December 18, 2009, Newsletter Issue #161: Considerations When Bidding On A Boat

Tip of the Week

When choosing a boat on which to bid at a boat auction, you should take a few precautions. Before you even begin looking at boats, determine what kind of watercraft you are seeking and what features you will need. Next, set an upper price limit for yourself to guard against overbidding. Once you find a boat that you like, it pays to have it inspected by a professional marine surveyor -- the service can cost as much as $1000, but it is well worth it if it prevents you from making a costly mistake. Be sure to question the seller on the boat's origins and the reasons for selling the boat. Make sure that you take the boat for a test drive; see how it handles.

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