Auctions are a very good way to find the boat of your dreams but there are a few things that can derail your desire and push up the purchase price.
At an auction, bidding can go either way, either higher than the suggested retail value of the boat, or way below it. The latter deal is the one you want to be holding your bidding card up for when the hammer falls and the auctioneer calls out “Sold to buyer number 173 for R155 000!”.
SOURCING THE BOAT AUCTION
Not all boats are sold at boat specific auctions, but rather come up sporadically along with vehicle auctions and other moveable asset auctions, so keep an eye on the papers or look up the bank repossession auctions online.
High-end goods such as boats tend to be auctioned at very good prices as it is a much more selective market with fewer buyers to drive the prices up.
VIEWING THE BOAT
Once you have located the boat and perused the photos online, it’s time to view the boat in the flesh. Most auctions allow viewing of their goods the day prior to the auction.
This is when you need to make your way to the auction house and go over the boat with a fine-toothed comb. Make a note of the visible problems, required repairs and general condition.
Ask the auction house if the boat has keys or you might need to factor in the cost of a new ignition into your repair calculations.