What is the state of the market?

[tmoandj]

I'm looking at a boat that has been assessed for insurance purposes at $65k. Given the current state of the market what is a reasonable offer on such a boat? Does the assessment value actually represent the market price?
Thanks for the advice!

[skipmac]

Basing a value on insurance appraisal is difficult. More realistic to look at what the same boat is advertised for on yachtworld.com.

Would also depend on the condition of the boat. Might be assessed at $65K for insurance but if the boat needs major repairs that would cost you $30K then I would offer $30K or less for the boat. Selling price will also depend very much on where the boat is located and the market in that area.

Bottom line, just not enough information to give a completely accurate reply.

[Sonosailor]

Part of the insurance surveyor's job is to estimate the value of the boat. The value given by a surveyor is expected to include his/her consideration of the market. The good ones have access to sites that provide the selling price, not just the asking price. I guess not all surveyors do their job.

On my last survey, 2 weeks ago, my particular value went down 19% from 5 years ago, for a properly maintained boat, suggesting either one or the other surveyor made errors or the market for small catamarans is down 19%, or the increasing age makes a difference, or all of the above.

[sailingexodus]

If the assessment was done right, that's its "value" to insure. Mine was "19k" and we paid 16k. 20% in late season! par for beginning of season... Just an average.


Sent from my iPad using Cruisers Sailing Forum

[Fair-Wind]

The market today for used sailboats is VERY soft..The younger generations are just not into it...Boatyards are full of neglected sailboats you can get for little of nothing..So do your homework before you start counting out your cash...