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Yacht salvage companies take possession of damaged yachts and facilitate their sale to potential buyers. The condition of the boat and the wishes of the seller determine the starting bid or sale price. Buyers may have trouble getting financing for salvaged boats and should expect additional repair costs. However, it is possible to find yachts in perfect condition at a lower cost than retail.
A yacht salvage is a company or other entity that takes possession of damaged recreational vessels known as yachts, or facilitates the sale of such yachts to potential owners and buyers. Vessels can range in condition from near mint vessels that were repossessed by creditors, to extremely damaged vessels that will require a significant amount of repair before they can be returned to seaworthy condition. A yacht salvage company will often facilitate sales or auctions to find buyers for damaged vessels, and buyers have the opportunity to purchase a boat at cost well below stated retail value.
A yacht can sustain damage from any number of causes, from severe storms such as hurricanes or tropical storms, to storage yard incidents such as fire or impact. The condition of the boat, as well as the age of the boat and the wishes of the seller, will determine the yacht’s salvage auction starting bid or established sale price. In many cases, buyers can simply make an offer, and the yacht salvage company will present that offer to the seller to see if he or she wants to accept or deny it. If the offer is accepted, the yacht salvage company will process the paperwork to finalize the sale. The boat is almost always sold as-is, which means no warranties are included and no repairs will be made by the seller or salvage company.
While buying a boat from a yacht salvage is a great way to get a high-quality boat at a low price, the buyer will most likely have trouble getting financing for it. Most lenders won’t lend money on salvaged boats, which means the buyer will need to have enough money on hand or have other ways to secure financing before buying. Once the boat has been purchased, there will likely be additional repair and refurbishment costs, and the buyer will be taking a chance that the cost of repairs could drive up the total cost of the boat.
However, it is entirely possible to find a yacht rescue boat in perfect condition. These boats tend to cost more, and probably came from financial institutions that repossessed the boat. Companies will try to sell the boat to recover losses from a defaulted loan, for example, and the cost of the boat may be much lower than the retailer.
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