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Evan Gatehouse
 
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Default What was Your Boat Buying Strategy?

Joe Kovacs wrote:
I'm curious to hear stories about how folks knocked down the


price on

their new boat, particularly anything creative or innovative


Used boats only:

#1 boat, a Fortune 30 - paid close to the asking price because we were
in love with it and didn't want it to get away. We were Idiots.

#2 boat San Juan 24 - asking was $5500, offered $3500 to start. Paid
$4200. Bought it in a partnership, sold my 1/2 for $2500 about 1 yr
later. Something wrong about making a bit of money on a boat sale

#3 boat 40' catamaran - initial asking price (for 1 yr) was $129K.
Ignored it. Price dropped to $109K. Ignored it but starting to feel
interested. Price dropped again in 6 months to $89K. Inspected,
offered $50K. Broker waves hand in disgust etc. but submits offer.
Settled on $57.5K, later reduced to $55K after survey. Think we got a
good deal.

All prices in CDN $ by the way.

Lessons learned:

Don't fall in love. It's just a boat and there are lots out there.

Find a neglected boat (#2 & #3).

Cosmetics are important to the majority of buyers who have trouble
seeing past the moss on the ropes and mildew on the inside. A weekend
with a scrub brush can be worth lots of $.

Be willing to walk away.

Offer a low offer if it has been on the market for a long time. You
never know the circumstances of the owner. Don't bother about
"insulting" the owner. Chances are you'll never meet. You can always
raise an offer, but it's tough to go back if you start high

Evan Gatehouse
 
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