DETROIT – Whether you dreamed of floating lazily in the ocean on a luxury yacht or spend 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 between $12,000 and $300,000. However, the average price of a new boat is usually between $50,000 and $75,000. For most people, this is a huge expense that doesn’t fit into most budgets. Purchasing a lifeboat could save you thousands of dollars and help you realize your dream of owning a boat.
Still on the fence? Keep reading to learn more about the benefits of buying a lifeboat near you and how you can cut out the middleman and save money with a used vehicle auction site today. Also find out what coatings you might need for your lifeboat.
What is a lifeboat?
Generally speaking, a salvage boat is a boat that has been salvaged or seized by an insurance company. After a serious accident, the insurance company will assess the damage caused to the boat and calculate how much it would cost to repair this damage. If the cost of repairing the boat exceeds its market value, the insurance company will deem it unworthy of repair and label it “salvage”.
However, not all boats are damaged beyond repair and those that suffer minor damage or can be repaired are often auctioned off by insurance companies. Additionally, some auction sites also sell non-repairable boats. Unrepairable boats are ships that are no longer usable but can be used to harvest parts for other boats.
For a long time, these auctions were only accessible to dealers and a privileged few. Used boat dealers and others who had access to these auctions bought salvaged boats at a discount and repaired them before reselling them for a profit. Many auctions are still only accessible with a reseller license. However, auction brokers allowed anyone to sign up and buy a lifeboat without having a dealer’s license.
Today, even auction sites like eBay and Boat Trader have made it possible for ordinary people to cut out the middleman and buy salvaged boats that will be delivered right to their doorstep.
Why would a boat be salvaged?
There are a number of reasons a boat may be salvaged. Some of the most common reasons include accidents, shipwrecks, fires and extreme weather conditions; this is especially true for areas like Miami, San Diego and Long Island, where tropical storms are common.
It’s not uncommon for big storms to cause insurance companies to see a massive influx of insurance claims. During times when they receive a high volume of claims, many insurance companies will not take the time to thoroughly inspect or assess the damage to the boat and will instead consider it “totalled”. This does not mean that the boat is unusable. It only means that the cost of repairing the boat would exceed the current appraised value of the boat.
Advantages of buying a lifeboat
There are several advantages to buying a rescue boat from an online auction site.
- Lifeboats are inexpensive. Depending on the number of people bidding on the boat and the amount of bids, many salvaged boats can be purchased for a fraction of their estimated value. Purchasing a lifeboat 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 of up to $500-700 per month. When you buy a salvage boat at an online auction, you avoid high boat payments and you own the boat.
- You can find premium brands. It is possible to find high-end boats such as Xpress, Rod and G3, for much less than you would ever find them new.
- It is possible to find incredible offers. Not all boats with the “salvage” mark are unserviceable and it is often possible to find boats on auction sites that are still working and only need minor repair work to restore them to working order. .
- They do great projects. Because you can get them for 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. Maybe you already have a boat to repair but you have been offered an astronomical price for parts. You may be able to go online to an auction site and get all the parts you need for less than the cost of just one part purchased new.
Where can I find rescue boats for sale?
No matter where you live in the country, you can find salvage boats on the auction sites listed below.
SCA Auctions is the #1 online insurance auction site in North America. They have over 300,000 salvaged, own title and non-repairable vehicles to choose from and over 165 locations nationwide. Their inventory includes boats, cars, motorcycles, trucks and more. A reseller license is not required and registration is free. Members can use the site’s many filtering options to browse live and upcoming auctions and can participate in live auctions from anywhere in the world.
Richmond Auto Auction
Located in Richmond, Virginia, Richmond Auto Auction offers live auctions every Friday. Although they primarily offer cars, they occasionally hold a boat and RV auction and allow people to bid in person and online.
ADESA offers a wide selection of cars, motorcycles, recreational vehicles and boats at over 74 auction sites across North America. They currently offer a variety of vehicles including luxury, automotive, marine, powersports, recreational and recovery vehicles.
This article was provided by Lily Moore