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Old 11-01-2017, 15:24   #46
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Re: Boat Buying - the art of the Bid

I enjoyed reading this thread as an owner that is soon to be a seller. I'm always surprised by the conceived potential offense of a "low-ball" offer. I would find it very easy to turn down an offer that I thought was too low and kindly reject it with a smile. This may be because I won't be an anxious seller. In fact, I'm disappointed with selling, but my wife has lost the physical ability to continue cruising.

So, here I am looking at this thread and with a ketch that I've lived aboard and cruised for the last 32 years of my 45 years aboard. Like most all owners I think of my boat as more valuable than it's likely market value. My boat is well known and I've been posting my projects, refits and concerns for many years. It's also a mediocre performer and built for the competitive market,- 'no shinny candy, but many perks, turn-key and a good record of care.

So, here's a question to ponder. How do I find the value for my boat in the market? I'm going through a short list of those that have asked me to let them know when I'm selling, but once it's passed by their opportunity. What's my choice as a sell by owner?

I see a huge range of asking prices for my Morgan Out Island 41' and I admit to considering my boat far more valuable than others might see as it's worth. Here's my thought. I'm thinking of posting my boat here on the Cruising Forum classifieds and on a few other sites like Boat Trader, Craigslist etc. and listing at 60K. Every month that I keep my boat I'll be paying slip rental and upkeep as well as continuing the projects that are my addiction, so, even though I don't need a quick sell, time costs me more.

What would be the buyer/seller dynamic if I listed the price as decreasing by one thousand dollars for each month that it's not sold? It reminds me of a simple "titration" exercise where the price falls as the competition and interest of the buyers increases. The appeal of the boat should sell at a point that is naturally market fair.

This plan appeals to me. What do you think?
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Old 11-01-2017, 16:08   #47
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Re: Boat Buying - the art of the Bid

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I

What would be the buyer/seller dynamic if I listed the price as decreasing by one thousand dollars for each month that it's not sold? It reminds me of a simple "titration" exercise where the price falls as the competition and interest of the buyers increases. The appeal of the boat should sell at a point that is naturally market fair.

This plan appeals to me. What do you think?
Sorry to hear your cruising days are numbered.

As I suggested to Nolex
...someone like you who has such solid experience could instead offer serious mentorship to a new cruiser who buys your well documented boat

For some, that added value is priceless..

Getting back to your 'titration' idea, when based in Holland overseeing Feadship new build, the yard was in Aalsmeer, home to the world's largest Flower Auction.
Their bidding clock system where the price dropped every 20 seconds induce a quick sale of perishable goods.

However, In your example
What if you Started at your very bottom price and then ADD $1000 EVERY MONTH?
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Old 11-01-2017, 17:04   #48
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Re: Boat Buying - the art of the Bid

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.................
...someone like you who has such solid experience could instead offer serious mentorship to a new cruiser who buys your well documented boat .........................
What if you Started at your very bottom price and then ADD $1000 EVERY MONTH?
It's true that I would have a continued interest in the care of my former boat. I would not want to be a pest. I'd need to be careful not to press my own opinions too, strongly.

Flipping the plan and starting low is difficult. What is my lowest price when I'm not motivated to sell other than to stop spending my money on a boat that I will only be working on and not cruising? I think that my low price would be to give the boat to my Nephew who is now living on his 25 foot Sovereign. Banks will not finance my old boat for him. I could arrange my own financing for him at, say $400/month for 5 years or so, but that would be a "family" price. I could give it to my Son as a waterfront apartment, but even though he grew up on "Aythya", he's not a cruiser or a sailor.

I am thinking of buying a ca. 25' little Downeast cuddy with a small inboard diesel under a engine box on the open deck. Someone could lure me with a trade for a very fine smaller boat that I could play with from my home
ashore.

In addition, if I was able to determine the lowest acceptable price that would be a fair market value, why would I be motivated to raise the price each month?
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Old 11-01-2017, 17:09   #49
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Re: Boat Buying - the art of the Bid

Selling a boat is like life, not simple and not fair.

Boats are more similar to real estate than they are to automobiles.

Cars and trucks are pretty close to a commodity while most boats are general not nearly alike.

A special boat takes a special buyer who both wants your equipment and is willing to pay for your equipment

So dropping the price doesn't help fund the special buyer. It just gives away your special equipment.

Having said that most of us think our boat is worth more than the market. My boat is currently listed. I doubt I get any extra money for the Espar Heater. How much will somebody pay for a 2 year old Icom 802 and tuner? So I took it out. I can always put it back in.

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Old 11-01-2017, 17:14   #50
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Re: Boat Buying - the art of the Bid

Your post moved me. Having a boat that becomes "a part of your story" and selling her is a moving experience.

When we sold Ohana I actually inserted a "first right of refusal clause" that gave us first option to purchase her back :-) (might exercise that one day)

As to your price strategy yes, dropping the price steadily works. Way back when as a broker this worked. List, advertise, lower, lower, lower, phone rings off hook.

Your Morgan is unique as there are many to compare and given the condition should get a higher than average price. I'd suggest patience as you alluded to.

All that said the decade we cruised Ohana was priceless and the hit we took on the sale was peanuts in comparison.

For those interested we paid 330 for her and sold for 250. That's 700/month to have a 50' Cat for 10 years! Can't charter for that! (Don't burst my bubble with talk of maintenance, slips, repairs, etc) ������

Good luck!
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Old 11-01-2017, 17:23   #51
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Re: Boat Buying - the art of the Bid

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Originally Posted by CampDavid View Post
...

Boats are more similar to real estate than they are to automobiles.

Cars and trucks are pretty close to a commodity while most boats are general not nearly alike.

A special boat takes a special buyer who both wants your equipment and is willing to pay for your equipment ...
Boats & yachts are personal property. Much much different than real property & improvements thereon. While a boat/yacht owner may have emotional/sentential attachments to a boat, it is still personal property.
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Old 11-01-2017, 17:24   #52
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Re: Boat Buying - the art of the Bid

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Originally Posted by Hudson Force View Post
So, here's a question to ponder. How do I find the value for my boat in the market?
.....and listing at 60K.....
I would look at everything around the $60k range your boat will be competing with, especially the early 80's IO that are asking that or less and seem to be in good condition from the pictures and specs. There's a wide range of newer boats available to the person with $60k to spend, depending on what they are looking for.

It probably wouldn't hurt to flex a little bit of your forum fame muscle and get a broker on the forum to help with pricing

Dropping the price regularly will probably keep interest in the boat, showing you are seriously trying to sell 'er.

Good luck
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Old 13-01-2017, 17:15   #53
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Re: Boat Buying - the art of the Bid

Nancie and I shared a laugh today as we surveyed the home ashore that we will move into in one week. We noticed that we enter the front door at a heading of about 110*T and proceed forward the patio and galley is to starboard. Our closest neighbor is to port and our berths are forward, but the mattress is strangely rectangular.
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Old 13-01-2017, 18:18   #54
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Re: Boat Buying - the art of the Bid

Lol Hudson, same here after living onboard for 30 years and then moving ashore to a beach front property

Because I could hear the waves breaking on the beach, I just had to drop a couple of 'Anchors' to get a good nights sleep

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Old 13-01-2017, 18:38   #55
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Re: Boat Buying - the art of the Bid

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Originally Posted by Pelagic View Post
Lol Hudson, same here after living onboard for 30 years and then moving ashore to a beach front property

Because I could hear the waves breaking on the beach, I just had to drop a couple of 'Anchors' to get a good nights sleep

Attachment 139604Attachment 139605
I had a few nights of sleeplessness recently. So I put on a YOUTUBE video of sailing boat noises that lasted 8 hours.... As I drifted off, I was hearing seagulls so I assumed I was doing coastal....my mind was immediately on the boat and I felt I had just handed over the watch to someone and went below... slept good..
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Old 13-01-2017, 18:54   #56
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Re: Boat Buying - the art of the Bid

I've bought 3 boats, all respected brands for a reasonable price in very good to excellent condition. None required any refitting, though I did keep after them over the years. I kept them for 10 years each and sold them for what I paid.

I don't understand...
  • Why anyone would by a fixer-upper. I doubt you come out much ahead, because the same folks are...
  • Preaching beat-up on the price, not realizing that karma will come back for them.
Why on earth would I want to explain to someone how to steal a boat? If it's crap, well, good luck. If it is a good boat, prepare to be simply ignored. Unless my boat was generating no offers, I would not feel compelled to anything below -15%. It wasn't serious and I wouldn't waste the call. Furthermore, I wouldn't set the price too high; comps are not that hard to figure out.
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Old 13-01-2017, 19:41   #57
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Re: Boat Buying - the art of the Bid

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I've bought 3 boats, all respected brands for a reasonable price in very good to excellent condition. None required any refitting, though I did keep after them over the years. I kept them for 10 years each and sold them for what I paid.

I don't understand...
  • Why anyone would by a fixer-upper. I doubt you come out much ahead, because the same folks are...
  • Preaching beat-up on the price, not realizing that karma will come back for them.
Why on earth would I want to explain to someone how to steal a boat? If it's crap, well, good luck. If it is a good boat, prepare to be simply ignored. Unless my boat was generating no offers, I would not feel compelled to anything below -15%. It wasn't serious and I wouldn't waste the call. Furthermore, I wouldn't set the price too high; comps are not that hard to figure out.
I think you have it figured out.
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Old 13-01-2017, 20:19   #58
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Re: Boat Buying - the art of the Bid

1985 Bruce Roberts 34. They did everything new to it..Mechanical, electrical, prop shaft, fuel and water tanks and on ansd on. asking 59k. Trying to get their money back i guess but boat worth 30-40???
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Old 14-01-2017, 03:55   #59
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Re: Boat Buying - the art of the Bid

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1985 Bruce Roberts 34. They did everything new to it..Mechanical, electrical, prop shaft, fuel and water tanks and on ansd on. asking 59k. Trying to get their money back i guess but boat worth 30-40???
I would never expect to get money back for what was put into properly maintaining a vessel.

I have replaced anchors, windlass, rigging, sails, engine, generator, hydraulics, auto helm, radar, fuel tanks, heads, holding tanks, water tanks, solar panels, wind generator, dingy, outboard, davits, deck coring, AC & DC distribution panels, wiring, plumbing, portlights, props, shafts, and more.

I'm selling an old boat. It would be ridiculous to expect to sell for the cost of all I've done for the old boat!

Nobody should ever expect to regain the cost of what they put into an old boat.
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