Quote:
Originally Posted by Empty Pockets
I don’t know if you’re joking or serious. I hope you’re joking...  |
Quote:
Originally Posted by Island Time O25
I agree in general but the devil is in the economic details. I just don't see it as viable economics to start spending (by either the seller or the buyer or both) 50% or more of the potential purchase price on surveys (general, engine and rigging), launch or/and haul out costs, workmanlike repairs by seller, etc. That would kill a majority of $10,000 and under purchases.
In the ideal world yes would be as you say, in the real world of cheap boats and less then welathy buyers not happening. |
Well first of all, most 30ish foot boats purchased for $5000, the
survey would indicate to anyone worried about economics, DON’T DO IT.
Except in extremely rare cases, this
boat will require about $20000 in
DIY work to make
seaworthy due to many years of abuse, neglect, deferrred
maintenance, and ill-advised DPO “improvements, and will need new
sails, standing and running
rigging,
engine maintenance, hose
replacements,
fuel polishing or complete
removal and tank
cleaning, sanitation hose replacement,
deck, coach roof, and
cockpit sole recore) else the owner would have
sold for at least $20000, very quickly.
I keep hearing people claim “it’s a buyers market”. In my opinion, the glut of poor condition boats on the martlet are selling
cheap, actually they should be given way, for someone to dispose of. Good boats, sell fast, for a fair
price to both seller and buyer.
There is the odd “unicorn” out there, (good
boat for low price) but the buyer will probably spend a couple hundred hours looking for it. Consider a value of only $25/hr for leisure time. 200 hrs x $25/hr = $5000. This includes all the time pouring over classifieds, contacting sellers,
learning the very basics how to inspect an old boat (learning to the extent a pro
surveyor isn’t needed takes many, many years) inspecting boats, and having low ball offer rejected again and again by owners who know the true value of their vessel, and can afford to wait until a knowledgeable boater with some capital, comes by. Again, if the boat is actually worth more, a knowledgeable boater will pay more, as they know it is much less costly to
purchase a boat in truly “good” condition, than to purchase one they initially believe is in good condition but isn’t, and they then spend a fortune in time and
money to make in good condition.
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