Join Date: Feb 2000
Location: Annapolis, Md
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Re: Niagara 35 market values
There is no doubt that there can be very large refit costs to an older boat. But I am not sure that the loan thing is correct. While the percentage that a person has to put down to buy a new boat is much smaller than for an older boat, the old boat buyer's credit rating needs to be better, and the interest rates on an older boat loan are a little higher (The banks look at an older boat loan as being almost an unsecured personal loan), none the less loans seem to be available for boats as old as 40 years or more if they can pass survey. On the flip side, newer boats are so much more expensive to buy that the down payment on a new boat will wildly exceed the value of an older boat, and ultimate interest paid dwarfs the entire price of buying, refitting and owning an older boat.
Frankly, the issue on dropping boat prices on a boat like a Niagara, or Pacific Seacraft goes way beyond the refit costs or bank loans. The bigger issue is that there has been a huge shift in what people expect out of any boat that they buy. They look at newer designs as being more comfortable, easier to sail, more reliable, more seaworthy, and offering more performance than older designs like the Niagara or Pacific Seacraft. There seems to be a shift in tastes away from the dark teak interiors that were typically found on boats like Niagaras, or Pacific Seacrafts.
I also think that the market is saturated with unwanted older boats. A friend of mine keeps coming up with perfectly good used boats that people are literally giving away for free or almost free. He started last spring with a 17 foot daysailer, and since then he or I have been offered an Oday 22, Catalina 22, Pearson 26, Oday 27, Cal 2-27, Catalina 30, and a Pearson 30 all of which for pretty much free and all of which are in sail away condition, he just has to remove them from where they are stored quickly.
Its just that bad for sellers or just that good for someone looking to get into sailing cheaply.
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Curmudgeon at Large- and rhinestone in the rough, sailing my Farr 11.6 on the Chesapeake Bay
Last edited by Jeff_H; 07-13-2019 at 04:53 PM.