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Old 27-04-2005, 02:45   #46
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Project

We are moving so I listed a few things for sale including my 18 foot aluminum boat on a trailer, no motor needs some work, $1250- So far everyone who has looked at it likes the price but not the work, they find it easier to spend large amounts on a newer boat that does not require work. If need be I will move the boat and fix it and go fishing. When it is running and looking good they will be amazed at my total cost and say things like " I wish I could find a deal like that " My red neck tractor buddies are not like this and they will work on old stuff to save a buck, but then they are farm guys.
Michael
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Old 28-04-2005, 07:28   #47
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I looked at a 25 yr old amateur built custom fibreglass 42' that had probably had no maintenance for 4-5 years, with at least 2 years since it was last slipped. While it had been a sound boat in it's day it had never been someones no expense spared pride and joy-no nice fittings at all.(No names to protect the innocent)
The boat really needed to be taken from the water for a two to four years plus and totally rebuilt.
I guessed 1000 hrs work and $100k costs.
The 1000 hours is for tradesman quality. For an amateur to produce similar quality I'd estimate 2000 hours.
A very nice, much newer custom 42' fibreglass would have an asking price of $250k to $300k, with a probable sale price of $225k to $275k depending on condition and fitout(and that includes a very nice fitout).
The 25 yr old boat sold for around $90k.
So for $190k and 2 to 4 years hard work you can have a boat worth less than $225k!
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Old 28-04-2005, 12:14   #48
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There is another factor which is replacement cost

We bought our boat for 1X -- a 1985 in 2000 in resonable shape but had not been modernized or redone.

Invested roughtly 1/2X again into the boat to rebuild most things that affect long term livability, realiability and cruiseability. Lots of projects.

To replace the boat with a newish [2000 + - ] equivelent quality boat is still 1.5 to 2X total investement and the boat will probably not be outfitted as well. A new boat of same quality etc is at least 3X total investment.

So was it a good deal -- for me yes becasue we're going to cruise and live on it for the next 10-25 years.

But if I tried to sell the boat tomorrow would not get my investment back.
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Old 28-04-2005, 18:37   #49
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I believe Jon has the key here! The big problem in depreciation is not keeping the boat and getting your $ and labors worth out of it.

It seems a lot of people buy one boat and are not happy with it and end up selling after a short time. If one were to keep and maintain the boat that they've put all that time and $ into, chances are the boat would be in a lot better shape and worth more at the end.

Where I keep mine here on the hard, there are at least 3-4 boats a year that end up going to auctions because the owners loose interest or for whatever reason quit making their payments. I have one 34' power boat next to me here that hasn't had a reg. sticker for 11 years and hasn't had the lower ends of the out drives since I've been here (3 yr.). And a big cat down the way that has moss growing on it. Boats are like a wife! You take care of her or ignore her, with pretty much the same results. Our boat AKA "The Other Woman".

Human nature is a funny thing! People will keep something until it rots but will not let someone else make good use of it without a cost. I think that is selfishness? Not sure? But it happens all the time with lots of different things.
A good reason to buy quality, I guess. So, if it does have to sit, how long it lasts without maintenance shows its value. That's the big advancement with plastic boats and SS deck fittings.

I looked for two years before I found my little gem. So I'm taking my time in the rebuild and never tear it down enough, for up grades, to keep it out of the water for more than a couple months. And I'm not buying new sails or electronics until the final stages.

So, the moral of the story is, everyone is different and they have to make their own nest and sleep in it too!

.................................................. ............_/)
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Old 29-04-2005, 02:38   #50
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So, the moral of the story is, everyone is different and they have to make their own nest and sleep in it too!
Amen bro:

We are all different when it comes to boats, beer and such:

My choice of boat is perfect around here...Mainly bacause the vessel is mine, AND she is paid for, including every piece of canvas and every nut and bolt.

There are better and faster, newer and fancier boats out there for sale....But, uh, they ain't mine, and they ain't paid for....

Same with my Chevy Silverado pick-up truck...it ain't quit as fast and fancy as the Ferrari Testarossa , or the MB 600 next door, but at 1/10 the price, the Chevy is a hell of a good deal.
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Old 03-06-2005, 07:34   #51
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I'd look at thhis boat if I was closer!

Interesting boat at :-
http://www.metalboatsociety.com/phpB...16937088fabf15
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Old 03-06-2005, 19:13   #52
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Exclamation Read the book "The Millionaire Next Door"

it provides some excellent research on how millionaires actually accumulated thier wealth.

One element that raised my conciousness was the most popular vehicle with people with a net worth > $1,000,000... was not a luxury vehicle...
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Old 21-06-2005, 18:23   #53
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I HATE how often boats waste away from neglect or owners that just can't be bothered.

I had ocassion to work in Florida for a few months - I was shocked at the number of boats in the marinas that (so it appeared) hadn't moved in a year - 6" of green growth and canvas rotting away. Of course up here we have to at least take the boat out of the water come November......

There is a local boat which came back from the Med 3 years ago - they hauled it, left sails, cushions, etc on the boat, put a For Sale sign on it with a price about 30K over what it was worth. They have come down 50K in their asking price, but they are still 20K over what it is worth, and it is depreciating fast.

We are searching too - planning a 1-year trip to the Caribbean in 2 years, and the broker says "you can only afford this much boat and I wouldn't take that to the Caribbean". I might have hoped for more like "ok, it isn't a lot of money, but here is what we can do..." response.

So, it appears we will buy a 25-30 year old boat in the US, hopefully a good hull with some upgrades, and undertake a "project". Either that or just throw our plans away and stay home. (I dont' think so!!)

But it is a frustrating experience.

John
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Old 22-06-2005, 16:52   #54
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chuckiebits once whispered in the wind:
I was shocked at the number of boats in the marinas that (so it appeared) hadn't moved in a year
I know of two really nice boats that are worth in the region of $100,000 that have been sitting neglected for 10 years. The one I prefer, the marina owner has so far refused to put me in contact with the owner.
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Old 22-06-2005, 20:16   #55
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And to the other extreme, there is a boat in our Marina, that the monthly payment must be worth more than the boat. It is so ruff, I can't believe it still floats and I have never ever seen anyone with it. I was going to say on it, but I doubt it would support anyone.
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Old 30-08-2005, 23:39   #56
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The story so far....

I'm responding to a comment from Jeff H in "Introduction and Greets"
Jeff felt that I could not obtain the components for a Glen-L Marine Argosy(http://www.glen-l.com/designs/cruiser/argosy.html) for the price of a used boat. I would beg to differ.
My current costing has the main components, that is Wood, Plywood, Epoxy, Fibreglass, Engine, Running gear, Rudder and steering, Tanks and sufficient plumbing to launch coming in around $60,000.
Rent and sundries would bring the total over that figure but it is still way under anything available on the market, particularly in a trawler style powerboat.
I have decided against a sailboat because:-
1) My wife would not sail.
2) Mast, sails and rigging set up for shorthanded sailing would leave very little change from $70,000.
3) I'm getting old and a large sailboat would possibly be more than I could handle.
4) It would take longer to build, and be less suited to any cruising that I might do(I might not even leave Sydney Harbour).
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Old 31-08-2005, 01:34   #57
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Sydney

Just as I asked on another thread. Which country are you in?
Sydney harbour is on Vancouver Island BC, but I think you mean the one with the opera house that went a little over budget.
A British couple got a really good deal on return airfair to Sydney. They went to Sydney Nova Scotia in the winter. A Kiwi in New York got a good deal on a ticket to Awkland, he went to Oakland California not Auckland NZ. So please if you are talking about Newport or Portland give me a hint as to what country and or State or Province you are referring to.
Thank you, Michael
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Old 31-08-2005, 09:24   #58
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Opera House...

I'm in the Sydney with the Opera House.
Point taken. I have updated my profile.
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Old 31-08-2005, 16:02   #59
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I should probably add Canada to mine in case folks do not know where BC is.
Up here WA is Washington State, but for you I think it is Western Australia.
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Old 01-09-2005, 06:33   #60
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Ohhh! BC stands for a place. I thought it was refering to your age Mike.
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