This page is part of a guide on how to buy a boat. Click here to see the entire contents.
Here are the kinds of people who need to sell their boat and how to deal with each type:
Private Sellers That Want To Upgrade: These are people who have outgrown their current boats and want to buy something bigger. Generally they are knowledgeable people who take care of their boats. They are less likely to give you a good deal because they need the cash for their next boat. Occasionally, the seller may have already bought their second boat and will give you a good deal just to get out from under owning two. �Upgrade sellers� are more likely to strip the boat of electronics and accessories because they need them for their next boat.
Private Sellers That Want Out: These people are generally selling their first boat because they don�t use it as much as they thought. The boat may have sat for a long period of time without use. This may sound attractive, but lack-of-use a bad thing. Boats do not sit well. Gas fouls, rubber fuel lines and boots crack, batteries dry up, carburetors become varnished, upholstery rots and belts crack. �Getting out sellers� also may not have maintained the boat well because they didn�t have a passion for it. Generally you can negotiate a very good deal with these sellers. However, be prepared to make some repairs because the boat has been sitting or routine maintenance has been differed.
Private �Forced Sales Due To Injury�: Sometimes you will find an experienced boater who is selling due to a disability. These boats can come well equipped and well maintained. Many times a good price can be negotiated because the seller is in need of money. These boats sell fast.
Private Sellers That Are Not Serious: Some boats are listed by people who are not serious sellers. They�re just trying to get a high price on their current boat so they can buy a lower-priced larger boat. They want to �trade up for no money.� These sellers really don�t care whether they sell their boat. If they can�t get a high price, they�ll just keep the boat and use it for a few more years. These are very frustrating sellers with which to deal.
�Take Over My Payments� Sellers: Generally these are people who are selling 1-3 year old boats. They will �give� you the boat if you will take over their payments. This may sound attractive because the remaining loan amount is about what the used boat is worth. However, once you figure in the interest it can be a very bad deal. Generally these sellers have not maintained or equipped their boats well.
Dealers: Used boat dealers probably got the boat on a trade-in or consignment. They are expert at knowing just what has to be done to make the boat attractive. Many times they do not know the boat�s real maintenance history. The boat may look good and run well� but it has been professionally detailed to do so. Dealers are a �middle man.� They have a profit margin that must be met. They are less inclined to sell something at a favorable price to the buyer. Some boats are sold by the marinas where they were kept. These sellers can be a little better if the marina had stored and maintained the boat (and has the records to show for it.) At least they can stand by the boat�s history.
Brokers: These guys usually don�t bother with smaller boats. A reputable broker can help put together high-dollar deals. In any case, they are still middlemen that factor into the seller�s bottom line. They�re not likely to help the buyer get the best price.
Repossessions: Like anything that�s repossessed, it�s a safe bet that the person who used to own the boat did not take care of it. Repossessions happen to people who don�t pay their bills. People who are broke can�t afford mechanical maintenance.
The price will be attractive, but probably not low enough to pay for all of the differed maintenance that you will inevitably have to do. Knowing the maintenance history is key to finding a good used boat. Don�t bother with repos.
Project Boats: Do not buy anything listed as a �project boat� unless you are willing to commit tremendous amounts of time, money, knowledge and heartache. Even if a boat is free, the extraordinary amount of maintenance and repair expense will have you discouraged before you ever hit the water. What you spend on repairs could easily buy a working boat. Spend time on the water, not on repairs.