"Buyer's Market" - any data to back it up? - Page 3 - SailNet Community
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post #21 of 87 Old 10-01-2008 Thread Starter
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Interesting points to ponder. Especially the point about smaller production boats vs. larger custom or semi custom high end yachts - which bodes well for me considering I'm considering something in the 28-32 foot range...

An economist would probably argue that the used boat market is not an "efficient" market given

1) With a few notable exceptions (Catalinas, J/24 etc.) there often aren't a lot of a given model available on the market - for instance smaller Freedom Yachts by Gary Mull currently (1) 28', & (2) 30'

2) Being a luxury, boat purchases are an emotional transaction, not a rational one

So here's hoping that the guy selling me my boat is a step away from insolvency...

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post #22 of 87 Old 10-01-2008
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Looking at auto sales today and hearing on CNBC that people with 650 FICA scores cant get an auto loan you have to believe not too many will get a boat loan without at least 20-30% down. That will certainly put a damper on the sales as most people buying boats over 30' will be financing.
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post #23 of 87 Old 10-01-2008
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Well, I'm going to test it imperically. I just bid $39,000 on a sailboat listed at $55,000.

Cross your fingers.

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post #24 of 87 Old 10-02-2008
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I didn't feel like going through this entire list of comments, but I wonder if there is such a thing as a "buyer's market" when even the buyer doesn't have any money!!

"There's a wind in my sails that protects and prevails." - "Six Months in a Leaky Boat", Split Enz
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post #25 of 87 Old 10-02-2008
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sander06 - the current bank problems have hit the U.S. and haven't impacted the rest of the world as hard, there are plenty of buyers out there with money, and with the US$ exchange rates being low, their money goes a lot further these days as well.
The European boating forums are all abuzz with people looking at the US used boat market. Australia is still booming and boat prices there are ridiculous. The erstwhile eastern Bloc countries are oozing cash - but they are still in the conspicious consumption phase and go for big powerboats, preferably new.


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post #26 of 87 Old 10-02-2008
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Yes. Buyer's market

I'm having a difficult time selling my Santana 35, which is in good shape, and I'm only asking $19900. On the other hand, I found a 1999 Formula 330 SS listed for $49900 in excellent condition, paid $37500 for it, and that included bottom paint, new exhaust risers, fix of all survey items, and free shipment to a marina near my home. The boat had been listed by the dealership it was traded in to for over a year, and of course they claim to be losing money on it.
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post #27 of 87 Old 10-02-2008
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There are certainly a lot of boats languishing for sale at my marina.

And bunches more empty slips than there were last year.

The fact that my marina hasn't raised annual slip rentals for the last two years (after really pounding us with increases in 2004 and 2005) suggests the overall boating market is soft.

As for fuel costs, last month I had my sailboat in St. Augustine and docked next to a 45 sportsfishing boat. The owner told me it costs him $1,500/trip to make a Gulf Stream run for fishing for one day. Even though he looked prosperous, he said he was cutting back significantly on the number of trips he made and expecting his guests to chip in for fuel costs whenever he took them out.

I told him my little Yanmar burned a 2-3 quarts/hour, but didn't get any sympathy.
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post #28 of 87 Old 10-02-2008
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Quote:
Originally Posted by turfguy View Post
Looking at auto sales today and hearing on CNBC that people with 650 FICA scores cant get an auto loan you have to believe not too many will get a boat loan without at least 20-30% down. That will certainly put a damper on the sales as most people buying boats over 30' will be financing.
turf
I recently thought about buying a boat I thought I could maybe get for $10-11k. WAMU doesn't do boat loans. Was referred by the broker to a small local bank. They'd need 20% down and would give an 8.49% rate. I'd have just put it on a credit card but the broker can't/won't do it that way.
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post #29 of 87 Old 10-02-2008
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I hope this guy has a SIX-PACK or other USCG ticket... since expecting payment in fuel may be considered hiring the boat for charter.
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Originally Posted by richard_reinhart View Post
And bunches more empty slips than there were last year.

The fact that my marina hasn't raised annual slip rentals for the last two years (after really pounding us with increases in 2004 and 2005) suggests the overall boating market is soft.

As for fuel costs, last month I had my sailboat in St. Augustine and docked next to a 45 sportsfishing boat. The owner told me it costs him $1,500/trip to make a Gulf Stream run for fishing for one day. Even though he looked prosperous, he said he was cutting back significantly on the number of trips he made and expecting his guests to chip in for fuel costs whenever he took them out.

I told him my little Yanmar burned a 2-3 quarts/hour, but didn't get any sympathy.

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post #30 of 87 Old 10-02-2008
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Quote:
Originally Posted by anthony11 View Post
I'd have just put it on a credit card but the broker can't/won't do it that way.
Broker won't do it that way because he dosn't want to pay the merchant points. Just do a cash advance on your MC and buy your boat that way.

I've done it myself.
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