When Do You Walk Away ?

[svHyLyte]

There is never a "Last Great Deal" or a last great boat. Over the years I have often heard people comment on their being happy that one or another offer they made didn't fly as they found a much better deal/boat later.

FWIW...

[foggysail]

WALK--- JOG----RUN!!!!!!!!!!!!!!!!!!

Foggy

[Bash]

realize that selling a boat can be as emotional as buying one. a buddy of mine bought a larger boat before putting his original boat up for sale. because of all the time and money he put into the boat he refused to sell it for less than his asking price, which was a few thousand dollars above the market price. despite having received numerous offers, he has now kept that boat in its slip for at least a dozen years, which means he has paid more in slip fees since putting the boat up for sale than it is worth.

but he still insists he won't discount the boat.

so, bottom line, if you're dealing with someone like my buddy, walk away now.

[Waterborn]

I agree that buying (or selling) a boat can be emotional, but it shouldn't be. Save your emotions for after you buy a boat. Never fall in love with anything until it is yours. The process of making a purchase should about money and money only. If you let emotion, or worse ego into it, you may lose the boat that you really wanted or pay too much for one that you didn't.
I know that sounds a little shrewd, but I have found it works for me for many purchases I have made both large and small.
...and yes, I am in love with my boat- now.
Good luck on your decision.

[Stillraining]

Originally Posted by David_Old_Jersey

it helps to genuinely not be bothered either way. easier said than done with boats.

my starting point is what price would I feel a fair chance of acheiving if I put up for sale the day after buying. then I add the opportunity / I want it now premium
- for which all manner of self-delusions can go on but at least I know / have a good idea of where I am.........

of course both vendor and purchaser can be right on the market value - just with different figures and the fact that a purchaser doesn't have that much money is his bad luck - doesn't affect my price. although with boats the delusions on price works both ways.

but a good boat (design / build / condiition / suitability for purpose) is worth a premium. In this case I would take a long hard look at the figures to make spot on for you - miight be surprised to find that still good value (even if not a bargain). or you might be horrified

Preface everything below only If you have the money to spend.

Opportunity only knocks once sometimes...that goes for play things like boats as well..

I once had a chance to buy one of these pictured below a few years back (1984) for 13,000.00 it was way prettier then the one pictured...it was at a car show up on stands at an angel with mirrors reflecting the view of its undersides it was so pristine surrounded by 30+ past best of show trophies......I kick my self weekly....not withstanding that it is probably worth 100K today..the cash was in my pocket and I just hesitated one day to long.

DOJ system is spot on in regards to desires of the heart...IMO

After all thats all owning a boat ever is....

If she is the one you have been looking for don't let her get away...I had my choice of many women to marry but I didn't let the one I wanted to marry out of my sight....another model hasn't come around thats even comes close to what I want...

7K to scratch that itch....chump change in the scope of things.

Yes some sellers like Bash'es buddy need to come down to reality....but I doubt 2.5K or even 7K for that matter was the reality he wasn't willing to come down to...

Just saying sometimes paying a little more then you should have is the right thing to do for you and you alone for things of the heart....if this is REALLY the boat you lust over BUY IT...another skirt will come along that is guaranteed as many have said there are plenty of fish in the sea....Spending your life re-looking for her is what you have to weigh out....do you want to go sailing...or hunt for a relationship..?..

[TaoJones]

Just based on looking at the Vette in the picture, it appears to be either a 1959 or 1960 (still sporting the Big Teeth grill), and if we assume it's a '60, the base price was just under $3900. If all available accessories were included, the price could have increased about $1500-2000.

So, let's say a new, fully-loaded '60 Vette sold for $5900. Using the inflation calculator provided by the Bureau of Labor Statistics, the equivalent of that sum in 1984 was $20,710, and if the vehicle was completely stock (all the numbers matched), the $13,000 he was asking was indeed a bargain.

Had a person spent the $13,000 for the car in 1984, and ignoring the opportunity costs of putting the $13K into the car instead of something else, what would the equivalent be in 2010 of $13,000 1984 dollars? According to that same BLS calculator, spending $27,315 2010 dollars is the same as spending $13,000 in 1984, so if you can find the same opportunity today for $27K, you haven't lost anything but the joy of owning such a jewel for the last 26 years.

* * *

You never know what is motivating someone to ask whatever they ask for something they're trying to sell, but it's generally safe to assume that any asking price is a seller's fantasy or dream price - the price he would hope some unenlightened boob would be willing to pay because there's always the chance that such a fool is in the market for what the seller is offering.

Chances are, though, that that won't happen, so the seller is always prepared to come down (Bash's friend excepted ). A broker never wants to see the price come down - not much, anyway - because the commission he collects is based on the selling price. Never ask a broker what something is worth, and don't ask a broker if "now" is a good time to buy or a good time to sell . . . the answer will always be "Yes!" (Think about it )

Any person with at least some experience in buying / selling tangible goods is probably capable of structuring a buy / sell agreement, negotiating price, and closing a sale. It isn't difficult, really, and if you enter a transaction secure in the knowledge that everyone else is looking out for his / her best interests, then if you do likewise you have no one to blame but yourself if you get the short end of the stick.

Good luck.

TaoJones

[gr8trn]

You are close enough to work it out if you really want this boat. Get creative, find out what else the owner can "throw in" on the deal if they can't/won't come down in price.

Remember, emotion or not, if you do buy it, you will think it is worth more too. Just seems to happen to all of us. Market Shcmarket, mine is worth more because mine is better than the others because it is mine... OK Bash's buddy is on the fringe of this one.

Greg

[jenny2]

Originally Posted by Johnathon123

How far above fair market value do you walk away from a boat.

I am $2500 away from a deal but that is $7500 above any view of the market (including vendors broker)

The boat has plenty of appeal but is not "perfect"

So when do you walk away?

When They won't Reason

[MarkJ]

I had to drive a 1968 Mustang for 3 weeks on a job and it looked beautiful. However it drove like a brick and was a pain to even wind down the window they were that stiff. The brakes needed a gym instructor and the gas peddle needed a iron leg... the steering was only as good as a broken down farm tractor.... A Hyundai is much better.


The point I want to make is what someone else said: Happiness.

If you will be happy paying the $2,500 then do so. But if you will always feel hard done by then you will never be happy with the boat/deal.

Keep looking if you are not happy, or if it will not make you happy.

Remember: Money (itself) isn't a motivator, its only a de-motivator if you don't have it.

You need to be happy with your boat and purchase


Mark
PS I did get to burn a fair bit of Mustang rubber so I was happy

[hoppy]

I suspect that paying any amount above fair market value at the moment is a stupid move.

Given the general state of the world economy I really cannot see how it can be anything but a buyers market still. Sure it may not be a "sell at all costs", but it does not mean it is still a good time to be a cashed up buyer. There are probably a few more prospective buyers out there than a year or two ago, but I suspect that they are out for a bargain or at least a good deal.

[hummingway]

My dad told me that when making a large purchase don't fall in love since it puts you at the mercy of the vendor.

When I bought my boat I was honest with the broker when I low balled and asked him to tell the vendors that I was aware that it was a low ball offer but I wanted them to understand that if they wanted to sell they had to get serious. The female half of the sellers was insulted apparently but they came back with an offer which was still to high. I told the broker what I considered to be the real value of the boat in this market and that I felt I needed to look at other boats. They came with in 2000 (80000) of my price and I decided to suck it up since I knew it had cost them pain to get there.

I'm not sure being honest about your intentions is the best approach but I guess I felt, in my case, I liked the boat but they needed to understand that their are a lot of options for buyers out there and I flet they had priced the boat emotionally rather then realistically.

If you think the boat is overpriced then it is, unless they can convince you otherwise.

[Vasco]

Originally Posted by hoppy

I suspect that paying any amount above fair market value at the moment is a stupid move.

.

But what is "fair market value"? Often stated as the probable price that a willing buyer will buy from a willing seller. It's generally used in real estate and taxation and, in my view, has little to do with purchasing a specific used boat. How do we determine fair market value in used boats? In the used boat market all we have is "ballpark" value. In the case of a specific boat the fair market value will be the price that the two parties agree on.

The OP says he's $2500 away from a deal that is $7500 above any view of the market. So he's already offered $5000 over "any view of the market". In that case I would think he'd have no difficulty buying a boat from another seller and obviously would have done so by now if he could have. In the final analysis the boat is worth what he and the seller agree to.

It may be that the seller has the correct view of the boat's "fair market value". Only a "sold" sign will tell!

[Johnathon123]

Thanks for all the comments and thoughts.

It is such an interesting dilemma.

Are there other boats out there that fit the bill? Yes there are.

Do I like this one? Yes I do.

I think for me, having a fairly logical thought process it comes down to - they can't or won't justify the price and neither can I therefore it must be emotional. Nothing wrong with that (and I do understand exactly why they would be emotional about this boat given the history with the family and the passing of the PO.)

I think I will revisit in 3 months, if it is still around.

Thanks for the advice

[hoppy]

Originally Posted by Vasco

But what is "fair market value"?

Probably less than what the seller is hoping for and more than what the buyer is hoping to pay.

If you are selling and are not willing to lower the asking price then either 1) it's a sellers market with buyers throwing offers at you and you can afford to wait for the right amount 2) you are not really that interested in of selling, but if the right mug walks through the door.... 3) you are in no rush to sell 4) you are a fool

I don't mind paying too much for something I really, really, really want, but out of principle I want to see the seller moving in my direction even if it is just a token gesture. I don't want to feel like a total mug

[foggysail]

Originally Posted by Johnathon123

Thanks for all the comments and thoughts.

It is such an interesting dilemma.

Are there other boats out there that fit the bill? Yes there are.

Do I like this one? Yes I do.

I think for me, having a fairly logical thought process it comes down to - they can't or won't justify the price and neither can I therefore it must be emotional. Nothing wrong with that (and I do understand exactly why they would be emotional about this boat given the history with the family and the passing of the PO.)

I think I will revisit in 3 months, if it is still around.

Thanks for the advice

If you do revisit, offer an even lower price, they missed the opportunity of your last best offer.

Foggy