Boat Buying - Listed price vs Final Price

[svfraidknot]

i am on the other end selling a boat ,, i am asking 65,000 .. i have 70,000 in it . i have had many inquiries and a few came to look ,, seems everybody that wants a boat has something like another boat to sell first ,, when i first put it on the market at 85,000 and got not much interest but one cash offer at 45,000 .. at 85,000 with offer of 45,000 i felt insulted ,, but listing at 65,000 a 45,000 offer not that ridiculous ,, so it is all relevant i guess ,, my brothers purchas the asking price was 48,000 ,, he said i would pay 45,000 but 28,000 is all i have .. i told him take your check book with you and your bank statement and tell him i can write you a check for this it is what i have and all i will give ,, he wrote the check the guy took it ,, it happens ,,

[boatpoker]

I bought my first boat in 93' (photo below). He was asking $65k (a reasonable price) and I got it for $23k. I later found out I had beat the bank to the registry office by an hour.

I bought the boat in my avatar in September. He was asking $80k ($60k would've been realistic) and I got it for $30k. I've never actually gone looking for a boat, I just kept my eyes open for the right opportunity and grabbed it when it came along. Until last year I had been doing repossession appraisals for all the banks in Ontario and saw a few astonishing deals. If you know the ins/outs of repossession and how the banks work (there are a few tricks) ... the deals are there if you know how to find them.

A fella I know was interested in an estate sale trawler and they were asking $100k (a reasonable price) and he offered $30k which was turned down. A few weeks later he had a buddy go look at it and offer $20k and a month later had yet another buddy go in and offer $20k .... again rejected. A month later he went back and offered $25k and got the boat. Not the most ethical thing to do but it worked with an executor who didn't know the boat market.

[Steve1944]

Originally Posted by Scout 30

I don't think that this 75% list price/sale price ratio is realistic. If market value declines list price declines. If you actually want to sell your boat in a reasonable amount of time and are willing to accept $30,000 it would be counterproductive to list it for $40,000. It's your Broker's job to get you to be realistic so that the boat will be competitively priced. You want your list price to be competitive so more potential buyers will look at it. If a boat does not sell within a typical marketing time it is priced to high. In that case a good broker will recognize this & advise the seller to lower the list price. If the seller will not lower the list price the seller is not realistic. An unrealistic seller will not accept a low offer. It is the buyer's or the buyer's broker's responsibility to know the market value of whatever they are buying and any offer should be based on that. Not on a generalization of a list price/sale price ratio.

Finally, I found a boat that looks good on the 'net' and is just what I wanted. It was a filthy mess, so my intention was to go for a lower price. Before I got a price out of my mouth, the broker told me on the phone that the price suggested by the surveyor was half what the owner priced this boat.

The lesson here, is go with a surveyor. Take one out to lunch, talk to them and see if you like them or not. You need a survey for insurance, anyway. A licensed surveyor will subscribe to the listings, know what's in the market, advise you on the boat first.

The way to negotiate is an individual thing, and sometimes in Europe, the States, Canada, and Mexico is to bargain; and sometimes not.

I noticed boats in the Dominican Republic are 20 times more than anywhere else, in better shape (cheap labor to fix them up) and there are more choices.

Just, don't buy it alone.

[Cheechako]

Originally Posted by steve1944

Finally, I found a boat that looks good on the 'net' and is just what I wanted. It was a filthy mess, so my intention was to go for a lower price. Before I got a price out of my mouth, the broker told me on the phone that the price suggested by the surveyor was half what the owner priced this boat.

The lesson here, is go with a surveyor. Take one out to lunch, talk to them and see if you like them or not. You need a survey for insurance, anyway. A licensed surveyor will subscribe to the listings, know what's in the market, advise you on the boat first.

The way to negotiate is an individual thing, and sometimes in Europe, the States, Canada, and Mexico is to bargain; and sometimes not.

I noticed boats in the Dominican Republic are 20 times more than anywhere else, in better shape (cheap labor to fix them up) and there are more choices.

Just, don't buy it alone.

I'd be careful going with Surveyors suggested value. Every one of my surveys has overvalued the boat. I imagine the surveyor is trying to help you out in getting a loan or something.. not sure. It may be different if you specifically request the surveyor for the actual realistic boat value.

[Scout 30]

The first rule of negotiating is don't fall in love. You have to be able to walk away. The first rule of buying a boat is don't buy a boat you don't love, where it breaks your heart to walk away. Good luck!

[a64pilot]

Originally Posted by robert sailor

Ask your broker to give you the selling prices of the boat you are looking at for the last couple of years. If he wont find a broker that will!

My Broker found the boat that I ended up buying, I saw the data, PO had bought the boat a year or two earlier and way overpaid.
He took a beating, lost about 1/3 in two yrs.


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[Steve1944]

Originally Posted by Scout 30

I don't think that this 75% list price/sale price ratio is realistic. If market value declines list price declines. If you actually want to sell your boat in a reasonable amount of time and are willing to accept $30,000 it would be counterproductive to list it for $40,000. It's your Broker's job to get you to be realistic so that the boat will be competitively priced. You want your list price to be competitive so more potential buyers will look at it. If a boat does not sell within a typical marketing time it is priced to high. In that case a good broker will recognize this & advise the seller to lower the list price. If the seller will not lower the list price the seller is not realistic. An unrealistic seller will not accept a low offer. It is the buyer's or the buyer's broker's responsibility to know the market value of whatever they are buying and any offer should be based on that. Not on a generalization of a list price/sale price ratio.

Yeah, with selling my house: No matter what price I put on it, somebody makes a low-ball offer. When someone wants my house, they'll make a written offer and until then they're all tire kickers.

With a boat, you make your interest known to buy, have a surveyor look it over, then make an appointment for a sea trial. There are very few who want to work a free sail, but that's for an exceptional boat.

Then, there are those who ask for a credit report; and those who just tell their harbor master 'there's a buyer coming by to look at the boat . . . '

The best advice on this forum was to know what you want and research what you should expect to pay; so when you find it, buy it. Boat buyers remorse is only when you don't buy that boat you really, really wanted when you found it.

[Steve1944]

Originally Posted by svfraidknot

i am on the other end selling a boat ,, i am asking 65,000 .. i have 70,000 in it . i have had many inquiries and a few came to look ,, seems everybody that wants a boat has something like another boat to sell first ,, when i first put it on the market at 85,000 and got not much interest but one cash offer at 45,000 .. at 85,000 with offer of 45,000 i felt insulted ,, but listing at 65,000 a 45,000 offer not that ridiculous ,, so it is all relevant i guess ,, my brothers purchas the asking price was 48,000 ,, he said i would pay 45,000 but 28,000 is all i have .. i told him take your check book with you and your bank statement and tell him i can write you a check for this it is what i have and all i will give ,, he wrote the check the guy took it ,, it happens ,,

Good strategy: Honesty!

A doctor friend found a house and told the seller "I love your house. I think you have it priced fairly, but I only have this amount. If you take this amount, we have a deal." He got the house.

Same with a boat. I told the seller I had to sell my house, first. His frustration grew to the point that he came down to way low, and since I still hadn't sold my house I was frustrated as he because I couldn't take advantage.

He finally got is first price from a broker's client, but after a long frustrating period.

We, none of us, can put our boats up for sale and get it sold just like that. We can't walk into a yard and find the boat of our dreams for the price we want if we're looking for the best deal. There'll always be a 'what if' scenario unless, and only unless you know what you want. When you find it, pay what you will -- take the fair seas -- and don't look back.

I believe the question was "What's the mark-up on a used boat on the European market?"

I believe the answer seems to be 'a satisfying price when you pay it.'

[SV.Louna]

We have bought five boats and exported them from the US to Australia and we have got a minimum of 10% discount and 50% discount on Bank repossession , know your prices and know what you are buying and spend whatever it takes to get a good survey .
L&N


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[KJB]

We just purchased our first vessel and negotiated 35% off the asking price. A lot of factors affected the final outcome, but 65% of asking is what we paid. We also asked (and got) the seller to make thousands in repairs. We bought the boat in the Sf Bay area. For what it's worth.