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  #11  
Old 11-21-2007
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  #12  
Old 11-21-2007
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Quote:
Originally Posted by AjariBonten View Post
Apart from financing issues, what are the insurance implications? Do they prefer to insure for surveyed value or agreed value? Is there a cost difference in insuring it one way or another? Or do insurers do it either one way or the other, without option?
Banks usually require that the boat be insured for at least what you paid for it (not the amount of the loan - the total cost of the boat) including any money you put in for refit. Insurance companies, from what I've seen, like agreed upon value. My Passport 40, for example, had a $400k survey value based upon it being in absolutely perfect shape (right off the assembly line). Its real value and what I paid for it was far lower.
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  #13  
Old 11-21-2007
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CD
Do you happen to know if there are rules about disclosing info from boatsold.com? Whenever I've asked someone with access to that database I seem to get less than what I know is there.

The pricing has become quite distorted. I'm seeing boats that have sat since 2005 listed for 35% above actual selling prices of quality boats. And the boat that has sat for 2+ years is no longer 'quality'. It will be interesting to see if there is a sudden dump of these boats that missed the oportunity to sell when the market was good.
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  #14  
Old 11-21-2007
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I used those data bases when buying my Tayana and found them of limited use. There are just too many variables that go into a selling price. In addition, if you're not buying a production boat the population is limited and you need to be looking at recent sales, not ones from a few years ago. But it is better than nothing.
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Old 11-21-2007
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Thanks this is a good topic, I've been looking and hadn't considered the ramaifications this could have on my getting the loan. BUC seems in line with the PSC 34s I've looked at, once you consider the asking price and offer price difference, but I haven't subscribed to BUC and I'm only looking at the first freebie listing they give you.

Considering this thread do you recomend someone in the market subscribes to BUC? Is BUC the system the banks will use to get their comps?
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  #16  
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Originally Posted by teshannon View Post
I used those data bases when buying my Tayana and found them of limited use. There are just too many variables that go into a selling price. In addition, if you're not buying a production boat the population is limited and you need to be looking at recent sales, not ones from a few years ago. But it is better than nothing.

From what I've heard, BUC & NADA go back as much as 2 years for pricing comps. Boat US buyers service uses recent prices plus they use their insurance numbers to also guage pricing.
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Old 11-21-2007
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If I remember right they go back for at least 5 years.
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Old 11-21-2007
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Sounds like a "best of times, worst of times" situation.

Three questions:

1) Given the current circumstances, would it make sense to possibly wait 12-24 months on a major boat purchase, in case we're just at the start of a serious slide (meaning there will be decreasing prices/harder conditions to sell in the near future)?

2) In a weak market, are "desireable brand names and designs" even more important? I cringe when I look on Yacht World and I see 10 or more of the same production boat for sale in the same geographic area, making me wonder how one would distinguish the boat enough to sell it before the others.

3) If one can buy with cash, does that open a wider choice in insurance options (since they won't be dictated by a bank loan)?

Thanks!

Jim H
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  #19  
Old 11-21-2007
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DOESN'T ANYONE LISTEN TO ME!! Yes, I am shouting, and don't answer that. I believe I said a couple of months ago that the boat market is down 50% in volume, not prices, but the number of boats being sold. 50%!!!!! You can name your price if you find a boat that REALLY needs to be sold or is on the lower end of the market. Older Catalina 36's that were going for 50-60k, try 30-40k. Anyone that has paid cash or doesn't have a note on their boat, you can under bid if they can't afford their boat anymore. Look for foreclosures on boats to rise for those that owe and can't afford to keep it and can only sell at a loss. I am one of the ones in CD's last category. I have a great boat, but its not quite what I want. Its not going to sell, not nearly for what I paid for it, but I can afford it and don't have to sell. So I will sit on it, sail it, and treat her like I am not selling. Its going to be hard to find good boats at a decent price, like the housing market, its drying up and people will sit on the good stuff.

Jim H
1.) I would be VERY picky about what I bought. The market may get flooded with a lot of boats that need to be sold. Prices certainly are not going up anytime soon. Take your time.
2.) That is a phenomenon that i have noticed before and even more so now. I think, and I could be wrong, that boats like Beneteau appeal to lots of first time buyers and people that don't really know about the maintanence required. The wear and tear starts to show after 4 or 5 years, and they try to sell the boat instead of fixing and upgrading. Look at all the 5-6 year old Beneteaus with roller furling on the market. Its time for a new sail. Also a lot of those boats come out of some sort of charter after 3-5 years. Sorry to pick on that brand, I like a lot of their boats, just an example please, okay.
3.) I don't know.

Edit - BTW my first sentence wasn't directed at you CD, just ranting.
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Last edited by bestfriend; 11-21-2007 at 09:33 PM.
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Old 11-21-2007
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