Buying a Boat

[sail2wind]

the decision has been made, well with 2 boats, listed with Moorings in BVI. my question is approximately what percentage of asking price is fair. In my research 20% is a normal offer, give me some feedback. Will be on island in 6 days, help

[Pau Hana Daz]

20% of asking price, or 20% off of asking price?

Is there a magic offer formula? I don't think its really that easy. Imho, your offer should be based on the value to you after taking into account the condition and equipment as well as the time on market and availability of similar vessels.

[sail2wind]

Asking $100K, offering $80K, is this out of line?

[Sailmonkey]

This is a buyers market. The worst they can do is say no. We offered 50% of ask based on comparable boats condition.

[sail2wind]

I guess it's all about the needs of the seller, as if he needs to get out of a loan. One seller who had his boat on the market for a year is very proud of his price, and will be for some time. As a very good friend of mine, who is a real estate broker says "do you want me to list your house or sell your house" kind of says it all.

[sail2wind]

Here are some specs, we are looking for a 40-46 mono, 2000 or newer, boat would be in US or BVI, many details worked out including imminent hurricane storage. Cost, between 120K-160K, somewhat flexible. Owners would share all maintenance, insurance.......The usage would be based on a excel spreadsheet we can post for available weeks. We only can travel about 2 months a year. We just got back from boat shopping in BVI and USVI, looking a many boats. BTW, cats are not out of the question if the deal was in the above parameters. Any and all questions will be answered immediately and honestly.

Evan

[chrisrepps]

A friend of a friend decides what he is prepared to pay, then offers 50% of that and haggles...and haggles.....raising in very small steps. Worth a try?

[sail2wind]

Chris,

I think you got it all wrong, unless you were being humorous. I have not bought a boat yet. I am looking for a partner to purchase a sailboat in the Virgin Islands and share expenses and usage equally. We can meet in STT and even shop together. Simple legal partnership agreement. I am not yet retired some my usage would be limitied. I am not looking for a partner who wants to cruise 6 months a year.

Evan

[barnakiel]

The rules may be local. Sometimes the asking is what you pay or you walk away and someone else gets the boat sooner or later.

b.

[Randyonr3]

If a partnership is what you are looking for befor you buy the boat, I would think the easier way would to be looking for a situation that is in need of a partner and then buy into it..
A partnership, weither its one other party or a group is like a business.. its easier to buy into than it is to start up..

[sail2wind]

I agree, it might be easier, but I have always been a doer, so the search goes on. I am sure there is someone in the same boat.

[chrisrepps]

Evan, sorry wires crossed - I was commenting on the strategy at the top of the post ie offering 80% of asking price, not re the 50% share you are looking for. Something is only worth what somebody is prepared to pay for it. Asking price can be very misleading eg based on price in a sellers' market, rather than now which is a buyers' presumably. As the buyer you have some control, especially with two possibilities. Another approach is just to ask what their best price is i.e. what they'll take and keep asking without telling them how much you're prepared to go to. Take your time, don't make an offer until they reach your target! Good luck.
Chris