That’s not bad, especially when considering larger yachts retailing over $100K..the savings can really be big. Add to that boat auctions has only served to increase that percentage to as high as 30%.

Boat auction in the states — especially in the harder hit (California, New York, Florida, and Arizona) are seeing lenders and credit unions more aggressive in their re-marketing of non-performing assets. SunTrust Banks Senior V.P. Don Parkhurst says with regards to their repossessed boat inventory, “You’ve just got to lower the price to where you can move it. You’ve just got to take the hit.”

The rise in repossessed boats across the U.S. with most every lender has attracted new buyers who can now literally buy a late model repo for substantially less than what a new boat buyer paid 3-4 years earlier for the same make and model. Boat auction liquidation sources like National liquidators and Boat Auctions Direct have reported that with the value decline of the U.S. dollar coupled with the rise of repo boats shrewd international investors particularly from Australia, UK, and Canada taking advantage of this high tide.

So how can you save on a boat this year as well? The key is regularly reviewing listings. Frequenting auctions, online listings, classifieds, and dealer liquidations. Only by comparing asking prices and recent sales of similar models of the type of boat you’re interested in can you see savings of 50% or more. It’s really not difficult or as time consuming if you’re using the above tools.

According to YachtAuctions.net in 1998 a brand new cruiser sold for a modest $255k on average. Just four years later that same new cruiser sold for $367k… Now in late 2008…a new cruiser averages a staggering $465k. But get this, that same cruiser sold at a local boat auction house or dealer liquidation (used of course) for an average price of only $250k.

But boat auctions aren’t fighting for ad space in your local classifieds. You have to really look if you’re a DIY’er, but the payoff can be staggering as well. If you are able to somehow manage to get a bank to take you serious and they actually have boats in repossession than you can possibly work out a deal as they are typically in a must sell situation to write off their “non-performing asset” as quickly and efficiently as possible. Your proposed offer may not be accepted but they’re at least going to seriously considered .

To find a repo boat you have to find lenders who finance boats regularly and are dependable to keep you on alert of new inventory. Not as simple as you would I used to believe. As it turns out most banks already have an ongoing relationship with a local or regional auction house. For this reason I got smart and leverage several auction sources primarily www.BoatAuctionsDirect.com to keep of any seizure or repo type auction in my area. If you do that, you’ll stay ahead too.