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Buying new boats in this economic environment?
I am curious what people think about the risk of this these days. We all know markets globally are terrible. Boat builders are on the ropes. Now maybe this bodes well for getting some good prices. On the flip side though, I see the risk that you get xyz co started on your boat and 3 months into it the company is out of business. What do you do then?
For instance, Poncin Yachts is currently working under creditor protection (extended to May 31 2009). So if you were thinking of getting one their new Catana's which are fairly popular cats, would you be happy placing an order for one? Now they mentioned in a press release that they got a few boats sold at the Paris boat show and thats great - but what are those buyers doing to protect themselves that a boat can even get completed?
I am not picking on Poncin/Catana here, it is just one that I know is operating under creditor protection as it is a public company.
So, you find your dream boat, its new, shiny and has everything you think you would like. Do you risk it in this world with a builder? How do you protect yourself? How do you know whats going on when it isn't even a public company (like Poncin). For instance, I quite like the look of the new Outremer 49. Well how the heck do you know what is going on financially there to ensure you would get your boat completed? What kind of contracts do people need to get put in place to protect themselves?