Has anyone had any succes auctioning off their boat? I'm talking about boats 35-40 feet in the $60-80,000 range. If so, could you give me some advice? I need to sell my boat for health reasons.
John
John
Auctioning a large boat
- Thread starter jander31
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I have been to several boat auctions in MD/VA over the past two years, and nothing sold other than some junk that had been removed from hurricane boats. Even the small, trailerable boats only brought bids of $8-1000, way below the reserves. In Annapolis, even decent give away boats often go begging.
Auction costs are astronomical, many approaching 15% to the seller, and the seller pays any or all adverts. Buyers pay an additional 3-10% "buyers premium" which most of us bidders add to the cost of the boat. You may be better off with a 10-20% price reduction, than paying the auction fees, some of which you will owe, whether it sells or not. Reserve will cost you more as well.
It is not a price issue of the boat, just that there are very few true cash buyers in this economy, and even fewer buyers who have 20% down and credit to get financing. Then factor in the number of boats for sale, many at ridiculous prices (what they paid, or what they owe, plus stuff added) and sorry condition.
What sells are boats that are priced for this market, in pristine condition. Any thing else, sits.
Best of luck, I was where you are, a few years back and lucked out that I buyer wanted my boat as is, where is, not an inspection, nothing....but at 88% of asking price which I jumped on, the best offer is the one in front of you. Not even an inquiry prior to this guy.
If there were great lakes for sailing near me in Crossville, I would make you a really low offer, if you owner financed it. Hahahaha.
Better to be lucky than good.
Auction costs are astronomical, many approaching 15% to the seller, and the seller pays any or all adverts. Buyers pay an additional 3-10% "buyers premium" which most of us bidders add to the cost of the boat. You may be better off with a 10-20% price reduction, than paying the auction fees, some of which you will owe, whether it sells or not. Reserve will cost you more as well.
It is not a price issue of the boat, just that there are very few true cash buyers in this economy, and even fewer buyers who have 20% down and credit to get financing. Then factor in the number of boats for sale, many at ridiculous prices (what they paid, or what they owe, plus stuff added) and sorry condition.
What sells are boats that are priced for this market, in pristine condition. Any thing else, sits.
Best of luck, I was where you are, a few years back and lucked out that I buyer wanted my boat as is, where is, not an inspection, nothing....but at 88% of asking price which I jumped on, the best offer is the one in front of you. Not even an inquiry prior to this guy.
If there were great lakes for sailing near me in Crossville, I would make you a really low offer, if you owner financed it. Hahahaha.
Better to be lucky than good.
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