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  #1  
Old 06-05-2011
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Boat market/prices?

What are the current used boat prices like compared to a few years ago? I've actually finally got somebody interested in buying my house and we're negotiating, and I want to figure out how much of a hit I'm willing to take on the house. The way I figure it, if boats have come down say 25% (just an example) I could buy a $30k boat from a few years ago for $23k-ish now, meaning that gives me $7-8k more room to negotiate on the house, and still end up with the same boat. Make sense?
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Old 06-05-2011
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In general, yes, used boat prices have come down, but by what percentage, etc... depends on too many factors to really give a hard "x%" example. It really is a boat by boat proposition, and even then, there are particular models and makers that hold their value very well. Some have increased somewhat if there's an overseas market for them... the US is used boat market heaven for other places in the world whose economies are fairing better than our own. If you have access to a broker who will share, there's 'sold' boat information out there. It helps them price their own offerings, and it's not uncommon that they'll share this info with a serious client.
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Old 06-05-2011
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My thinking is this. The boats that the bottom feeders would buy can probably be gotten for free - 100% price drop. Well maintained boats that are in sail-away condition with recent updates might be down a little. The average means nothing - it's all about which type of boat you are looking for.

Also factor in that some sellers don't want to sell. They'll wait to get their price and frustrate you in the process. Some sellers have to sell because they've run out of money, and may have deferred maintenance for the last several years and may have a lot of hidden things wrong. You could get a good price on the latter boat, but you might be in for a lot of unexpected costs that make it a worse deal than the costlier boat in better condition.

Good luck, but realize that there is no single answer to your question.
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Old 06-05-2011
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The reality is that the house is worth what it is worth irrespective of the boat market. If you want to sell it you will have to decide if you are willing to accept what the market brings you. Where you are located is what your market is. Some areas have been hit a whole lot worse than others.

Boats are a little more portable so if you are willing to travel you might be able to take advantage of some geographical differences in pricing. Of course you will then have the added expense of multiple trips and delivery home if you go that route.

It seems to me that the used market is pretty picked over right now and good clean well equipped boats are generally not fire sales. They certainly are down but the 25% discount model will probably mean sweat equity and repairs required. Of course that depends on whether or not the asking price is realistic to begin with.

Good luck.
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Old 06-05-2011
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There are a lot of bargains out there but it seems to me that the boats that are most affected by the down market are those in need of TLC. The boats that are in pristine condition are still commanding close to full value.

Could it be that those who can afford to maintain a boat in excellent condition can afford to wait for better offers?
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Old 06-05-2011
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I were you. Keep the house, forget about the boar for now. House value will always go up, boat value will always go down even you don't use it. Boats are toy no matter how we sweet talk ourselves. Don't be emotional to buy. Dreams always come true, just wait for you turn. .

But that is just ME talking. Good luck.
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I feel special. In over a year of reading Sailnet I got one of the few 'don't go' posts.

The reality is I'm selling the house and buying a boat. If I have to take less boat because the house is worth a little less that's fine, or I can earn that little bit back fairly quickly if I really commit to it.
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Old 06-05-2011
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Having both bought and sold a boat within the last year I think that boat prices are way down. It is a buyers market. So, older boats that may need some work are being sold very, very cheap. Newer boats in good condition are being sold for much less than a few years ago and way less than their owners think they are worth.

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Suggest you check out paradiseyachtsales.net they have a link to current market conditions and prices based on length and type.
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Old 06-05-2011
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Quote:
Originally Posted by dhays View Post
Having both bought and sold a boat within the last year I think that boat prices are way down. It is a buyers market. So, older boats that may need some work are being sold very, very cheap. Newer boats in good condition are being sold for much less than a few years ago and way less than their owners think they are worth.

Dave
You are right on target. We sold/bought last year and are on our third boat in as many years. We were trading up until we bought something that was in the size we wanted. I've been watching the market like a hawk over the past four years, and continue to watch it in the event that we decide to trade up again.

It is a total buyer's market. I've seen 40'-50' Formosas going for close to half what they were priced at a few years ago. Irwins that were in the $50,000 range priced at $22,500. Many more examples. Then you have the boats that are in need of a repair that an owner would have gladly done five years ago so that he could have gotten full price, but he can't afford the slip fees, let alone the repairs, so you have a beautiful boat that has a bad engine, or has something else wrong going for a song. And yes, a lot of free boats are out there.

As the market softened three years or so back, I watched as the smaller boats fall off their price points. You'd see the 20'-26' boats being sold cheap. Then the 28'-34' boats started to soften. Now you're seeing really nice boats in the 35'-45' range drop drastically, and the boats in the 45'-55' range are also really softening.

Now is a great time to buy, but a terrible time to sell. In the position you are in, you could take your time and end up with a great boat at probably 50% of what you would have paid for it three years ago. Good luck to you!
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