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Deposit or not?

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Old 10-19-2010, 09:52 PM
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Originally Posted by CigRunner38 View Post
What is the boat worth? If it's $50k take them for a free ride. A $50k boat is like a Hyundai.

If it is $500k you are in a different league. Then qualify them first.
I agree, in principle. If you have a high-end boat with high Hp motors that are expensive to service, I think it makes sense to request a deposit before allowing someone to drive the boat.

That said, when I purchased my boat the guy took me for a ride when I first got there. I don't know if he was telling the truth or not, but he said that I was the first guy that he offered a ride to out of the prior 3-4 people that looked at it. I guess he just had a good feeling that I was serious about purchasing the boat. The ride sealed the deal for me. We talked price when we got back to the marina, and wrapped up the deal after that.
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Old 10-19-2010, 10:09 PM
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I never asked for a deposit for any boat I sold. Most buyers come from a good distance away which makes them serious to begin with. You've probably had a few phone conversations with them too and can get a good feel. There aren't many buyers for boats like these in good times let alone in this economy, no sense in busting chops. Last, I'd never put down a deposit myself to get a ride on a boat I'm considering buying. I figure if the seller can't tell I'm serious enough to drive 100s of miles (or fly in one case), have multiple conversations on the phone and probably some emails with them then I probably don't want to deal with them anyway.
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Old 10-19-2010, 10:16 PM
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Quote:
Originally Posted by CigRunner38 View Post
What is the boat worth? If it's $50k take them for a free ride. A $50k boat is like a Hyundai.

If it is $500k you are in a different league. Then qualify them first.
A $50k boat is like a $500k boat to a person that can only afford that much and is just as important to that owner as a $500k boat is to its owner...same league.
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Old 10-19-2010, 10:21 PM
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Bought a boat before labor day. Drove 6 hrs to look at boat. After looking at was undecided if I was really interested. Boat was in storage mile from water. I told him I did not know if I was really interested but would like to go for ride to see if that was the boat I was really wanting. We never talked money. Next day we went out for 15 minute ride. I told him I would get back to him in a day or two after talking to wife. After the ride I decided I liked the boat. Called day later and made offer. He counter offered and then bought boat. If he had wanted deposit before ride, I would not have bought the boat.
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Old 10-19-2010, 11:06 PM
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In this case it was a local buyer who had come to look at the boat four seperate times. He was actually a really nice, cool, knowledgable guy. But, currently I am away at college, and therefore have the boat at a friends shop for him to do some work on the boat. The perspective buyer was asking him and my mechanic what numbers I would take and there were all substantially lower numbers than the asking price. I figured rather than wasting four hours of driving home, 2 hours taking this guy out, and the gas money all for a low ball offer-- I wanted to know there was an agreed price and some kind of commitment. Someone said something about the perspective buyer paying for a survey to be done, then going on a ride, at an agreed upon price. I think that is an excellent idea. For those who say they would never put a deposit down for a ride unless they rode on a boat. I understand, and agree. I don't think the deposit is the way to go. Thanks for all the input!
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Old 10-19-2010, 11:57 PM
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If i was looking at a boat, in depth phone calls, asking about local seveyors, taking time from my busy schedule and checking on insurance rates and etc etc. and you asked me for a deosit. i would tell you to get lost. i mean really serious buyer is doing alot of homework and research. and it should be very evident.
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Old 10-20-2010, 01:01 AM
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I have not had good luck with deposits. I had one guy take almost 2 months to pay for after the deposit. I had the chance to sell it once and he was I will have the money to you by Friday to bad it was the Friday he choose. As for rides if I'm out in it I'll take someone out and not think anything about it. I did one time dewinterize to take a guy out in off season he shows up with some buddies we go out ran flawless then decides the cockpit was to small. That one pissed me off and cost some coin for there joy ride. I'd say if someone comes from out of town they probably pretty serious buyer.
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Old 10-20-2010, 08:14 AM
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Deposits may or may not be the way to go for some buyers and sellers. If there are multiple prospective purchasers who are bonafide (can afford the boat), then the deposit helps mitigate loss if buyer #1 changes his mind, and prospects #2, #2, #4 walk away from the sale because they thought the boat was sold and those prospects buy from someone else; so you (the seller) lose not only the sale but three other prospective buyers. In this market (poor economy), that does not seem likely that there will be three or four people competing for the same boat, but each sale is unique and if the boat is priced low enough it is possible.

Even though I am familiar with the law I would probably have the deposit refundable on the condition of the sea trial going poorly, or the vessel inspection reflecting a defect-problem which was not known and or disclosed.

Let's forget I a lawyer for the moment, here is what I do for being me being a seller. If you like the boat and we have an agreed upon purchase price, I will take you for a ride/sea trial, and not require a deposit. I buy the gas, I pay the ramp fee. If the boat runs as stated, buy it, don't jerk me around. Treat people the way you want to be treated and the process will go easier (hopefully).

Good luck in the sale of your boat.
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Old 10-20-2010, 08:19 AM
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The proper way, is to actually do your research and see if this is the right type/kind of boat for you first. If you need a ride to determine that, you have not done your homework. Go back to school and stop wasting the sellers time. After you find out what kind of boat you want, and find the one that you actually want, negotiate and agree on a price. Now its time to put your money where your mouth is and cough up some cash. Before handing over the deposit, have a written agreement subjecting the deal to a survey and/ or a seatrial by you. Then, schedule a survey to protect yourself and seatrial the boat with the surveyor aboard. The seatrial is the test drive. The seller knows you are serious, and the buyer has the final decision.
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Old 10-20-2010, 08:51 AM
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I think it depends on situation. If someone wants a ride in my boat I'm going to get the price negotiated first... not because I care about taking anyone for a ride or not, it is just a PITA because of location of the boat so it is an inconvenience for me. So, I'm not going to screw around if the guy isn't serious. If he doesn't like it after the test drive, all well, we part ways.

As for deposit.... if they want a survey, and it is going to take time, I'll get a deposit, otherwise if it is going to be a quick deal doesn't matter.
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