Sleep on it for at least 24 hours. A boat is a major purchase; it should not be made in haste. This is where most people get in trouble. The best deals are made when you can confidently and without regret, walk away from the bargaining table. At auction, if you are being impetuous, you will bid the price up higher than you really should. Research the boat before the auction date. If you can get in to the auction site early, and many houses have a preview day, do it. You need to get the exact specifications of the boat and price compare. You will have a horrible taste in your mouth if you end up buying a boat at auction that you could have purchased for a better price elsewhere. Stick to a limit. You need to have a budget and stick to it. If you want to spend $4000, then don't bid it to $4005. If you are going to be mad that you let it go for only $5 more than what you wanted to spend, then you need to budget $4005 for the boat. You have to go in with a definite stopping point, otherwise, you will get caught in a bidding war and in such a situation, it is very easy to let your emotions, rather than your wallet dictate. That is dangerous. Know the terms of the auction house. Unless

you walk around with a bag full of money, you will need to know beforehand how much down the auction house requires. If you need or plan on financing your purchase, you will need to have this taken care before the auction. Auction houses do not generally offer financing or broker such deals. Prepare your vehicle. Auction house terms not only define the purchase price and security deposits; they also dictate when the property must be removed. If this is an estate auction, it is usually the same day or within hours. Auctions at the auction house property might be a little more liberal and allow more time to remove the boat. They may also charge a storage fee if you cannot remove it right away, so read the fine print.