Originally Posted by Group9
The problem with buying a used boat right now is that not many people want to accept the beating they have taken in the last five years or so due to the economy.
There are a lot of boats for sale at unrealistic prices. I bought my last boat in 2009 and I paid the owner about 60 per cent of what he had paid for it the year before.
I also had another 8 or 9 boats on my short list, several of which that are still for sale, with owners who just didn't believe a crashed economy meant their boat was worth less.
If you can afford to keep it, fine. I know I couldn't get what I paid for my boat if I sold it right now. I don't plan on selling it, so I don't care. But, those people wanting to sell boats right now, need to get real. Because, boats that belong to owners who are realistic as to what they are worth, are selling.
Boating costs money.
On the averge for a 35 foot boat we spend 4500 a year for slip fees. If you haul in the winter add at least another 600 for that and storage. If you only spend 1500 a year on improvements , wax, fuel, parts you are up to 6600 dollars. We own Haleakula outright, but lets say you finance 50000 for 5% for 10 years your payments are 530/month or $6300 a year. So the cost per year is $12,000.
What will that boat be worth in 10 years. Well you've paid 63,000 and you'd be lucky to get 30,000 back. Remember this without spending money on improvements.
How many days a year do you use it? We use ours 30 weekends plus a 3 plus week vacation plus maybe another 10 days equalling 90 days. This is a lot compared to most. Pretty expensive for a hobby.
We all want 39 foot boats. We all want lots of room. What wil you sacrifice for that. Set you amount you can comfortably spend and look in tht range. It's a hole in the water money wise. Everyone says that....because its true.
You expectation of being able to sail this year is slowly closing. You live in Chicago not the Chesapeake. If this s a priority make it happen. If its a sidelight to a vacation or getting a road trip in is not the same as acutely pursuing it.
There are plenty of boats out there at reasonable prices. Time to get decisive and act.