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Master Mariner
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I sincerely believe the price of boats and RV's are going to tank in the next few months, so I'd wait a bit.
Luxury items like boats and RV's are the first to go when people feel a financial hardship in their future. Docking, storage, parking, and/or maintenance aren't affordable expenses when money's tight.
 

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Old soul
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4,498 Posts
Agree with Capta. I think these bad economic times will continue the slide in used boat prices. So I think these boats will become increasingly affordable.

My current boat was bought after the '08 crash. Before the crash it was priced well beyond my means. I suspect the same will happen now.
 

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Double edge sword the coming economic times will be. We have a boat that will be for sale while we look for a larger one. Cash is king in a recession/depression.
 

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I just put feelers out on boats I think will be bargain basement this summer. The most optimistic rhetoric right now, will get most back to work, but have everyone worried about another outbreak, caused by all the social isolation and lack of community immunity. Demand will crater.

In the case of both boats I'm interested in, the owner would get hurt selling me their current boat, but probably make it up in spades on the larger boat they want.

Not sure I'd do it, as I'm perfectly content right now. I own my boat free and clear and it does everything I need it to. However, if I really wanted a new one, buying this summer may be good timing.
 

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Barquito
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Don't you guys think it will take a little longer than that? The first wave of sellers will start out assuming their boat is worth what they bought it for. By the end of the summer of not selling it, they will start to think about lowering the price. Maybe by fall they will get desperate. I think the buyers market math works best if you are a first time buyer, or are moving up. If you are downsizing, or getting out, you are going to be screwed.
 

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Master Mariner
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I
Don't you guys think it will take a little longer than that? The first wave of sellers will start out assuming their boat is worth what they bought it for. By the end of the summer of not selling it, they will start to think about lowering the price. Maybe by fall they will get desperate. I think the buyers market math works best if you are a first time buyer, or are moving up. If you are downsizing, or getting out, you are going to be screwed.
You may be right, but anyone looking at a total loss of income now isn't going to be messin about on their boat, paying dockage, insurance and/or maintenance while they see an such uncertain future.
However, you are correct, those who are looking at winter storage along with the above will have even more incentive to get out quickly. I picked up this boat in August 2009 for a bit less than 2/3rds of her asking price. A year or so earlier I probably couldn't have picked up a 42 footer in as good condition for that price.
 

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Old soul
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Definitely a double-edged sword for those who might want to sell. If you're selling and buying it might all come out in the wash, but just selling ... not so much.

Of course, if you consider all the joy your boat has brought you over the years of ownership, then you're still way ahead of the game :).
 

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As soon as you understand, and are comfortable with these 3 principles:
1. It is never a good time to buy a boat
2. It is never a good time to sell a boat
3. Owning a boat makes no financial or logical sense at all

Then it is a good time to get a boat.

Mark
 

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Wait a bit. There may be a lot of estate sales coming up.
OK, I'll admit it, I thought the same. Got my eye on a Catalina 42 which is owned by a two boat old owner. Now where is my voodoo doll and pins?
 

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Master Mariner
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I would buy the right boat at the right price. I have no intention to quit sailing. I am kind of wondering if increased telework opportunities might lead to more opportunities to work from the boat. My boat has everything I need. Wifi, cell service, solar, inverter. Might be able to move my printer/scanner onto the boat. Why not?
I have a Canon 840 Scanner/printer/copier which operates just fine off the genset or inverter.
 
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For those in a good financial situation and with cash, there will be good/great deals to had in buying boats, cars, real estate, etc. in the coming months. Do agree that there is no need to rush, as things are going to get worse before they get better.
 

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Banned
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205 Posts
Many boats of all sizes are about to come on the used boat market at fire sale prices. I’d wait until next year to buy and instead spend the next 6-12 months doing research or charter. Wait until the financial situation stabilizes, there’s no hurry.
 

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I had planned on buying my next boat in two years, when I retire at age 62.

I don't wish hard times on anyone, but if the price of used boats drops, and I can get a great deal on a 2005ish Hunter 33 or 36 this Summer, I would definitely be tempted to buy. As I can retire whenever I want, my retirement funds have pretty much shifted out of stocks, so my net worth hasn't been affected as much as with younger folks.

I also have a boat to sell, but since its a West Wight Potter 15, with a bunch of options, including a trailer, I think it will still be an easy sell at $2500.

Jim
 

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Buy land
 
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