real life buying & sell stories please

[stunod]

Hello everyone,<br /><br />I'm thinking about buying a new boat next season.<br />I'm also figuring on keeping it for 4 years.<br />I want it to sleep 2-4 around 25' lenght.<br /><br />My issues are: If I sell after 4 years, on a new boat, I would be selling a 4 year old boat. Can I sell it for the loan balance?<br /><br />If I buy a 4 year old boat that's around 31,000, <br />Can I pay off by balance buy selling an 8 YEAR OLD BOAT??<br /><br />1. NEW BOAT: 40,000 + interest = 57,000 / paid off 17,000 have to sell boat around 40,000 to pay loan Hmm?<br /><br />2. USED 4 YEAR OLD: 31,000 /get a loan/ pay off 10,000 in 4 years/ might have 28,000 loan to pay off/ Sell an 8 YEAR OLD BOAT for 28,000 ????<br /><br />I would love to hear real life buying and selling stories<br /><br />Thanks,<br />Lou

 

[495v]

Re: real life buying & sell stories please

That's the true story of depreciation. You will have to hold out longer than 4 years and pay down more of the loan. My real life buy was a used boat that I bargain hunted for. Paid $16,500 and already have a few guys offering me $22,000-$23,000. New is nice but you eat all of the depreciation. The boat I bought was a one time owner and he showed me the sticker price of $35,000. Obviously, he probably didn't spend that much but I guarantee you he took a lose selling me this boat. That's the price you pay just like driving a new car off the lot; you lose about 7k right off the bat because it was titled.

 

[stunod]

Re: real life buying & sell stories please

I guess i'm use to a 2-3 year lease on a car.<br />Ever 2 years I get a different one.<br />I can't commit to a girl for more than 5 years so the thought of a 15 year loan...Wow!

 

[495v]

Re: real life buying & sell stories please

I would say that if you feel that way you should consider saving to buy a used boat and pay cash. This would leave you with little depreciation and a craft that would hold it's value better. Think of how much you burn on a lease and then are left with nothing. Basically, your just paying the depreciation on that vehicle. If you decide to buy now with a loan, consider or plan on keeping the boat at least 7 years. You have to understand that a boat is considered a luxury or an expense just like a car. Unless you find something that is rare, like the muscle cars, you are just spending the money on the use of it. As I said, consider used and pay cash, that's were your best deals will be.

 

[stunod]

Re: real life buying & sell stories please

I have owned 2 boats in the past 2 years. Last year's boat was too small (16' bayliner) this year's boat has too many head aches.(20 years old) <br /><br />I only have $5,000 to spend in cash. What can I buy? A 20 year old boat?? I'll still be in the same boat (no pun intended) I'm figuring that 5k could be a nice down payment. But I'll have to sell my soul to the devil for 15 years!

 

[DJ]

Re: real life buying & sell stories please

stunod,<br /><br />You buy new-you're going to PAY big time. It's worth 70% of what you paid for it (in most cases) before you get it home. Like the others said, leasing a car is just paying for depreciation.<br /><br />Now, you say, you only have $5G cash and you don't want to sign up for 15 years. How about splitting the difference, sign up for 3-4 years and spend $10-12, total. You're in a COMPLETELY different class of used boat in that price range.<br /><br />Your best bargains are well maintained yet ill kept (meaning clean) boats. Try to find one that is just dirty, but not beat up.<br /><br />THIS IS THE WRONG TIME OF YEAR TO BE LOOKING FOR BARGAINS. Wait till September or storage time in your area.

 

[FlyBoyMark]

Re: real life buying & sell stories please

Irrespective of the loans configuration.....financial institutuions view 20% per year depreciation. After 5 years the boat is worthless to them reguardless of real market value unless its a yaht. So to stay ahead of this phenomenon, finance at a schedual that keeps you equal to depreciation so that when you sell, you don't "pay" money. Another alternative is to buy 1 or 2 year old craft that some other sucker has paid depreciation on........

 

[lepper]

Re: real life buying & sell stories please

Howdy.. i'm in the process of buying a boat right now. a 19ft alumaweld with a 90hp suzuki 4 stroke and all the bells and whistles on it. Original price they want 21k. they gave me 3500 on my boat trade in (an old 67 glastron w/1990 75hp mariner paid 3700$ a yr ago) Then I talked them down some more and final price is 16,500... I am only finacing 15,500 payments will be 167 for 12 long yrs.. But there is no payment after 90 days for early pay off... I figure I will have it payed off in half the time at the max...<br /><br />Depreication does suck. but it realy helps when you know the owner of the boat place. my old boat isn't worth 3500... they are treating me right. and also I plan to keep this boat for the rest of my life. Anyway. I guess what I am saying is, if you find a good dealership they will be willing to work with you and make do there best to have everyone come out feeling like they got the best deal. And even though you pay for depreciation, I figure that I won't come out to bad because I am going to pay it off early..... anyway my 2 cents. more like rambling. but ther eya go.

 

[mrm]

Re: real life buying & sell stories please

Buy a used boat, in the middle of winter. You can pick up some good deals.<br />MRM

 

[lepper]

Re: real life buying & sell stories please

trouble with buying a used boat in the middle of the winter is, that most people want them now for the summer.<br />dave

 

[Franki]

Re: real life buying & sell stories please

I have been watching the boat pricing (and outboards) on the second hand market over here, and I couldn't believe how much cheaper they are now that its winter,, then they were 3 months ago at the tail end of summer. there are some remarkable bargains to be had in the off season.. I will never buy in summer again...<br /><br />If you can bring yourself to wait a bit, you will undoubably save money..<br /><br />rgds<br /><br />Frank

 

[mrm]

Re: real life buying & sell stories please

Stunod wanted the boat for next season.<br />MRM

 

[skier]

Re: real life buying & sell stories please

I stumbled on a deal a few years ago. I got a 1996 Glastron GS160 (Boat and trailer) for 4,200.00 and drove about 10 miles down the road and got a 1979 Mercury 140 for 2,800.00. The boat came with a 70hp Susuki I think for 14,000. I got it in February in Washington State. Got twice the HP for half the price.<br /><br />Craig

 

[EGalvTex]

Re: real life buying & sell stories please

If you would really like to stretch your dollar, find a government or non-profit (boy scout) auction near you. I purchansed a very nice chaparral (book value 7,000) for half price. A friend just purchased a 25' Hunter sail boat, ready to go, for $3,300. You'll have to search a little because these groups spend no money on advertising...this helps keep the competition down.

 

[Solittle]

Re: real life buying & sell stories please

Another thought or two - First I go the used route and pay cash. I look for a quality hull that maybe needs seats and canvas - the look pretty stuff. Then, hopefully find one that has a name engine (ie not Force) but has some kind of minor problem that I can fix or have fixed without spending big bucks. These are things that help you in dealing with a "motivated" seller. Time of the year is critical if you live up north (boats can get double the price when buyers are itchin to hit the water).<br /><br />When you finally buy "the boat" do the fix-up & look prettys, use for a season or two and sell it. <br /><br />I have done this for over 30 years and never got burned real bad - in fact made a couple of dollars on a few. Boats have ranged from 15' to 27 1/2' all trailerable. Present boat is a 23' Wellcraft with twin sea drives. Had it for six years and think I could get every dime out of it now but have no intention of selling.

 

[Ross J]

Re: real life buying & sell stories please

The word went out that I was looking for any boat that would carry me to the fishing grounds of the Waitemata Harbour. Soon friends were calling with contacts who had good boats to sell. One particular friend of my wifes told us of another friend who sold boatsdown Taupo way so I made the call. He is a local marine engineer and happened to have a Pelin 5m with 85hp Johnson outboard. The boat was a gullwing and he said it'd only been used in fresh water - Lake Taupo - for trout fishing.<br />My daughter and I drove down for a look see and I bought it on the spot. This chap, Ralph and I have since become friends and have kept in touch.<br />It seems this boat was meant for me, the previous owner was a doctor and was dying from cancer so he wanted it to go to a good cause. His wife asked Ralph to sell it and he didn't even get to advertise it before I came along. He thought that as it was going to a nurse we wouldn't haggle over the price so I made an offer and he accepted it!<br />This boat has given me excellent service with only one hiccup being the power pack was replaced earlier this year.<br />A simple story I know but there you go, sometimes things are just meant to happen