The economy and "weird" boat sales.

[grego]

Re: The economy and "weird" boat sales.

Maybe off topic? When I started buying vehicles, it was a loan for 36 months,3 years, those payments you prepared yourself to pay, knowing it would not be worth much at payment end. Then banks and dealers moved payment plans to 48 months, "smaller"payments meant more people could afford to buy more vehicles ,but resale went down on older models. Now it is 72months "YOU TOO!" can own a 39,000 dollar boat with EASY payments. FOR SIX YEARS!!! The market is flooded with vehicles that people buy and don't understand how much less they are worth compared to what they paid 5 years ago. The truth is, that everything is outdated in less than 5 years, buy a computer and see what it's worth in 6 years!

 

[CheapboatKev]

Re: The economy and "weird" boat sales.

See what a puter is worth in 6 years?
Try 6 months!

 

[reelfishin]

Re: The economy and "weird" boat sales.

I looked at another boat today, it was on CL for what I thought was a fair price, and probably negotiable. I called, liked what I heard, had the owner email me some pics and specs so I drove 2 hours to see it. When I got there, the boat was totally different than what he described. It was a 12' not a 16', the transom was a 15" not a 20", and the trailer was missing its bearings on one side. The boat in the pics was carefully shot so you couldn't see the whole boat, the guy swore up and down he measured it, and the motor that was supposed to be a 30hp turned out to be a 3 hp air cooled.
His price dropped considerably but if he thought a guy who drove 2 hours to see a 16' boat would settle for a 12' in rough shape that couldn't even be towed away as is, he was sadly mistaken.

What do these people think when the place an ad that totally exaggerates a boat's condition? Do they think you might not notice things that don't match? (Like it being 4' shorter).

 

[sickwilly]

Re: The economy and "weird" boat sales.

Wow! That trip might have landed me in jail.

 

[jkust]

Re: The economy and "weird" boat sales.

Maybe off topic? When I started buying vehicles, it was a loan for 36 months,3 years, those payments you prepared yourself to pay, knowing it would not be worth much at payment end. Then banks and dealers moved payment plans to 48 months, "smaller"payments meant more people could afford to buy more vehicles ,but resale went down on older models. Now it is 72months "YOU TOO!" can own a 39,000 dollar boat with EASY payments. FOR SIX YEARS!!! The market is flooded with vehicles that people buy and don't understand how much less they are worth compared to what they paid 5 years ago. The truth is, that everything is outdated in less than 5 years, buy a computer and see what it's worth in 6 years!

I somehow got on the Formula mailing list. If you don't know Formula, the least expensive entry level bowrider is 24 feet and in the $80,000 range so the most expensive is very expensive. I only know them because a relative downsized from a large cruiser to the entry level Formula when the kids got too old to want to boat. They were advirtising both old school alternative financing options as well as 240 month financing. It seemed pretty desperate to me.

 

[Shizzy]

Re: The economy and "weird" boat sales.

someone PLEASE correct my math, but wouldnt that be a 20 year loan!?!??!

Imagine making the last payment on your 1989 Bayliner this month........

 

[cdnfthree2]

Re: The economy and "weird" boat sales.

The Math Works! OUCH!

 

[OldePharte]

Re: The economy and "weird" boat sales.

Don't forget, if it the boat is correctly equipped, any loan interest could be treated as a home loan and may be deducted just like your primary home loan.

My little Hurricane 240 Midships deck boat qualified as it had a bed, a porta-potti, and a "cooking" area. But then, I paid cash, so it didn't matter to me.

 

[sickwilly]

Re: The economy and "weird" boat sales.

I have seen boats nicer than my house that I would be willing to make 30 years worth of payments on. They are just too far from where I need to commute to in order to earn the money to make the payment -- hence by staying "land-locked"!

 

[IVAZ]

Re: The economy and "weird" boat sales.

This is not boat related but one place where you can benefit is truck sales.
Last week I got a 1/2 ton 09 GMC for my wife at $11,000 off the MSRP. I also got the service agreement from the dealership for free. I know the service agreement is kinda BS but I did not pay for it. Credit Union is finacing for 2% interest. Maybe anyone could negotiate a deal like this one but this is my first time not getting totally raped on a new truck. $36,300 to $25,000 out the door makes me happy.

 

[pine island fred]

Re: The economy and "weird" boat sales.

Been suggesting this to people for quite some time. Got flamed a few months ago for suggesting a new F-150 for around 12K. Dropped the subject since this is a boating forum but could be considered a tow vehicle. If you dont mind shifting, a V-6 with air F-150 , work truck ( manual crank windows) can be had for 12K. Must add, an 08 left over. They even give you $500 off if you finance.
Came very close to buying one but when adding sales tax, dealer paperwork ($400) plus colission and comp insu. , figured my 12 yro. RANGER will do me just fine. Not a good time to be frivolous with money. Are F-150s and SILVERADOES considered 1/2 ton or 3/4 ton? If you need a boat, has to be bargaing out there. Few lots in the area shipped out all there new boats and only sell used on consignment. New ones had to go somewhere.
SATURN dealer in CAPE CORAL, maby only open for a year, lot is full of used cars, very few new ones if any. FRED

 

[reelfishin]

Re: The economy and "weird" boat sales.

Been suggesting this to people for quite some time. Got flamed a few months ago for suggesting a new F-150 for around 12K. Dropped the subject since this is a boating forum but could be considered a tow vehicle. If you dont mind shifting, a V-6 with air F-150 , work truck ( manual crank windows) can be had for 12K. Must add, an 08 left over. They even give you $500 off if you finance.
Came very close to buying one but when adding sales tax, dealer paperwork ($400) plus colission and comp insu. , figured my 12 yro. RANGER will do me just fine. Not a good time to be frivolous with money. Are F-150s and SILVERADOES considered 1/2 ton or 3/4 ton? If you need a boat, has to be bargaing out there. Few lots in the area shipped out all there new boats and only sell used on consignment. New ones had to go somewhere.
SATURN dealer in CAPE CORAL, maby only open for a year, lot is full of used cars, very few new ones if any. FRED

I've been at several local dealers both Ford, Chevy, and Dodge, none are willing to deal and none have any lower end 1/2 ton trucks on the lot, the only thing I see is loaded 4 door trucks with big gas engines.
I was considering a new F150, I was told that Ford dropped the V6 and I possibly the stick shift as well. I drove a new regular cab F150 for a day, ran it about 125 miles or so. I drove with trying to get the best possible mileage in mind and got only 13 per gallon with a 4.6L automatic 4x2. I drove a buddies brand new 4.8L V8 Silverado and got over 20 towing a small boat back from NY.
I prefer a manual trans, but they are all but non existent. I am NOT a fan of that 4.2L V6 Ford had, too many head gasket and lower end issues over the years. I'd jump on a clean older 300 straight 6 cylinder truck with air though if one came available at a good price without a ton of mileage.
I currently run a 1994 Ranger which does just fine but a newer truck would be nice if a deal came along but there's no way I'd pay over $20k for any new truck, ever. I'll keep rebuilding old one's over and over before I spend that much on any truck.
Price wise, none of the dealers here will budge, they won't come below sticker on any truck, even though many have laid off most of their employees and closed down several stores.

I have learned not to let on that I was paying cash, its usually a sure fire way to lose a salesman's attention. They go from the hard sell on how much better it is to make payments and pay interest to walking away and disappearing after you inform them you will be paying in cash.
I've noticed that none want to order any vehicle, maybe they are in so deep they can't get any more vehicles?

I guess maybe I'll get a better deal at the bankruptcy auction when they close up.

 

[H8tank]

Re: The economy and "weird" boat sales.

His price dropped considerably but if he thought a guy who drove 2 hours to see a 16' boat would settle for a 12' in rough shape that couldn't even be towed away as is, he was sadly mistaken.

What do these people think when the place an ad that totally exaggerates a boat's condition? Do they think you might not notice things that don't match? (Like it being 4' shorter).

Oh man, I woulda been beatin that ahole.

 

[reelfishin]

Re: The economy and "weird" boat sales.

Oh man, I woulda been beatin that ahole.

Believe me, the thought was running through my mind.

 

[BigJ08]

Re: The economy and "weird" boat sales.

This sort of thing just makes me LMAO. I'd still call him crazy if he was asking half of what he is.

http://orlando.craigslist.org/boa/1046313182.html

 

[alumi numb]

Re: The economy and "weird" boat sales.

gentlemen i buy nothing unless it's a great deal, german jew.
money in pocket, patients, a nose for it and get there fist, that's the formula.
the deals are always there, just need to know when to hold em and wene to ford em.
KNOW WHAT YOU WANT, and settle for nothing less i promise you it will happen.
having said that for some reason the great deals dried up for a while but seem to be making a come back.
there not in full swing yet but it looks promising.
my islander, $350.
honda twin rear bagger looks like brand new and runs like it, $350.
18' junk glass boat with lower unit off, perfect trailer with new "still nobs" tires and wheels $85.
set of windows, paid $150 sold for $750.
golf cart chasis, free.
yamaha qt50 scooter "looks great" $55.
yamaha 125 tri moto in great shape but needs piston and bore job $75.
raised heck with michelin at 47,000 miles on tires because i saw a few cracks.
got a new set of bf goodrich xt e rating for $325.
dodge cummins diesel with only 11000 miles on it new price was $34,000, got it for $20,000.
275 gal plastic tank for my pressure washer, free.
picked up a 5500 generac generator and found the pre filter put in at an angle, now i have a 6500.
whole bunch of pecan logs free, son has free access to a saw mill.
free truck tarp for my boat.
1982 kawasaki 750 gpx with only 10,000 miles on it for $300.
1982 kawasaki 750 shaft drive specta 14,000 $250.
i removed the pollution stuff in both and what a difference
the spectra i put short low bars and set the foot pegs back and up little then painted black all things that were gold color and it looks really nice.
you wouldn't believe it not in a million years, i didn't.
that sucker is a born slider, 25 psi in the rear and 8 in the front.
oh well, sorry for getting gabby.
going to go wash the truck, see ya.

 

[nightstalker]

Re: The economy and "weird" boat sales.

Stalker, I don't think that is necessarily true, a boat is worth whatever someone is willing to pay for it. I think the Bayliners with 3.0L motors are going to be had at a real bargain but if you have a nice runabout with a V6 or bigger and it is in nice shape, I think it will still sell if it is priced right and not at 60% off of NADA. I have a boat for sale right now and I have had a fair amount of interest in it but it is a 1996 Wellcraft 1950 with a V6 and a lot of new boaters are looking for something like this that they can get into for under 10K or so. Mine is in pristine shape and I will not just give it away as I own it so I can simply store it for months if needed until the economy starts to pick up. I think the ones that are really getting hurt are the folks trying to sell the 100K plus boats, no one is buying that much boat right now and those folks are going to get seriously hurt financially if they need to sell. If it is under 10K though, I think there are still a lot of potential buyers out there.

That's the exact mind set I would expect from someone trying to sell their boat.
Nightstalker

 

[nightstalker]

Re: The economy and "weird" boat sales.

60% off NADA seems too high to me, especially since the recent change in the NADA value for my boat seems to have accounted for the softening market.

Not sure where you bank, Nightstalker, the banks I deal with are bending over backwards trying to get me to accept their money -- problem is I don't want it.

That makes we want to ask the off topic question, have you or anyone responding to this thread really been told "no" on a bank loan, or are you just repeating what the headlines have said?

I am not trying to single you or anyone out, but to really understand this economy and weird boat sales.

Another seller's wishful thinking!!!!!!!!!!!!!!!!! It's 60% of NADA, not off NADA!!!!!!!!

 

[sickwilly]

Re: The economy and "weird" boat sales.

Another seller's wishful thinking!!!!!!!!!!!!!!!!! It's 60% of NADA, not off NADA!!!!!!!!

First off, I am not trying to sell my boat. I love my boat.

60% of (versus off) Nada seems too low, as NADA seems to have tracked the slump and adjusted down significantly, as I am sure it will again do next year.

Banks and credit lines are still plentiful here, too.

 

[beel61]

Re: The economy and "weird" boat sales.

Great thread, and timely.
I'm looking for a large aluminum cuddy and recently saw two different Starcraft Islanders (22'ers-1994, 1995 vintage) advertised locally and these guys wanted $16K and $17.5K respectively.

I checked NADA and realized that each of these boats is overpriced by close to $10,000!
There is something to be said for well-equipped and clean, but the bottom line is that it had better be fairly close to that book value or it's overpriced, especially in this economy.

NADA does not set the market for boats or anything, it's the sellers and willing buyers that do. In your world I should be able to buy my dram boat, 1993 Larson Senza Spectre 250 for the 7200-8200 NADA says is the value....Please tell me where I can get one for that and I'll give you a 1k finders fee !