Re: Just bought wondering if i should cut my looses
I can attest to that. I see the boats you folks mention that are worth $4k down there and they'd fetch $6,500 to $7,500 up here.
Most of its because of excise taxes and duties importing it. Give you a comparison. My best friend bought a new Acura Sedan. $26K USD all in. Same car here in Canada was $42K CDN + tax or approx $48K total
Big difference. Same with boats, trailers, etc.
Someone just ask me what a good price for a particular boat was in the States. Not being there at the moment, I checked NADA. They had a high price of $7030, as fitted. The boat was advertised here for 19,500 Euro ($26,503.88), it sold for 15,500 Euro ($21,000). They thought they got a great buy!
It had been imported from the States, and with the exchange rates being what they are, I doubt the guy paid more than $7,000, plus import fees.
I tried to point out that this was over the “new price” for a boat, that was in nice shape, but it was over 15 years old.
The buyer has never had a boat before, but even then, he should have done a little research.
It is now his, and the list of hidden repairs is starting to add up, and to add up at German hourly wages. He has two left hands, and can't do even a light bulb change hisself.
The Germans often think that the more they pay, the cooler they are. They like the idea that they can buy status, and the more it cost, the more status they have. When they find out they got ripped off, they don't get mad at themselves, or the seller, they get mad at those that know they got ripped off. I think he just wanted to show off when he asked what it was worth.
He is now mad at me, for telling him his new/used boat, is not worth what he wants everyone to think it is.
I didn't know he had already bought it.
I am not saying you got ripped off, and I love the boat you bought.
If the price was right I would have also considered it as a long term project. I would also plan on keeping it for many years after the restoration though. If you are looking at it as a future classic that will stay in the family for years,
go for it.
If you just want a few years of use out of it, or plan to sell it for a profit latter,
forget it.