Horrible Economy not effecting Boat Prices...?

[ezmobee]

Re: Horrible Economy not effecting Boat Prices...?

Good news - we just bought a 2004 Caravelle 207. Its gorgeous and we got it for around the low NADA value (all items included, WITHOUT trailer value).

I hope there's a thread somewhere with pics of your new boat!!!!

 

[Navy Jr.]

Re: Horrible Economy not effecting Boat Prices...?

Sorry if it sounds arrogant, but watching CL every hour to save a few bucks on a boat sounds like a waste of time, or should I say, what is your time worth.

No, it doesn't sound arrogant, but I think the savings people here are talking about isn't just a few bucks; more like a thou or two.

 

[ondarvr]

Re: Horrible Economy not effecting Boat Prices...?

Sorry if it sounds arrogant, but watching CL every hour to save a few bucks on a boat sounds like a waste of time, or should I say, what is your time worth. For me I would rather pay a little extra and get exactly what I want and not have to race someone else to the deal. Not worth it, look, you are going to own this item for a long time and the few extra bucks you spend will be forgotten long after you appreciate what you have. I had a chance to get a repo boat and ended up passing on the deal and spent a bit more and got exactly what I wanted. Boating is an expensive hobby and it is well worth it in my opinion to take your time and find what you want and then make a reasonable offer. Spending days and driving all over the countryside to save a few bucks seems kind of silly considering the fact that the boat purchase is simply the first of many purchases in this hobby. Once you own the boat the real spending begins.

I'm not talking a few bucks, I see deals that are 40 to 60% or more under the market price frequently, this may be a few hundred to several thousand $$$ in savings and it's how I buy most of my stuff. You don?t always find that kind of deal on the exact item you want quickly, but you can pay full price for anything any day of the week, so unless I need it immediately I wait.

 

[jkust]

Re: Horrible Economy not effecting Boat Prices...?

I think there is probably a sweet spot of popular boat types in different regions making them more in demand... In Minnesota we have thousands of smallish lakes and the popular boat is the under 20 foot bowrider. Other states with big water see these as entry level boats but for many of us this is as big as is practical not having to do with what a person could afford. There are few 40 foot and under new boats that many people around here could not write a check for but that to me would be a wast of money for the size of lakes we have. You may move up in brands but not necessarily in size with your "move-up" boat. Anyway my point is if you are in the market for an in demand boat, expect to pay what the market supports and apparently the market still supports higher prices. As far as looking frequently online, I think you almost have to if you are used boat shopping. The nice ones go quickly and here in MN there are just not that many nice, newer bowriders (excluding the 4 cylinders) for sale at any given point and even fewer move up brands, and paying more at a dealer doesn't mean the boat is even nicer just more expensive. Sometimes it's not a matter of a good deal, just a matter of one becoming available. To date since buying in August 2008, I haven't seen my same model of boat for sale locally. Some just don't come up often.

 

[Starppy]

Re: Horrible Economy not effecting Boat Prices...?

Boat prices in general are whacked. Boats depreciate at a higher rate than just about anything. The more bells and whistles, the worse it gets. After one year a boat can depreciate as much as 30% and up to 50-60% after 5 years.

Boats are a black hole for cash. High depreciation and high maintenance usually take the uninformed by surprise and that is why so many turn into really expensive lawn ornaments. They either can't afford or don't want the hassle of the upkeep, but they can't sell it for anything near what they paid for it so it sits there and rots.

I think anyone who is considering buying a boat should talk to an owner who actually uses their boat and find out what the real costs are before getting one. It's really sad that so many become disillusioned and wind up wasting so much money that they can never recover.

 

[RickV1955]

Re: Horrible Economy not effecting Boat Prices...?

I just bought a 2005 Proline Center Console in March (Bradenton, FL).
I got a great price on a great boat (prior owner had some financial difficulty).

Aside from this boat, there seemed to be a lot of pretty good deals out there.

 

[Huron Angler]

Re: Horrible Economy not effecting Boat Prices...?

There are an awful lot of people here in Michigan that have craigslist ads starting out like this: "Never thought THIS day would come but I've got to sell my pride and joy to pay bills/moving expenses" You can feel the pain in these folks' listings as they try to sell their boats to pay bills and usually are asking WAY too much for the boat.

I feel bad for these people and wonder how long it will take for them to bring the price down to something reasonable. I've seen an 18' aluminum boat that should sell for 2k listed for 3500 now and the guy always claims it is a "new reduced" price. It's not that it is a bad boat but the market price around here is lower than people want to admit- same with housing.

I'm assuming that Michigan has the cheapest boats around since we have been in a recession for around 2-3 years already and GM is still in its slow death spiral. Layoffs(now known as buyouts) have increased in the last 18 months and those people are selling their boats and moving down south.

So I agree 100% that asking prices are still high but selling prices are lower than ever. Also agree that the best deals have a shelf life of 5-10 minutes and I miss every good deal due to the fact that I can't email anyone while I'm at work. The only thing that flies of craigslist faster than a boat<800 are Minn Kota trolling motors...those last about 1-3 minutes.