to buy or not to buy, that is the question?

[Liberty28]

While at times it may not seem like it, a boat is a means to an end, not the end in itself. Sitting around on a gorgeous boat is a kin to being married to a beautiful woman. There's got to be a little more substance than perfect gelcoat (as the case maybe).

[David_Old_Jersey]

Originally Posted by Liberty28

While at times it may not seem like it, a boat is a means to an end, not the end in itself. Sitting around on a gorgeous boat is a kin to being married to a beautiful woman. There's got to be a little more substance than perfect gelcoat (as the case maybe).

Or in both cases you would be happier doing "something" with her

[RickD]

Originally Posted by David_Old_Jersey

Or in both cases you would be happier doing "something" with her

/chuckle

[Randall]

If i had to guess i would think its about to become very hard to get a loan.. cash may be the only answer now.

[ozboatie]

You only live once and time waits for no one
Go follow your dream
after all boats are not exactly an investment item except for the unmitigated pleasure they bring

[Palarran]

Originally Posted by Randall

If i had to guess i would think its about to become very hard to get a loan.. cash may be the only answer now.

If you have the cash, and boats used to sell for 20% less the asking price, have the prices lowered even more? I've bought 6 homes in Michigan for an average of 40% below their appraised value in the last three months. if boats follow the trend of homes, it may be worth buying now, putting on the hard and waiting (for me). Has anyone heard of boats going for half their asing price?

[Ex-Calif]

Originally Posted by rigamarole

if boats follow the trend of homes, it may be worth buying now, putting on the hard and waiting (for me). Has anyone heard of boats going for half their asing price?

I don't know if we are there yet. The market sucks, market cap values are down. How will companies react? If people start hitting the street it could be bad. Long cycle businesses are OK for now.

What's the consumer doing? If people stop spending money the retail food chain (short cycle business) will contract, people out of jobs yada, yada. It's all about confidence and companies not worrying about the next quarter point.

Big business has to take a hit on lower earnings, Joe six-pack has to ride out the lower market values and dividends without selling, people need to keep buying (not on credit) and keep the ship afloat.

However - If you are in a cash position and the bad flood comes you could easily get a distress sale. Especially on financed boats.

[BlueWaterSail]

Originally Posted by rigamarole

If you have the cash, and boats used to sell for 20% less the asking price, have the prices lowered even more? I've bought 6 homes in Michigan for an average of 40% below their appraised value in the last three months. if boats follow the trend of homes, it may be worth buying now, putting on the hard and waiting (for me). Has anyone heard of boats going for half their asing price?

Asking prices and appraised values are two very different animals. If the actual sales price comes in at near 50% of the asking price, all that means is that the appraised (surveyed) value was also in this general area - i.e. the seller had set his expectations too high. Not uncommon.

A true fire-sale price would mean a significant discount on the surveyed value, for whatever reason.

BWS

[live2kite]

We recently bailed out of the fast track life and are just about done rehabbing a small canal front cottage with access to the ICW (Outer Banks). Of course we haven't escaped the market drop but we are still going ahead with a boat purchase ('78-'82 37' centerboard Tartan) this fall. Figuring on a $60k outlay plus ~$20k in misc exp. Being conservative-frugal types, we are sort of cringing about the purchase given our new lower incomes but the kitty is still in the $1.7M range (just north of 2 at the market peak) and we are cheapo spenders with no mortgage or any other debt (2 college expenses though). I don't mean to sound boastful in any way, we drive well worn klunkers, our house is modest and for many of the entreprenuers-investors I used to worked with our savings is chump change. Turning 50 in two weeks and we just think it is time. We didn't relocate to the water just to stare at it. I luv to windsurf and kite and sail and kayak (and on and on) but really look forward to coastal cruising with the wife and daughter. For some odd reason the wife has shown no interest in going kiting with me. We've put away thoughts of early (full) retirement given the weak market but we're not working 50 hour weeks right now either.

At least this is our data point. I can certainly relate to people feeling more queasy in the current market. Good luck in your quest. -Dave

[Palarran]

An example of what I'm considering would be on a Bahia 46'. There are quite a few 2001 to 2003 models listed on yachtworld for $330,000. I would have before expected to pay $270 to $290 for one, saving $40 to $60k. Now I'm wondering if I could get one for $200 to $220k, saving enough to make it worth putting it on the hard for two years. Baring a complete collapse (where the boat may become even less) I will have the money available but the trully best time for me to buy (personally) would be in two years. What does it cost to pull and store a boat such as this per year? Like in Florida or where ever its cheap?

[Liberty28]

It costs around $8-9/foot/month at All American Boat Storage in Port Charlotte, FL.

Welcome to All American Covered Boat Storage - The Best Boat Storage in SW Florida

[bstreep]

Live2Kite, there's a Tartan 37 for sale at the end of our pier. Be happy to look it over for you.

[RickD]

From personal experience here what's an average cost for slip fees (and/or dry dock fees) around the US at this time? Specifically I'm interested in these areas:

TX
LA
FL
VA
SC

Just rough costs and how do most places figure them (by the foot size of the boat?)

[jsschieff]

My wife and I have been hoping to sell our high-maintenance house and downsize to a townhouse or condo and use some of the $ to buy a cruising powerboat for the ICW and Bahamas. The sick real estate market has stopped that plan cold but we may go ahead and buy a much smaller boat for more limited cruising. The current financial downturn may make us alter our plans a bit but I don't want to wait until it's too late to go cruising, even if we have to go smaller and skimp a bit.

I would say wait for a little while if you feel really nervous about the current financial doldrums, but it is a great buyer's market for boats and the reward for buying the boat now may well outweigh the risk of possible continued slow business climate.

[Liberty28]

But the buyer's got no money in this buyer's market!! Welcome to The Great Depression Part Deux.