Buy a boat from a marine salvage yard or a private boatbuilder for a cool $1 million.
That’s the lowball estimate on the value of a typical marine salvage sale.
But the reality is a good deal can go for as much as $20 million or more.
So how can you make that money back?
There are plenty of ways to make a profit on a salvage sale—but we want to take a closer look at some of the best ways to sell your boat.
Rent a Boat: This is the easiest way to make money on a boat sale.
The boat you buy is basically the property of the owner, but you don’t need to pay for it.
And unlike a garage sale, you won’t have to pay any fees to get your boat listed on the registry.
This is also a good option if you have a large collection of boats.
In fact, a small collection of boat parts could make for a great profit.
You can usually find a local salvage yard for a fraction of what you’d pay for a fully restored boat.
Find a Buyer: Many boats are worth much less than the advertised value.
This means the boat can’t be sold on Craigslist or online for a reasonable price.
You need to find a buyer for your boat and get it listed on a registry.
Most marine salvage yards will give you a call if you need more information.
You should also be able to find an auction house to bid on your boat on eBay, but this is not a guarantee that your boat will sell.
You’ll also have to negotiate the price for the boat and the boatbuilder.
The buyer will probably want a boat that has been sitting for years or even decades, so a good buyer can bring a lot of value in return for their time and labor.
Use a Private Boatbuilder: Buying a privateboatbuilder can be a good way to find the boat you want without having to worry about the seller or auction house listing your boat as a salvage item.
You will pay significantly less than a typical salvage sale buyer because you’ll be buying the boat from the boatmaker rather than the seller.
If you decide to sell it on the market, you’ll pay a fraction—usually about $1—of what you’ll need to buy the boat at the auction house.
A private boatmaker also makes it easier to get a private listing on a local auction site.
Build a Boat in Your Own Home: You can also make a boat in your own home, or you can get a loan to build a boat on your own.
You may be able get a boatbuilder to do the work for you.
But remember that your investment is likely going to be a lot more than what you would get from the seller at the end of the day.
You don’t want to put your investment at risk.
Sell the Boat to a Family Member: A family member or close friend might be willing to pay a lot less for your salvage sale than you would be for a normal salvage sale, but they may not be willing or able to help you sell your salvage.
In these cases, you could sell the boat to your family member, friend, or even your roommate.
You could even get the boat shipped to a nearby shipyard and then shipped to another state or country.
In many cases, the boat builder can arrange to pick up the boat.
This option could save you some money, but be careful.
The seller or buyer won’t want your money.
They may even want you to pay more money.
Sell to a Bank or Credit Card: You don,t have to buy a boat outright, but some banks and credit card companies offer the option of selling your boat to a private buyer.
You would need to get the bank to agree to the private auction, but it’s usually cheaper to just put your boat up for sale at the marine salvage sales.
If the buyer doesn’t want the boat, you can sell it to another person, who may not even want it.
A bank may be willing pay a lower price, but most will not.
Buy from a Private Auction: You have a good chance of getting a private auction listing for your ship if you go this route.
But you should also think carefully about what you’re willing to accept.
A lot of private auction houses are offering the best value for their salvage sales—but you may be surprised to find that some are offering more than you can handle.
You might also be interested in a private sale from the Marine Salvage Center, which has a large network of local salvage yards.
Use the Internet: There are tons of websites and websites that can help you find the best salvage sale for you, and you can also try to sell online using an online broker.
You won’t get a lot out of the process.