Repo men chasing more boats; For buyers, bargains can be found at auctions

Watching the repossession television shows can be a form of entertainment for some. But for others, the big squeeze on the economy is hitting close to home.

Repossessions on boats are on the rise. For those who may have benefited in recent years from the real estate boom, in today's downturn, many who could previously afford the toys, now cannot. It’s the mortgage and car payments that get paid first.

Rising gas prices have also made it harder for boat owners to make room in their budgets for trips. Marine diesel fuel costs more than $5 a gallon in some places, which means a five-hour jaunt on the water can easily cost $250 for some gas-guzzling yachts. Last year’s marine diesel cost about $3.40 a gallon.

On the up side, prices for used boats are falling. Repossessed boats under 60 feet may go for as low as 40 percent of what the boat would cost new, and many of them end up at auctions.

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