To buy or not to buy... Repo sales

[Home Cookin']

Re: To buy or not to buy... Repo sales

Exactly!! I am a newbie (first boat) and therefore leaning towards staying away. Their policy is they dont let anybody ride the boats. Here is a link to the boat. Commonwealth Boat Brokers Information Gallery

Hmmm-no registrations numbers on the hull--are they photoshopped out for the ad? A way to keep you from researching the history? Is it a NJ/NY boat that floated to Ashland after Sandy?

here's my advice: if you want to take a chance on a boat that might have hidden condition problems, buy a boat that has fewer chances of hidden conditions, and which is built so it suffers no ill effects from benign neglect (like no cover). A self-bailing, fiberglass interior outboard, or a tinnie with an outboard, is durable enough to make it through almost anything since 2006. Zero risk of freeze damage.

The kind of boat in the picture, from hull to motor, could have lots wrong with it and it much more susceptible to age/maintenance problems. Too risky for a new boater.

 

[brnschoneck]

Re: To buy or not to buy... Repo sales

y im with hcookn if u do id get a lot better price than listed maybe half heck id offer em 10 n do as much checking it out as u can u are taking a chance though keep that in mind ????

 

[brnschoneck]

Re: To buy or not to buy... Repo sales

for example my boats list for 25-3500 on nada other ones are selling for 2900 or so i paid 800 taking that chance however i ran it ,checked out the floor,etc.... all electronics worked shes been good so far !!!

 

[eastont]

Re: To buy or not to buy... Repo sales

If I can offer my 2 cents.....I'd bid $12,000 and see where it goes from there. You don't know how many others are bidding, so don't be so anxious to be a boat owner and go broke yourself.

 

[tpenfield]

Re: To buy or not to buy... Repo sales

Exactly!! I am a newbie (first boat) and therefore leaning towards staying away. Their policy is they dont let anybody ride the boats. Here is a link to the boat. Commonwealth Boat Brokers Information Gallery

You do have to know what you are looking at when dealing with repo boats, because, as you mentioned, there is not any real history of the boat that you can base your decision making on . . . So, lots of assumptions and there is a risk that you take hold of when buying repos.

This boat looks nice and I'm sure will sell. If by chance you can find out how long they have had the boat in their posession . . . 2006 is 6-7 years old at this point and 15 hours is basically 3-5 outings. So, something doesn't add up. . . it is best to try to figure out what may have happened.

Like the others have said . . I would not offer market value or anything near that, because other boats do not come with the risk that this boat does.

 

[Home Cookin']

Re: To buy or not to buy... Repo sales

I deal with repo boats and I can tell you one thing, Repo's rarely make it to the public for sale. The repo guys, including banks all have "go to people" to liquidate anything that has been repo'd and if I were to bet I'd bet their go to folks have looked it over and decided not to buy. There has to be a reason for it.

Um, it's the "go to guys" who are selling the repo boats to the general public. That's what liquidating means. And that's who's selllng this one, I bet.

With cars, in Virginia (where this boat is) most finance companies/banks run their repo's through the auctions, and the big one is in Petersburg, where this boat is. For legal reasons, they run them through auctions instead of a private sale; you don't even see the good ones out in the parking lot with an orange "for sale" sign any more. I'm sure its the same for trailer boats.

 

[frantically relaxing]

Re: To buy or not to buy... Repo sales

2 more cents--

about any maintenance not done-- how much maintenance IS there on a 15 hour boat? As long as the block ain't froze, everything is else is just what the weather's done to it. (broken drives and such notwithstanding)

About not letting you sea trial it-- It's being sold by a BOAT BROKER and won't float it? What a load of

... We have a broker in town here that sells repo boats all the time, and they GLADLY, and nearly INSIST on taking you for a test ride, no matter WHAT they sell.

 

[BonairII]

Re: To buy or not to buy... Repo sales

That boat looks to be in super duper shape. I sure would try to get the lowest possible price....cause u have no idea as to WHY it only has so few hours on it.

It could end up being a real steal for you.

 

[Lvvtec]

Re: To buy or not to buy... Repo sales

Thanks so much, gonna see what I can come up with. Someone said post more so here we go. I like the warranty that comes with the new hurricane and like the price on the four winns. Let me know thoughts...

Four Winns 2007 200 Horizon

http://www.hughesmarineservice.com/...566&ginv_id=10489&linkname=New Boat Inventory

Thanks again!!!

 

[Lvvtec]

Re: To buy or not to buy... Repo sales

One more, repo boat again. If I just need to stay off the site let me know!!!

http://www.commonwealthboatbrokers.com/gallery.asp?vID=12324

 

[64osby]

Re: To buy or not to buy... Repo sales

You don't need to stay off the site.

You have posted a couple boats. Have you been out on the water in any boat like it? What are the uses of your boat? Where will you boat? Trailer or slip? If trailer do you have a tow vehicle to match? Have you tested other boats? Have you looked at other boats? Do you have friends that boat?

Back to you posted boat - What are you willing to pay for that boat?

If you took that same money in the open market what could you get?

When I buy at auction my rule of thumb is never pay more than 50% of new value, or market value. I don't care if it's a $2 item or a $20,000 item. At auction there are too many variables to be fully invested.

I once bought a house on the courtroom steps, I did my homework and paid $1 more then the bank was owed on it. It was a very good deal.

Would this be a good deal? Without knowing your use, your needs, your wants, your budget, Who knows?

As a first time buyer you could get lucky at auction. You could also be taken and spend big $$$ trying to repair it and miss most or all of the summer season.

A boat that you can have inspected and water tested would be a better investment, but could still have undetermined issues that surface later. But chances are a good inspection would find most of those issues.

So a lot of rambling comes down to - Are you a betting Man? How much are you willing to bet on that boat?

 

[tazrig]

Re: To buy or not to buy... Repo sales

Thanks so much, gonna see what I can come up with. Someone said post more so here we go. I like the warranty that comes with the new hurricane and like the price on the four winns. Let me know thoughts...

Four Winns 2007 200 Horizon

Welcome To Hughes Marine Service

Thanks again!!!

Of these 2 I like the Four Winns over the Huricane. It has a better fit and finish and has heavier duty seats. It appears to be in good shape. Nothing bad jumped out at me. You're not paying for a new boat so if you decided to upgrade in a few years you would loose less as a percentage of your total investment than buying new because it would cost you less for depreciation. The Hurricane is an outboard. Just a personal preference but I prefer i/o's as they're not in your face.

 

[tazrig]

Re: To buy or not to buy... Repo sales

One more, repo boat again. If I just need to stay off the site let me know!!!

Commonwealth Boat Brokers Information Gallery

As far as these guys go. I wouldn't even consider buying a boat without a seatrial. You are just risking too much without one. I'd try to find a place that will let you try before you buy. You just don't know what you don't know yet. Would like be buying a boat blindfolded.

 

[Lvvtec]

Re: To buy or not to buy... Repo sales

You don't need to stay off the site.

You have posted a couple boats. Have you been out on the water in any boat like it? What are the uses of your boat? Where will you boat? Trailer or slip? If trailer do you have a tow vehicle to match? Have you tested other boats? Have you looked at other boats? Do you have friends that boat?

Back to you posted boat - What are you willing to pay for that boat?

If you took that same money in the open market what could you get?

When I buy at auction my rule of thumb is never pay more than 50% of new value, or market value. I don't care if it's a $2 item or a $20,000 item. At auction there are too many variables to be fully invested.

I once bought a house on the courtroom steps, I did my homework and paid $1 more then the bank was owed on it. It was a very good deal.

Would this be a good deal? Without knowing your use, your needs, your wants, your budget, Who knows?

As a first time buyer you could get lucky at auction. You could also be taken and spend big $$$ trying to repair it and miss most or all of the summer season.

A boat that you can have inspected and water tested would be a better investment, but could still have undetermined issues that surface later. But chances are a good inspection would find most of those issues.

So a lot of rambling comes down to - Are you a betting Man? How much are you willing to bet on that boat?

I have been in boats like both. My boat will be in a slip and I will use it to tube, ski, wakeboard, and just hang out on. I have plenty of friends with boats. I am a gambling man but not willing to gamble with $10K. Thanks guys!!

 

[Lvvtec]

Re: To buy or not to buy... Repo sales

Of these 2 I like the Four Winns over the Huricane. It has a better fit and finish and has heavier duty seats. It appears to be in good shape. Nothing bad jumped out at me. You're not paying for a new boat so if you decided to upgrade in a few years you would loose less as a percentage of your total investment than buying new because it would cost you less for depreciation. The Hurricane is an outboard. Just a personal preference but I prefer i/o's as they're not in your face.

Thanks tazrig!! You have been very helpful as have all the comments

 

[Home Cookin']

Re: To buy or not to buy... Repo sales

what waters are you using it in? Lots of the advice and knowledge you get here is for lake boats, which are fine for lakes but a bad idea for coastal areas. Us Virginians are blessed with an abundance of both flavors of boat water.

And since this thread discussed the initial question of buying from a repo, you might want to start a new thread for your shopping. Using the subject line wisely gets the best responses (drives me crazy when they just say "need help" or whatever). Something like "shopping for a lake boat 17-22 feet" or "looking at boats for the bay 17-22 feet"

And tazrig--the boat is in Ashland, Virginia. No "sea" nearby for "trial."

 

[drrpm]

Re: To buy or not to buy... Repo sales

The price on that boat looks pretty steep. I bought a similar 2006 boat in 2007 for less than that price.

 

[Lvvtec]

Re: To buy or not to buy... Repo sales

I would be boating in lakes. Lake Anna is only 40 minutes from them but they said they are, "land locked by two hours"

 

[Lvvtec]

Re: To buy or not to buy... Repo sales

The price on that boat looks pretty steep. I bought a similar 2006 boat in 2007 for less than that price.

Which boat are you speaking of??