When there's blood on the water, it's a good time to buy a boat. Or so it seems. The Boston Globe reports that if you are looking to get your sea legs, now is the time to buy. Thanks to the poor economy, there are an abundance of boats and pleasure crafts and very few buyers who want or can afford to purchase them. This perfect storm has left plenty of deals for would be captains to scoop up a steal on a new or used skiff.

The tightening credit market isn't the only thing holding back buyers, as the Globe points out many are fearful that gas prices will rise again this summer, making even a cheap boat expensive to use. It seems the more expensive the boat the bigger the discount, with one seller telling the Globe that a $300,000 boat is now fetching $150,000. Many of the used boats quoted in the article have seen their prices cut by between 25-30% to entice buyers.

You don't have to go to a marina or boat dealer to see the evidence of a flooded boat market and cut-throat prices -- just look at Craigslist. Locally there are plenty of boats, jet skis and other boating items going for below market value. And if you live near a body of water of any significant size you're sure to see deals along the side of the road, as more people try to make rent by selling their beloved boat.

If you do pick up a boat at a discount, make sure you follow these eight tips for saving money on your boating insurance. The tip regarding your vessel's insured value is particularly important if you're buying well below market value.

Every boat owner I've known has told me that the best two days of boat ownership are the day you buy it and the day you sell it. And in this economy, that is especially true.