Is 20k alot to lose on a new boat? - Page 3

12-06-2002, 04:41 PM

THREE AND A HALF YEARS IS NOT ,NOT ,NEW !!!!
I WOULD BE PROUND TO DO A DEAL LIKE THAT ,THAT IS BETTER THAN STOCK MARKET

TRY OWNING A 388 HUSTLER AND SELLING IT NEW OR USED ,GRAB YOUR KNEES

jmackin · 12-06-2002, 07:23 PM

Whether I came out ok or not it still 20k. At the time used ones were more or about the same price so I bought new. I hoped to get more for it but I let it go. Similar boats to mine are still asking more than I paid new(but they arent sold). I'm not complaining but 20k is alot of $ to me and I'm not sure I did the right thing and was trying to see what you all thought and if anyone had a similar experience. Anyone who even looks at retail price and thinks the boat is worth that is nutz, in my opinion. It retailed for something like198k, so I guess I was lucky. Makes me wonder what % they mark these things up. It wasnt a demo or repo or anything like that. It does make me feel better that most of you think I did okay.

Rambunctious · 12-06-2002, 09:52 PM

Troutly , I hear what you are saying. I guess the banks shoudn't allow a 15 year loan on a boat if the boat doesn't hold it's own for that term. maybe those that can afford new priced boats are much less likely to foreclose, thus the risk for the banks statistically is low? don't know.

maybe the key is saving for a decent down payment, then taking the loss doesn't seem as bad because one had the money to loose when they put it down, as opposed to being upside down when something caused the need to sell.

heck..I guess this is all no different than me putting 3k down and leasing a truck for 2 years just to turn the keys in at the end and start all over.

but working for 2 of the big three automakers in my career put me into that spiral....

I guess we're all just obsessed with our toys. It's the AMERICAN WAY. Leveraged to the Hilt I say!!!!!!

of course I have 4 foot itis right now.. only know of one cure.....a 311 SR1

32fever · 12-06-2002, 10:01 PM

Quote:

Originally posted by jmackin
Whether I came out ok or not it still 20k. At the time used ones were more or about the same price so I bought new. I hoped to get more for it but I let it go. Similar boats to mine are still asking more than I paid new(but they arent sold). I'm not complaining but 20k is alot of $ to me and I'm not sure I did the right thing and was trying to see what you all thought and if anyone had a similar experience. Anyone who even looks at retail price and thinks the boat is worth that is nutz, in my opinion. It retailed for something like198k, so I guess I was lucky. Makes me wonder what % they mark these things up. It wasnt a demo or repo or anything like that. It does make me feel better that most of you think I did okay.

I feel like you do. Losing $20 (yes, 20 dollars) on something sucks. $20k is alot of money, no matter how much you have or make, it's a lot. You can do a lot with it. However, as a loss on a boat, it changes the whole concept of that same large amount of money. Our hobby blurs our visions towards good financial responsibility. But blasting on the lake or ocean, it's all worth it. The blurry vision becomes blindness and we then blow more cash on gas! LOL!

As one example, people will change cellular phone plans to save $10 a month. Yet, these same people own boats. What is it with boats and ignorace of "the smart thing to do?" LOL! I do it too, but I realize I do, and well, I don't really need any "professional help", I like it that way!!!!

Mark

jmackin · 12-06-2002, 11:43 PM

Part of the point I'm trying to make is I would not been better off buying used when used ones are still going for about my new price. If you can buy new at the right price then why not? If economy was better and I was more patient I could of got 90% or more of my money back. I gave a guy one hell of a deal. I listed mine 20k cheaper than any other on the market and practically gave it away compared to others on the market. Simply put I bought a boat that retailed for somewhere around 197k and paid around 115k. That makes up for alot of depreciation right there.

Bill272 · 12-07-2002, 12:19 AM

My question is how did you get it for 115K in the first place?

20K is a lot of money, but that is so little for a 38' boat bought new and used for 3 1/2 seasons. To put it in perspective you could have paid 150 for the boat and thought you had a great deal down from the 194K. You could have easily (and many have) lost 55K instead of the 20K. And you could look at it this way - Think of the guy who buys a 60K boat, uses it for 3 1/2 seasons and has to sell it for 40K, which is not uncommon. Same loss either way, but you had a 38' instead of a 27'. I'd be happy.

Shooter · 12-07-2002, 09:59 AM

you have to price it low to sell it right now. The used boat market is down as the new boat market. So I would think the releative value of new-vs used is pretty much the same in good or bad economy.

I sold my blown Shooter for less than I could, but I wanted to move it quickly and not have it and the 302 for the winter. It was a be thre at the right time deal. Guy wanted real-estate more than the 65K original asking price. I got it for 50k (twin 502Mags Latham steering, blah, blah). THe guy who got my boat was happy as a ping in **** cause he told me. I wanted to move up more than getting my orginal asking price.

Supply-chain economics of some sort...

12-07-2002, 12:25 PM

I have the same question as Bill272, 38' Powerquest new for 115k! How? I haven't looked at Powerquests much but my buddy bought a used 38 last April and said he priced a new one and they wanted 220K for 496 HO and not real loaded. I looked at a 38 at the Cobo boat show I think in 1996 that had 502's and thy wanted 155K then?

jmackin · 12-07-2002, 01:17 PM

Have you ever seriously shopped for a new boat? That was my first experience in buyiing new and was really looking for used ones. I never dreamed I could afford new and just kinda fell into the deal. I dont have an answer as to "how?" other than I dealt straight with the owner of the dealer and I know he mainly makes his living selling snowmobiles & motorcycles, etc. so maybe he doesnt mark up as much?

Rambunctious · 12-09-2002, 07:33 AM

I think there us huge markup in new boats. there has to be. look at the volume of boats that have to support the marina overhead and salesmans salaries. how many big boats does a small marina salesman sell in a year? 6? in Michigan, 10 in Florida?

my buddy got a steal on a new PQ this last summer. left over 280 step with 496 mag HO. (he didn't even realize it was the HO till later) absolutely lowballed the sales guy who knew he had cash.

two minutes later the guy called him and wrote the deal. my buddy was nothing but teeth for a month of fun runs!!!!!

not saying PQ is the only one. they sell quite a few locally ( made in Holland). but at 100k a piece. i'd guess 30k margin is typical for the marina for these priced boats.

the key: ( as obvious as your broker's advice to buy low, sell high)
know when the buying price is right ( ie. how close to the price you can sell for in a few years) then you know you have a deal.
then just keep the boat looking stellar for the next guy.

anyone have a perfect 311 formula for a steal???