Show me the money

[Barquito]

The economy really sucks. Many are forced to sell their boats to pay the bills. There are tons of boats on the market now, so prices are lower...

Are they? I have no doubt it is a buyers market, but, could someone provide some specific examples of boats for sale (or sold) now that are going for much less than in the past years. I have a hard time pinning this down because of the huge difference in prices due to age and equipment.

[Cruisingdad]

Originally Posted by Barquito

The economy really sucks. Many are forced to sell their boats to pay the bills. There are tons of boats on the market now, so prices are lower...

Are they? I have no doubt it is a buyers market, but, could someone provide some specific examples of boats for sale (or sold) now that are going for much less than in the past years. I have a hard time pinning this down because of the huge difference in prices due to age and equipment.

I have no doubt that the prices are down some, but I have not seen any vast falling of prices. In fact, given the difficulty of getting financing and the ever high costs of new boats, the used market seems to be holding its own pretty well. At least that is the case where I am. I cannot pretend to speak for everyone.

I think what holds the prices of many boats up are the boat loans. If money is tight and you need to get rid of your boat, it is not as if you can sll it for less than the note. In fact, given a 10% commission, you get restricted on your bottom line. If you could afford to pay to get rid of it, you pribably would not be selling it in the first place. On the flip side of this, I have seen a lot of new boat manufacturers getting really creative on how they sell their boats. Do they have more leeway in their pricing? I don't know... probably. But they can throw a lot of extra options in that might have really cost you in a different market.

Just my opinions. It is based upon observatio nand not scientific studies!!!

- CD

[hellosailor]

Couple of months agao, all the tenants at a dry storage marina (about 500 units) on Florida's Gold Coast got notified they'd have to find someplace else to store their boats within 30 days, IIRC.

The news behind the news was that a repo company had taken over the entire facility, in order to store repossessed power boats. And once they repo the boats--they're sold again, for as much as they can get, but you know that has to be less than they used to be getting when they've got so many to get rid of. Boats don't gain value as they age--they need to be sold off.

Sailboats? A different market, but if your house has been foreclosed and your employer cuts you back to part time...don't you think that boat is going to be sold too? The whole economy has tanked, how many boat owners can wait two years to get their fairy tale prices, unless they abandon the foreclosed home and move onto the boat?

[imagine2frolic]

The house would go before the boat would........i2f

[Allanbc]

We have been actively shopping for boat lately. I have been following prices via Yachtworld for the past year or so. Asking prices are down some. Many of the best "deals" are on boats requiring lots of work. Good, well maintained boats are still asking the best prices.

I'm sure there are distress sales. A broker told me of one that is close to repo so they will probably do a short sale with bank approval. It wasn't the boat we were looking for.

[jameswilson29]

You're right. The economy is so bad there is an Albin Vega 27 in Japan for free!

[Cruisingdad]

Originally Posted by jameswilson29

You're right. The economy is so bad there is an Albin Vega 27 in Japan for free!

HEHEHEHEHE! Just a little shine, a few hundred bucks, and some free labor and she will be ready to circum though. Where's your sense of adventure!??

- CD

[nightowle]

O'Day 27 in excellent condition and surveyed was recently listed for $7500 (a respectably good price for that boat in great condition) - sold for $5500. So there's an indication of the market. A couple years ago the owner would have gotten his $7500 or better.

[eherlihy]

Some of you know that I have been looking closely at a particular make and model of boat for the past 3 years. The boat is a mid to late '80s fiberglass cruiser that has been described as "the Chevy of boats." Three years ago, realistic asking prices for that boat were in the $60-70K range. There have always been between 6 to 9 of these available in YW at any given time.

One dreamer (whose boat is still for sale) was asking $97K, and there was one virtual wreck for $49K. I know of one couple that bought one of these boats for $40K, then spent +30K fixing her up, and then sailed around the Carribean for a year.

In that time I have seen asking prices come down slightly, but the number of boats available has jumped. Right now there are 14 of this model available, with asking prices from $59-89K. The dreamer that wanted $97 is now asking $88.9K, and the guy that put $30K into his $40K boat is asking $69K. I don't know whatever happened to the virtual wreck.

I lost my job in the fall of last year, but I am *still* looking, and hope to find one for less than $50K.

[eMKay]

I'm not seeing it around here, the local yacht dealer (RCR) is doing better business than ever. But I live in an area that missed the boom, and missed the bust as well. So geographic location plays a part.