Salvage boats are usually those that have been damaged in some way. Most owners put such salvage boats on sale. Boats are also sold off by owners who have bought newer ones and want to get rid of the older vessel. Alternatively, they could be auctioned off by an insurance company, or a bank, which took on the boats as a form of security against loans.

In most foreign countries that have a shoreline, salvaging and re-selling of boats is an important business. There are salvage yards, auctions, salvage classifieds, and associated professions like recycling, dismantling and claim adjusting. You could buy a salvage boat for your own use or you could sell it again, second-hand. It is great opportunity to get a boat cheap.