For maritime buyers on a budget, salvage boats can offer alluring opportunities. Salvage boats refer to vessels that have been damaged or declared total losses by insurance companies and sold off at a fraction of their original value. However, while the discounted pricing is appealing, acquiring a viable salvage boats for sale at auction takes know-how. Do your research to avoid getting in over your head on extensive repairs.
Where to Find Salvage Boats for Sale
The primary sources for salvage boat inventory include:
- Insurance Auto Auctions – IAA holds boat salvage auctions in coastal regions across the country. Offerings range from minor repairs to total gut jobs.
- Online Auction Sites – Both general equipment auctions and marine-specific auction platforms list impaired value boats regularly.
- Classified Listings – Check Craigslist, Facebook Marketplace, Boat Trader listings for salvage boats in your region.
- Boat Recyclers – Some boat dismantlers acquire damaged boats from insurers to part out usable equipment.
- Government Auctions – Check auctions by the US Coast Guard, US Customs, and local municipalities for occasional boat auction opportunities.
Cast a wide net when searching for fixer-upper bargains. Setting up alerts and saved searches helps jump on new listings for desirable makes/models.
Researching Vessel Histories
Learning all you can about a salvage boat’s damage history before bidding allows setting realistic repair expectations. Key details to uncover include:
- Accident details – When, where and how the damage occurred provides needed context.
- Insurance loss reports – Lists of damaged components helps inventory needed repairs.
- Past listings/photos – Review pre-casualty photos to identify original intact parts.
- Repair records – Obtain any receipts for work already completed.
- Title status – Check for salvage branding indicating seaworthiness concerns.
Thorough background research avoids surprises down the road.
Surveying Damage in Person
If able to inspect units before purchase, focus on:
- Hull condition – Check for cracks, dents, buckling and soft spots indicating leaks. Tap test fiberglass for voids.
- Superstructure – Assess windshield, wheelhouse, cabin and decking damage.
- Mechanical systems – Try to run engines and generators to gauge repairs needed.
- Interior spaces – Water staining, corrosion and mold point to water ingress issues.
- Electronics – Test equipment like GPS, sonar, radios and vessel monitoring systems.
- Safety gear – Take inventory of required equipment like PFDs, flares and fire suppression systems.
In-person inspections help inform repair plans and priorities following acquisition.
Estimating Repair Costs and Timelines
Before buying any salvage boat, realistically estimate:
- Parts expenses – Cost to replace damaged gear, electronics, mechanical equipment, hardware.
- Haul-out fees – Labor and facility costs for dry dock access to hull and keel.
- Shop rental – Tools, barn/garage space for major projects.
- Subcontract work – Electrical, machine shop, rigging specialists.
- Painting/coating – Materials and labor costs, especially for fiberglass repairs.
- Contingencies – Build in at least 20% buffer for surprise issues arising.
- Project length – Time required around work schedule and availability delays.
Careful cost and time projections help determine if repairs exceed your capabilities.
Evaluating Repair Skills Needed
Salvage boats demand intermediate skills in areas like:
- Hull and fiberglass repairs – Bonding, sealing cracks and holes, matching gel coat.
- Woodworking – Reframing cabinets, decks and interior finishes.
- Electrical – Diagnosing and replacing damaged circuits, wiring and connections.
- Mechanical – Assessing and overhauling engines, steering, pumps and drive equipment.
- Painting/coating – Surface preparation, matching colors, achieving durable finish results.
If lacking knowledge in critical repair areas, enlist professional support. Attempting repairs beyond your skill level generally proves more costly in the long run.
Title Branding Considerations
Most salvage auction boats have branded titles. Check regulations – some states require inspections and paperwork to earn a rebuilt title for registering vessels repaired to seaworthiness.
Understand impacts on insurability and financing for boats with rebuilt titles. Review costs and procedures before purchasing to make an informed decision.
For the right buyer and project, salvage boats represent affordable entry points into boat ownership. But do your due diligence to avoid overly ambitious repairs draining budgets and schedules past the breaking point. With eyes wide open, salvages can yield extremely satisfying – if not fully economical – repairable cars or boats personalized to your needs.