If the steep price of owning a boat has been hindering you from pursuing your boating dreams, then salvage boats could be a good option for you. Although salvage boat may have some damages, a careful search could lead you to a low-priced boat that would just need a few repairs and refurbishing to get running.
Salvage boats come in several forms. The worse ones are those that have been damage by storms and hurricanes. There are also those that have been abandoned, stolen, and seized by authorities. In some cases, previous owners of refurbished salvage boats decide to sell their vessels because they have already bought a new one. Banks and insurance companies could also auction off salvage boats that have been repossessed or taken as a collateral for unpaid loans.
You can find salvage boats by attending salvage auctions, going to salvage yards, reading through salvage classifieds. Checking out allied professions like marine recyclying, repairs, and dismantling could also lead you to a good salvage boat sometimes.
Salvage boats may be bought for personal use. Others opt to refurbish it and sell it again.
Those who specialize in repair and rebuilding of vessels, or those who wish to use parts of the boat that are still in good condition are also regular customers of salvage boats. Whatever your purpose for buying, getting a salvage boat is a good opportunity to buy a boat at a low price.
However, you must understand that you are buying the boat on an "as is, where is" basis. You need to carefully examine the boat before you buy it, and decide if you are willing and able to spend for the necessary repairs it requires. Keep in mind that salvage boats do not come with warrantee.
When you have found a salvage boat that you think makes a good buy, check for key items as you would when buying any other boat. Perhaps, even more thoroughly now. Check for floor rot, vibrations, engine response, gear shifting, instruments and gauges, number of hours it has run and so on.
Take it for a test drive if possible and get a marine surveyor to assess it more thoroughly. The survey may not initially reveal all the repairs that the boat would as some problems will only turn up once the boat is taken apart for fixing. However, the results of the survey should already get a head start as to the immediate requirements of the boat. Consult with a professional about how much is needed to have the boat repaired. It is also good if you can get in touch with someone who can do the structural repairs for your boat beforehand if you do not plan to do it yourself. Try to negotiate for a lower labor rate as most of your repair cost will go to labor fees.
In most cases, you must be ready to incur the boat's storage and transportation costs. When attending salvage auctions, keep in mind that each boat would have unique conditions and you must contact the selling party or agent for a bid package before you bid. Make sure that you get a clean title or documentation on the vessel after the sale. It is also advisable to contact your lawyer for applicable legal obligations.
|
