Age old question.. or is an old question of age?

[xeon_tsd]

So the overal plan is to leave in 2 -2.5 years for a bit. My daughter will be at that golden age where she is old enough to gain long term life altering experiences, but young enough that she donst hate her parents (yet). Plan on cruising for 3 ish years then returning to life on shore. Why cone back?? #1 - money 2- if she wants to do a "normal HS etc she can do the last 3 years or so on shore... also see #1

Soo with the above in mind. I purchase a boat in the next 2 years or so and have the expectation that I may be done with her in an additional 3. Today if I am to buy a boat and need some additional financing, then the OLDEST I can realisticaly look at is 1984. In 5 let say 6 years when I go to possibly sell her, then the oldest a person looking to finance would be 1990.

Does it make sense then for me to only look at boats that are 1990 or newer???

I figure most people are looking for at least partial financing. Yes some people do have all cash upfront but that is NOT the majority.


PS this thread is about the above topic, NOT: CC vs AC; size of boat; BRAND of boat; etc. thanks!

[delmarrey]

Originally Posted by xeon_tsd

Does it make sense then for me to only look at boats that are 1990 or newer???

PS this thread is about the above topic, NOT: CC vs AC; size of boat; BRAND of boat; etc. thanks!

Sorry! But you will have to consider the brand of boat if you want to resell, unless you want to practically give it away, when you're ready to move ashore.

As for your plans? That's a family decision that only you and yours can make.

[denverd0n]

Originally Posted by xeon_tsd

Yes some people do have all cash upfront but that is NOT the majority.

My impression is the exact opposite. That is, the majority of people who buy boats that are more than 5 or 10 years old are paying cash, not financing. New boat buyers, sure. Most of them finance. But at the age that you're looking, I believe it is the minority who are dependent on financing.

But that's just my impression. An opinion. Like yours. That is, unless you have some solid data to back up your statement.

Now, if I am correct, then what you need to worry about is the type, brand, equipment, location, and so on that will provide the best resale value, rather than just how easy it will be for someone to finance. Basically, you want the broadest possible range of buyers. Get something that is too specific to a particular type of sailing, or a particular area, and you limit your potential buyers, which inevitably limits your boat's value (just can't avoid that old law of supply and demand).

So, for example, I live in Florida. There is a lot of shallow water around here. Try to sell a boat that draws 7' of water and you'll find precious darned few people even willing to talk to you. Sure, you might get lucky, and find the one guy in 10,000 who wants to buy the boat and immediately take it away to a deep-water area. But he is going to know about the market for boats here, too, and he'll know that you have to cut him a good deal unless you want to sit on it for 5 years trying to sell it.

It may sound counter-intuitive, but you do not want your boat to stand out from the crowd. If it does, it will appeal to a more limited range of buyers. If it is indistinguishable from the vast majority of boats on the market, wherever you happen to be selling it, then it will be easy to establish a value for, and easy to sell. That's what you want.

These are the kinds of things that you need to think about, in my opinion. Good luck.

[tbodine88]

I'd suggest you involve the family in whatever boat decision you make.

If I'd only listened to the wife every time I bought a boat, I would have been happier.

I have seen really nice boats from the 70's and one really nice from 1935 but then my tastes may be different than yours. So look at any boat you can afford, that your family likes. View it in person, get a survey and buy it and Go sailing.

I took my girl to the Caribbean and back in the age range you mention, everything worked out well, she's in college now, except she finds sailing boring.

[MarkJ]

Old boats are much better.

Like the last car I bought. I had the option of a nice near new Ford only a few years old and a 20 year old steaming pile of crap Korean junk yard rust bucket.

I bought the 20 year old steaming pile of crap Korean junk yard rust bucket and am so pleased I did!!!

[Kettlewell]

Buy the boat that makes the most sense for what you are going to do with it--not the boat that will return the most on resale. Seriously--that is a recipe for buying the wrong boat and then not enjoying the trip. Besides, who knows what state the world will be in when you decide to sell. I have found that you almost can't lose money on older boats that you fix up and maintain because they have already depreciated, whereas newer boats still have a lot of depreciation in them--there is almost no hope of getting back anywhere near what you paid for it.

[DumnMad]

A 1990's boat might be on the market because the rigging & motor are due for replacement & hull is in need of work. A 1970's boat in beautiful condition with new equipment might be on the market because its very conscientious owner has arthritis.
The age of the boat does not count as much as its condition. Find 2 or 3 boats then get an experienced cruiser to compare them for you. (Or maybe post your short-list on this forum.)

[model 10]

Kettlewell; Did you really mean to say "you almost can't loose money on an older boat"? If you buy a $50K boat and put another $50K into it to go cruising you ain't gonna get a $100K for it when you are done! More like the original $50k maybe, if you are lucky.

[Kettlewell]

Michael: I would never put $50 into a boat I bought for $50, but even if I did I could probably sell the $50 boat for more than $50, but probably not $100. I still would come out way ahead of buying the same size boat for $250 new and then trying to sell it five years later for $150. And probably you would have to spend a fair bit on that brand new boat to get her ready. If you find the right used boat it would come with lots of useable cruising gear. It is very easy to spend $5000 just on anchor gear for a new boat.

[model 10]

Must be why I'm not well to do.

[barnakiel]

It depends on the place perhaps. All my friends that became long term cruisers bought cash in hand. But I think US is specific.

b.

[sailorboy1]

get the newest boat you can at a fair price and plan to lose money on it no matter how well you take of it!

[Kettlewell]

Keep in mind too that if you finance the boat you will be beholden to the insurance company as to where you can go and when you can go, plus the insurance will be a lot more than if you just went with liability.

[captainbri]

our family lived on our boat for two years, one of my brothers friends went with us for about a year and we all had friends that would fly out to meet us and spend a week or two. I was 12 my brother was 13 and my sister 16 we all had a great time.

it is hard to beat being at mardi gras at 12 yo with the police being on strike,,, We went through the icw from chicago down to mexico, florida, bahamas and a lot of other places. our school work was sent to a port we knew we would be in 2 weeks in advance.

i would do it all over again

[ElGatoGordo]

I'm in the "buy an OLD boat crowd"! Unless you're just not the type to work on it yourself. The idea of financing a boat for a few years and selling it sounds very close to financialinsanity to me. If you are well enough off to finance a boat "in a couple years" and pay the payments while you're out for a few more years, you can easily save enough these next two years to pay cash. UNLESS you buy into the idea that only 40+' of floating condo will take you where you want to go!