Members can use the site’s extensive filter options to browse through both live and upcoming auctions and can join live auctions from anywhere in the world.
Richmond Auto Auction
Located in Richmond, Virginia, Richmond Auto Auction offers live auctions every Friday. While they mainly offer cars, they do run a boat and RV auction every once in a while and allow people to bid both in person and online.
ADESA
ADESA offers a wide selection of cars, motorcycles, RVs, and boats at more than 74 auction sites throughout North America. They currently offer a variety of vehicles, including luxury, automotive, marine, powersports, RVs, and salvage vehicles.
This article was provided by Lily Moore
