Join Date: Feb 2002
Location: Oceanside CA
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Rep Power: 14
Re: What Is A Boat Really Worth?
I think the price of boats is all over the place for a reason. The quality of a boat is based on the model, age updatedness and additions. I look at the boat type as like a neighborhood. If you live within a mile of the beach in Socal you will pay 750k for a shack, 3 million for a shack on the water, crack neighborhood houses may be 200k. In the right neighborhood you can buy a home for 300k and put 100k into it and walk away with a 500k home. You can buy a 20k boat and pour the same 100k into it and be happy to get 60k for it.
No one is going to buy a million dollar home in a crack neighborhood and the bank won't loan the money for that home. If a basic 40 year old cruiser has a radar, watermaker, new rigging, motor and sails it can realistically be worth 60k but the bank does not want to loan you that much for it.
West Wight Potter 14 "Lemon Drop"
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