Join Date: Jul 2013
Location: Ludington, MI
Thanked 8 Times in 8 Posts
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Re: Anyone ever sold at a profit?
It isn't easy but on lower end boats in the 17-25' range it can be done. I have doubled tripled my money on most of my project boats. The key is to buy it right in the first place. Dave Ramsey always says the profit in a house comes at the purchase and not the sale and I belive that holds true with boats too.
The most profit I ever got was on a Catalina 22. It was a retired racer that needed a lot of TLC but it was all there and was solid. After a lot of cleaning, buffing, painting and bright work refinishing it was ready to sell. Basically a lot of elbow grease and man hours. I paid $1,500 for it and was selling it for $3,500. It had a ton of extras like 8 sails, cockpit cushions, lifejackets, Satellite radio, VHF, tons on spare parts, tools, flares, and the list goes on and on. At $3,500 I only got a couple calls. I decided to keep all of the extras and strip the boat down to just the essentials and priced it at $2,500. My phone was ringing off the hook. On the first day of the lower price I ended up trading it for a 2 year old Honda 4X4 quad which I then sold for $3,700. I kept anything that wasn't specific to the Catalina 22 that I could use on future boats. The Catalina sails and spare parts I sold on ebay for about $1,500. So on this boat I turned $1,500 into $5,200. This is not typical but it can be done. It also took me about 6 months to sell all the extras to the profit wasn't overnight either. I would stay away from any boats in the 30'+ size. Parts are to expensive and I think it is a much smaller market of potential buyers. Everyone can afford a cheap boat. Not everyone can afford a $30k+ boat.
Ludington, Michigan - Lake Michigan
1971 Ericson 32 Hull # 193
1974 Catalina 22
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