So I found a 9 year old boat at a dealer that is a bank repo. He's asking $15,995. NADA guide says suggested retail is $18,000. Average retail is $10,100 and low retail is $8,000. The hull and gelcoat are in good shape with minor scuffs. I didn't see any scratches/gouges. Motor is a 200 Merc EFI with 165 hrs on it. According to the dealer, the bank paid him to check compression, lower unit, hull, etc. to make sure it's in good enough condition to sell. Trailer has minimal rust and tires look ok. I will have to buy 3 new batteries, and would be installing new electronics and possiibly swapping my current trolling motor with the one that's on there. I'll add this is a reputable dealer. I understand the bank needs to get a certain $$$ out of it and everything else is profit for the dealer. Is there a general rule of thumb for what I should offer for a repo? Also wondering if I should still have my mechanic go thru it with a fine tooth comb and see what needs to be fixed?

I was thinking about starting at the low retail of 8k. Do you think I should start lower than that?

Thanks

In todays market the bank will be happy to get 5k and cut their losses.  It depends on how hungry the dealer is.  I would start below low retail.

In todays market the bank will be happy to get 5k and cut their losses. It depends on how hungry the dealer is. I would start below low retail.

x2...if he won't budge some private sale will come around soon who will. too many folks looking to dump their rides cheap nowadays for the dealer to to not deal.

He is waayyy to high on that boat. If the boat had to go to action, they would pobably get $6K for it, which is where it will probably go if it doesn't sale. There is not certain amount the bank has to get for it, they are just trying to recoup all their investment right now and would "like" to sell if for at least that amount, but they will take a big loss if they are tired of holding it.

Trying to buy a repo through a dealer is the hard way to go. The dealer has nothing to loose, he's getting his money for checking it out, and everything to gain because he's gets a big commission check if he sells it. If average retail is $10K, I would not pay any more than that for it.

Check with the banks, and ask about any repo's they might have. Dealing directly with the bank makes it much easier to make a deal than trying to go through a dealer. Some banks may not deal with you directly but some do and are willing to deal. Remember, what they say they must have is not what the will really take after they get tired of holding it and they figure they will have to send it to auction.

If you can be patient, there are some great deals out there, bunches of boats are going back because the economy has made it where people that made those rediculous, long term terms can't afford them now.  Many can't even afford to use them with what it cost to run a big bass boat now, so it's just sitting.