Join Date: Aug 2006
Location: Arlington, VA
Thanked 14 Times in 12 Posts
Rep Power: 12
Hey, I recently made some money on a used boat.
In August 1996 I bought a Catalina 22 in reasonbly good condition for the princely sum of $3,000.
In August 2006 I sold that same boat for $5,000. So, I made $2,000 on it, right?
Well, not exactly. I have two terrible habits: (1) I continually upgrade and improve my boats, using only the best available parts and equipment; and (2) I keep detailed computerized records of every expenditure.
The boat was, indeed, in fantastic condition...possibly the best older C22 afloat. My database tells me that in the 10 years I owner her the total cost, including initial purchase, was $10,960.19.
So.... depending on what you choose to count, I either "made $2,000" on the sale, or lost $5,960.19 (or, approximately twice the purchase price).