Quote:
Originally Posted by Maine Sail
I hate it when people shoot from the hip or use a bad data set..
Let's see I have bought and sold six boats since 1997:
SeaWay 19 - Paid 5k sold for 6.8k
Catalina 30 - Paid 16.5k sold for 22k
Cataina 36 - Paid 47k traded in for 56k
Mainship Pilot 30 - Paid 102k traded in for 105k
Catalina 310 (brand new) Paid 111.3k sold two years later for 107.5k
CS-36 Paid 47k have not sold yet but was offered 60k last summer if I would...
Made/Lost: 1.8k + 5.5k + 9k + 3k - 3.8k = net increase in value over 11 years of boat ownership = +15.5k
Even on a two year old boat I only lost 3.4%!! If I were to use Captain Fred's numbers my 2005 Catalina 310 would look like this:
Original purchase price March 2005 = 111.3k
- 30% Year 1 = 77.9k
-20% Year 2 = 62.3k
-10% Year 3 = 56k
(boat actually sold in winter of 2007 for 107.5k)
If you are a hack, and don't maintain or care for your boat you WILL lose money! A well maintained boat will sell at the absolute tip to of the market and will sell quickly.
Our Catalina 30 sold to the second looker in just four weeks, our C-36 sold to the first looker within three days of trading it in, my Mainship sold to the first looker within in one week of trade in, and our Catalina 310 sold to the second looker in just about 8 weeks.
The bottom line is that boats are still expensive and time consuming but the OP is off on the math. My scenario is not standard, as my boats are always in the top 1-2% of condition, but even if you go by soldboats.com the numbers don't work in the OP's post.. |
Most boat owners don't get into buying boats so that they can flip them. Most are lucky to see the same resale value when they sell them, because most buy them for personal pleasure, use them, then have to repair and upgrade what they wore out or broke.
You say all of your boats are in the top 1-2% condition.
How long did you own them? If it was only a couple of months with no use, there probably was very little you had to do to them.
Did it cost nothing to put them in a slip, insure them, license, maintain them? Did you ever take them out and use them? If so, did you ever have to replace
lines, repair sails, or replace any other components that went wrong?
Did you have any wood on board? Did you have to care for it?
Did you ever have to haul out? Bottom
Paint? Bottom clean? New Zincs? Labor? How much did that cost?
The point is, the reason why your boats DIDN't depreciate heavily is because it takes a lot of work and ownership cost to keep a boat in the top 1-2%. You can either pay for it on the front end or the back. If you're lucky and your boat only needs 50% of my estimated expenses to keep it in top shape because its special or something, then congratulations. But tally up how much it cost to simply own those boats, and I think you'll see it cost a lot to keep them in top shape, let alone own them. And that sure ain't taking them out for long voyages where things can and often do break and need replacing or repairing.
In the long run, you didn't make a dime owning those boats, if you bought them to flip them, you might look at it on paper instead of just the sale price and figure that everyone who says boats depreciate is wrong or using a bad data set.
The whole point is, my schedule, much like the depreciation schedules you might find anywhere on the net are generalizations, meant only to get a new boat owner thinking about how much they are going to have to spend on their boat. Its not going to work perfectly to apply to all boats, all models, in all geographic locations. Or did you forget about the location part?
The fact that my Rawson 30 in So Cal is worth 60% of what it would be worth in Seattle? There's no way I'm going to account for those things in a simple article.