Cruisers Forum
 


Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on Cruisers Forums. Advertise Here
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 10-12-2009, 10:45   #31
Registered User
 
Tempest245's Avatar

Join Date: May 2008
Location: Piscataway, NJ
Boat: 34 Sabre Tempest
Posts: 960
Quote:
Originally Posted by kevingy View Post
... and you can deduct the interest you pay from your income taxes.
True, and even on a boat loan... If your boat or RV has a bed, a head and a kitchen you can deduct the interest you pay....as a second home..
__________________
Tempest
Tempest245 is offline   Reply With Quote
Old 10-12-2009, 10:47   #32
Registered User
 
kevingy's Avatar

Join Date: Aug 2008
Location: En route to St. Petersburg
Boat: 1984 Westerly Sealord 39
Posts: 174
Quote:
Originally Posted by Mike156 View Post
Boats are toys. If you can’t pay cash for your toys, then you need to rethink what you want to do.
Boats are not always toys. If a boat if your home, it's a toy - at least not entirely. That said, lenders don't like to lend to live aboards.
kevingy is offline   Reply With Quote
Old 14-12-2009, 07:59   #33
Registered User

Join Date: Sep 2009
Location: the golden state
Boat: pilot cutter
Posts: 289
Quote:
Originally Posted by HobieFan View Post
I had the same issue - I ended up finding a really nice Cal 34 that was 32 years old for $10k and bought it for cash.

All together with repairs, maintenance, and taxes and insurance, cost me under $15k. I have a few more things to update before I'm really happy with it, but a 34 footer with a full kit of GPS and radar and stuff can be found in your price range for cash.

Keep poking around!
Agreed. It appears that Westsail 32's command a hefty premium simply due to their reputation. A person can certainly find much more boat for the money in this economy.
Not Sure is offline   Reply With Quote
Old 14-12-2009, 09:13   #34
Registered User
 
Target9000's Avatar

Join Date: May 2009
Posts: 1,379
Quote:
Originally Posted by Not Sure View Post
Agreed. It appears that Westsail 32's command a hefty premium simply due to their reputation. A person can certainly find much more boat for the money in this economy.
Being that we're inexperienced and what are goals are, its worth it to us to pay a premium for a boat with an excellent reputation.
Target9000 is offline   Reply With Quote
Old 14-12-2009, 09:26   #35
Registered User
 
Bloodhound's Avatar

Join Date: Aug 2008
Location: Prince Edward Island, Canada
Boat: Westsail 32
Posts: 319
Quote:
Originally Posted by Not Sure View Post
Agreed. It appears that Westsail 32's command a hefty premium simply due to their reputation. A person can certainly find much more boat for the money in this economy.
There's another side to that coin, admittedly coming from a Westsail owner. Extremely solid and well-built boats with an excellent reputations command a higher price, but they retain their value. Westsails have basically depreciated completely in line with inflation, with little or nothing deducted for age per se (they're usually well maintained, albeit with sad exceptions). They originally sold for 50 or 60K new in the 70s and sell for the same dollar amount today. So when you sell, you'll put the same wad of cash back into your pocket that you took out when you bought.
Bloodhound is offline   Reply With Quote
Old 14-12-2009, 10:04   #36
Registered User

Join Date: Mar 2008
Location: Houston TX
Boat: Pacific Seacraft 25 "Turtle"
Posts: 364
Images: 35
PAY CASH, PAY CASH, PAY CASH. Do not, if you can possibly avoid it, finance your boat. Put your money away and keep looking. You will either find a good deal on a boat you like or maybe have enough money saved for the boat of your dreams. Don't get sucked onto home equity loans for a boat. Your home will eventually increase in value. Your boat, almost without exception(even Westsails or my Pacific Seacraft), is a money losing proposition. I am the only person(private party) I know who has actually made money on a boat in recent years. Small power boat, good profit. Certainly not enough to retire on though. Keep your money in your pocket and keep looking for a great deal. They ARE out there.

If you HAVE to sell a mortgaged boat you WILL be financing some one elses "great deal" and getting to pay for it too.........m
__________________
I must go down to the sea again.........
cantxsailor is offline   Reply With Quote
Old 14-12-2009, 10:24   #37
Registered User

Join Date: Sep 2009
Location: the golden state
Boat: pilot cutter
Posts: 289
Quote:
Originally Posted by Bloodhound View Post
There's another side to that coin, admittedly coming from a Westsail owner. Extremely solid and well-built boats with an excellent reputations command a higher price, but they retain their value. Westsails have basically depreciated completely in line with inflation, with little or nothing deducted for age per se (they're usually well maintained, albeit with sad exceptions). They originally sold for 50 or 60K new in the 70s and sell for the same dollar amount today. So when you sell, you'll put the same wad of cash back into your pocket that you took out when you bought.
Well, that depends. I've seen several Westsail 32's advertised recently in the $50k neighborhood that I wouldn't give $20k for since they obviously need $30k worth of refitting just to make them seaworthy (less if you do the work yourself, of course).

A 30-year-old boat is going to need a complete going over whether it's a Westsail or not, so the name makes little difference in deciding whether the boat is seaworthy or not. The question is.....when has the boat last had a complete repair/replacement of her major systems...including throughhulls and seacocks, and how much is it going to cost to do a complete refit if she hasn't. That's what you base the boat's value on....not her name or reputation.
Not Sure is offline   Reply With Quote
Old 14-12-2009, 10:39   #38
Registered User
 
Bloodhound's Avatar

Join Date: Aug 2008
Location: Prince Edward Island, Canada
Boat: Westsail 32
Posts: 319
Quote:
Originally Posted by Not Sure View Post
Well, that depends. I've seen several Westsail 32's advertised recently in the $50k neighborhood that I wouldn't give $20k for since they obviously need $30k worth of refitting just to make them seaworthy (less if you do the work yourself, of course).

A 30-year-old boat is going to need a complete going over whether it's a Westsail or not, so the name makes little difference in deciding whether the boat is seaworthy or not. The question is.....when has the boat last had a complete repair/replacement of her major systems...including throughhulls and seacocks, and how much is it going to cost to do a complete refit if she hasn't. That's what you base the boat's value on....not her name or reputation.
Couldn't agree more. I too have seen several Westsails (and other reputable boats) worth half their asking price. Well maintained means exactly what it says, everything in good shape, especially rigging, and items with limited life either recently replaced or with significant life remaining. Obviously one doesn't put down a lot of money on ANY boat for the pleasure of doing a refit. As in all else, let the buyer beware.

In agreement with a previous poster, a boat is absolutely NOT an investment because, like trailers, they never appreciate. No one sails for free. In fact, if sailors calculated the true dollars per mile or dollars per hour actually sailing, we might find even more of a buyer's market.
Bloodhound is offline   Reply With Quote
Old 14-12-2009, 10:40   #39
Registered User

Join Date: Sep 2009
Location: the golden state
Boat: pilot cutter
Posts: 289
Quote:
Originally Posted by Target9000 View Post
Being that we're inexperienced and what are goals are, its worth it to us to pay a premium for a boat with an excellent reputation.
Go for it then. Unfortunately, what decides whether the particular boat in question is worthy of the reputation is; when her throughhulls and seacocks were all last changed, what are the hours and condition of the engine, what's the state of the electrical system, when have the deck fittings last been removed and rebedded, what is the condition of the interior wood, what is the condition of the hull and keel....that kind of stuff. Not her maker's reputation or the cosmetic condition, i.e. 'Bristol finish'.
It's the difference between a completely restored 1977 Pontiac TransAm, and a 1977 Pontiac TransAm with a new Maaco paint job and newly ArmorAll'd interior.
Not Sure is offline   Reply With Quote
Old 14-12-2009, 11:07   #40
Registered User
 
Target9000's Avatar

Join Date: May 2009
Posts: 1,379
Quote:
Originally Posted by Not Sure View Post
Go for it then. Unfortunately, what decides whether the particular boat in question is worthy of the reputation is; when her throughhulls and seacocks were all last changed, what are the hours and condition of the engine, what's the state of the electrical system, when have the deck fittings last been removed and rebedded, what is the condition of the interior wood, what is the condition of the hull and keel....that kind of stuff. Not her maker's reputation or the cosmetic condition, i.e. 'Bristol finish'.
It's the difference between a completely restored 1977 Pontiac TransAm, and a 1977 Pontiac TransAm with a new Maaco paint job and newly ArmorAll'd interior.

I'm assuming that whatever boat I buy will end up needing all systems gone over and replaced if found lacking. When I'm talking about reputation I'm not just talking about the rigging and systems. I'm talking about the reputation of the interior layout for storage, the quality of the cabinets, the boats reputation for leaking, having deck core rot out, etc etc etc. How many have survived collisions? Stuff you don't really consider normal system upkeep but stuff that does come around from time to time. I don't want to buy something that the hull to deck joint is known to leak or that has had problems with keel bolts, or anything that has compression post problems, etc etc.

The westsail is one of many boats that comes with a good reputation, and I feel its probably because lots of these problems are minimized or easily fixable. I'm not saying you can't find more boat for the money. I'm not saying a westsail is flawless or won't have problems, but what I am saying is when everyone says you can get a lot of milage out of a Toyota, its probably for a good reason. And if you don't PERSONALLY have all the experience to find that wonderful super awesome value deal, then sometimes mob mentality can work in your favor.
Target9000 is offline   Reply With Quote
Old 29-12-2009, 07:53   #41
Registered User
 
ShipAssist's Avatar

Join Date: Dec 2009
Location: Greater Chicago Area
Boat: Power & Sail 27'to 88'
Posts: 12
been reading the post here, we are new sailors on the great lakes based in hammond/east chicago area (s. tip of lake michigan).

We purchased 79 27'oday diesel, sails, good hull and simple electronics and good sails. out of pocke $3,450.00. Yea, some of the newer boats had more room and were sleek looking.

Am exceptionally handy, rebuilt the rudder, did some wiring, paint, glass work (helped taking the West System fiberglass repair school), new bottom paint, led for light, converter and charger systems, batteries, maybe another $1,100.

Sails just as well as the $60,000 boats. .
ShipAssist is offline   Reply With Quote
Reply

Tags
financing

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Seller Financing? kenackr Boat Ownership & Making a Living 19 27-04-2014 10:31
Financing In Canada joshw5144 Dollars & Cents 9 16-09-2009 14:33
Boat Financing Sucks kevingy Dollars & Cents 57 19-05-2009 10:14
WINTER SUCKS!!! BadFish Powered Boats 30 25-01-2009 11:47
Liveaboard Financing Quandary GDFL Boat Ownership & Making a Living 62 29-06-2007 05:04

Advertise Here


All times are GMT -7. The time now is 10:52.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2025, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2025, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.