The economy and "weird" boat sales.

Bubba1235

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May 25, 2008
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Ok, as most know I buy a boat or two here and there, rebuild / repower them and sell them. I keep a pretty close eye on local ads, Craiglist and Ebay both to find used boats and to get some idea of what the market is doing. The "weird" thing I am seeing is people (sellers) that are suddenly hurting for money and putting their boats up for sale. Unfortunately most are in for a real shock on the value of their boat. In fact it has caused some real hostility when I contact them about buying their boat. An example:

Guy has an 89 Searay (24' Cuddy) he is asking $6K for. I checked NADA and Bucks and the value is somewhere around $10K (give or take). Ok, not so bad, until I spoke with him and learned he hit a rock, tore the lower end off the boat, pulled the transome out about 6" and submerged the engine before getting it towed back in. (Engine is full of water since July and was not winterised.) In other words, its more of a salvage than a reasonable project to be rebuilt. When I tried to explain a bit of what it will take to repair the boat the guy got down right nasty and said I wasn't taking into account the stereo or some of the other "extras" he added. I tried to explain it doesn't really matter, its still an old boat with a great deal wrong with it. Just made him more upset. (A 84 Chevy with fancy rims is still a 84 Chevy.)

From what I am seeing, many people have owned their boats for a few years and have no idea just how soft the market is right now and have pie in the sky hopes for selling their boats. I suppose the only answer is give them a few months of trying to unload them and then come back when they come to realize the true value.
 

Mark42

Fleet Admiral
Joined
Oct 8, 2003
Messages
9,334
Re: The economy and "weird" boat sales.

Holy Cow! How could you pass up such a great deal! Didn't you hear him? Its got a STEREO and Extras! Probably added more cup (beer)holders too. And the bilge doubles as a live well. Some people just don't see the potential in a boat...

:D:D:D
 

Shizzy

Ensign
Joined
Aug 5, 2007
Messages
984
Re: The economy and "weird" boat sales.

the second you walk out of the store any electronics / stereo are now worth pennies.

there is a scuzzy looking 16' tinny with a 25HP Merc on the back down the street from me that was for sale with $2500 on the sign. boat looks beat up, rusty trailer, etc. it sat all summer and has spent all winter under a tarp. I slowed down, saw the price on the sign and kept on going. Im sure everyone else did the same. Easily a thousand too high. had he put $1500 on the sign im sure it would have been gone in days.
 

75reinell

Seaman Apprentice
Joined
Jun 6, 2008
Messages
36
Re: The economy and "weird" boat sales.

That is so true. I saw a boat I wanted last fall listed at 6000.00 They had repowered and the boat was in great shape. Had recipts for $10,000 worth of work. Boat was an 88 and in this market was not worth that and I only had 4000. Needless to say I now own the boat for 4000.00. Took till january for the price to be right.
 

a70eliminator

Captain
Joined
Sep 9, 2007
Messages
3,762
Re: The economy and "weird" boat sales.

I know what you mean, I've been trying to buy this old MFG that's been sitting for over 20 years in the same spot, back when I first tried to buy it the guy wouldn't budge on the price, I asked again a couple years later still same price, I gave up on it and still today that old MFG still sits there the once saplings are now trees and if I tried to buy it today the price would probably still the same.
I see other boats for sale around here just sitting out in the weather full of snow ice branches ect. It seems like sellers just don't get it, these boats are deteriorating away, heck this one boat I looked at last summer is still in the same spot with no cover, I won't even look at that one again.
I don't think economy has anything to with it though.
 

BigJ08

Petty Officer 1st Class
Joined
Sep 18, 2008
Messages
308
Re: The economy and "weird" boat sales.

I have been noticing the exact same thing while surfing my local craigslist. While awesome deals do come along, many people just think their boats are worth way more than they will ever be worth. I don't know how many 12-16 foot jon boats I see with trailer but no outboard or any thing and the people want like 800-1000 for it because oh it's got new paint and their throwing in a couple oars and some life jackets. Thats's not to mention all the 70s and 80s fg boats I see that claim "transom and floor seem really solid!" - $1200-$1500. When all of us know that they are probably shot. Just makes you say WTF.
 

chiefalen

Captain
Joined
May 18, 2008
Messages
3,598
Re: The economy and "weird" boat sales.

It ain't just boats ether, on the country road i live off is a old, 54 or something truck.

12 years ago i asked the owner if he wants to sell it.

He says no, 12 years latter its a pile of rust no windows hood is up.

See him around and say want to sell it he says no, i said good cause i was gonna ask you how much your gonna pay me to haul it away.

I'm still after this certain corvette thats behind the scoutmasters house with weeds higher then a man around it.

But i see it moves cause it don't stay in one spot you can see someone moves it back and forth. Belongs to the guy next door to him. I think it was his boys and he got killed in some war, thats what i heard.
 

mickjetblue

Chief Petty Officer
Joined
Aug 23, 2007
Messages
509
Re: The economy and "weird" boat sales.

Obviously an issue of personal value differences.

If a seller is not in a "must sell" situation, then he has the right to price it
at what he wants. Even if it doesn't sell, he is saying that it is worth more
to him to keep it rather than sell it at lower price.

If a seller is in a "must sell" situation, then he will sell it for whatever price
he asks, or whatever best price someone offers.

Not uncommon to see boats, cars, and houses on the market for years.

It is uncommon that in a couple of months, many of everything will be on the
market. What will happen remains to be seen, and we can only hope for the best.
 

tashasdaddy

Honorary Moderator Emeritus
Joined
Nov 11, 2005
Messages
51,019
Re: The economy and "weird" boat sales.

i pulled a boat off the market in November, and just covered it in the back yard. no going to give it away.
 

reelfishin

Captain
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Mar 19, 2007
Messages
3,050
Re: The economy and "weird" boat sales.

I've been seeing the same thing here, I went last night to look at a boat which was advertised as "turn key, needs nothing". The boat was an older Steury Craft with a mid 90's Yamaha 90 hp. No trailer, at least not one that will ever move again, (The springs collapsed and pushed through the rusted frame and are now against the bottom of the bunk boards). The motor looks to have had it's lower unit removed with a torch, the shift rod and all bolts are burned off and the drive shaft was laying in the bilge of the boat rusted to the hull. The deck was all but gone, the transom was soft but not broken yet. The hull was in fail condition cosmetically for an older boat. When I asked him how he figured it was turn key, his answer was that all I needed to do was put a new water pump in it and go fishing. Then I got this great remark: "You could ask the old owner if you don't believe me, .... but he's dead".
He didn't seem to see the huge holes in the deck, broken trailer frame, trashed motor, and rotted transom. He had it listed for $2500. If it were what he had advertised, I'd have probably offered him something for it, but in that shape, he's going to own it for a long, long time. Its not worth the effort even to take for free, let alone pay for it. There's a few other local CL ads listing bare 12' jon boats and several home made deck conversions for everywhere from $2500 to $6500. There's nothing harder to sell around here than a 12' tinny, especially one that has 400lbs of lumber and carpet bolted to it.
I've also seen some pretty crazy ads for trailers that were in pretty rough shape. I answered one ad for a 2001 3400lb tandem which was advertised as "$1,200, Like New!" when I got there, it was missing a spindle and wheel, the springs were rusted so bad it was hard to tell how many leaves there were, and the lights were from an old car. The add showed what looked like a new trailer sitting in front of the same garage. I gathered that the pic had been taken when the trailer was brand new. The seller said it was still new, even as I stood there in shock and disbelief that he described it as new. He said he only pulled it a block once a month right down the road during the summer. For pure entertainment purposes at that point I kept asking questions, he made like he didn't realize that the axle was broken and tried to tell me that he took it off to prevent theft. I asked him if he's put it back on if I bought it, and his answer to that was that he was disabled and couldn't do any physical labor any more. When I told him he'd most likely get more for it in scrap than as a trailer, he got belligerent and started hollering that I didn't know my --- from a hole in a ground and that I'd never find a better deal anywhere else. I was up that way a few weeks ago and it was still there rusting away, along with a few more in even worse shape. Everytime he puts the add up now I have a few buddies send off a few emails making appointments to see it for which they just never show. I haven't seen it listed for a few months now.

I had another guy who listed a free boat, no trailer, has motor but don't run. I got there, the boat was nice, no rot, good decks, and the motor was salvageable. He had gotten a notice from the city to remove it since it hadn't been registered in ten years. I got there, asked if he had a title, he said no problem, went and got it, it was already signed, I tossed the title in the truck, backed up and loaded the boat in about 10 minutes, the then started with how nice the boat was and "Don't you think you should give me a few bucks for it" I reminded him that the add said it was a FREE boat and motor, he went on about how the rest of the stuff in the boat didn't go with it, like the seats, steering and other life vests, I said no biggie and climbed in the boat and proceeded to toss them out of the boat. He then started on about really needing to get $400 for the boat. I at that point had enough and just unhooked it and slit it off the trailer, and drove away. I still had the title. Two weeks later he had an ad back up trying to sell it without a title for $800, four weeks later it was free again, I sent a couple of buddies to go get it, providing that it wasn't damaged or stripped. This time I got the boat.
His next ad was for it's trailer, he was trying to get $900 for a single axle bunk trailer with no winch stand. That finally got dropped to $200, then $50 and I sent a guy to go get it for me, who haggled it down to $25 provided he had the winch and stand, which he did. It turned out to be a fairly new power winch and cable. I actually forgot that I had the title in my truck at first, but after he wasted my time like that the first time, I wasn't about to go out of my way to take it back to him. After all was said and done, I ended up with a boat, trailer and running motor for $25 and a few cases of beer for the help. I sold the Power Winch on ebay for $111, and sold the Mercury engine for $577, and hung my own Evinrude 55 on it. The guy somehow got my phone number, called me up a month later to tell me that I forgot the new rod holders light he had bought for the boat and wanted me to stop buy to get them. I again sent the same guy that picked up the boat, this time he was in uniform on his way to work, no one answered the door and I never heard back from him again.

The worst part is that the boat was clean enough that if he had put an ad up for $400, I'd have probably bought it for that, but when he pulled the bit about suddenly wanting to sell it vs. give it away, after I had already loaded it, it became a matter or principal. I had half a mind to just drive away with it and let him just call the Police. I had a printed copy of the ad with a good pic of the boat with it's hull numbers showing with me, all I'd have to do is show them the ad, but I somehow figured he was better off with it lying on it's side in his front yard at that point.

We need a forum here in which to list some of the stupid, clueless ads on, sort of a best of list for entertainment purposes. A place to point out all the turn key boats that are for sale with 2' holes in them, or good running motors that just need new rings, or the assorted "Runs great, ready to go, turn key, no compression in one cylinder, but that's no big deal" type of ads.
 

tmcalavy

Rear Admiral
Joined
Aug 29, 2001
Messages
4,005
Re: The economy and "weird" boat sales.

Toy dispersal has begun...same situation applies across the board, RV's, ATV's, other big toys. Noticed one of my mutual funds made a bit of ground yesterday...maybe we'll see a pickup in the economy by summer.
 

Shizzy

Ensign
Joined
Aug 5, 2007
Messages
984
Re: The economy and "weird" boat sales.

Yup, and I caution people selling a boat not to over price it in their adds. I see so many that think "Well, I'll price it at some silly number and then come down". Nope, doesn't work for me, too many others to look at without having to deal with silly pie in the sky hopes and I go right on by to the next ad.
No doubt. The guy I bought my 14'er from had the for sale sign on it for less then a day when I handed him his asking price. Boat registration was in his name, trailer title was in his name and he put the outboard in a bucket and fired it up for me all for a completley legit price. In fact I didnt even try to talk him down. As a side note, he wasnt in need of cash, just decided he didnt need 2 boats. he priced it fair, sold it quickly.
 

OldePharte

Chief Petty Officer
Joined
Aug 17, 2008
Messages
633
Re: The economy and "weird" boat sales.

I went to the local boat show and really had my heart set on a G3 dual console model. It looked decent enough, but when he said runs $49,000, I decided to go a different route. Oh well, I'll keep looking.

One thing that I did learn is that I need to sell my deck boat first as it doesn't really have a ready market.
 

mandopickr

Petty Officer 2nd Class
Joined
Jun 3, 2007
Messages
104
Re: The economy and "weird" boat sales.

I've seen a couple of "take up payments", but they owe so much more than they boats worth. Yeah, they paid 10% down, been making payments of $350 for 8 months, only have another 172 payments to go, and don't understand why they can't sell. After all, the boat is practically new, and they have that sounder/chart plotter that they'll throw in.
 

flnudistcpl

Cadet
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Jan 13, 2009
Messages
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Re: The economy and "weird" boat sales.

we have seen alot of boats go up for sale here in florida. We just bought a 76 chris craft catalina 25 with a hard top for $400. all is there and complete. we need to check the running operation of it but at least it's all together and in very good shape.
 

mthieme

Captain
Joined
Oct 6, 2007
Messages
3,270
Re: The economy and "weird" boat sales.

I've run across a lot of things that were simply overpriced. Most are still sitting in the same spot just deteriorating.
 

cdnfthree2

Chief Petty Officer
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Aug 3, 2008
Messages
402
Re: The economy and "weird" boat sales.

I'll add something weird to the whole electronics thing. I placed an old faded/discolored Humminbird Wide Portrait b/W fishfinder (Head unit only)on ebay a few weeks ago. I mean no transducer, no mounting bracket, no wres, nothing. I wanted to realize about ten bucks for it. People went nuts! there were over 20 bids and it sold for $80. Plus Shipping. I didn't understand it at all. Must have been a really good unit at one time. I didn't want it.

On another note (not boating), I am constantly looking for a good deal on slightly used 60+ inch TV. I looked on CL the other day and there are actually several people out there asking $600 for those crappy old projection tvs. Talk about pie in the sky hopes! You'd have to pay someone to haul those off.
 

mthieme

Captain
Joined
Oct 6, 2007
Messages
3,270
Re: The economy and "weird" boat sales.

I just sent my old 52" RPTV off to the dump a couple months ago. It needed "about $300" worth of repairs, but it was 10+ y.o. and no digital tuner(s).

I once sold a broken Lowrance aviation GPS on ebay. I got $400 for this thing.
They sold for $1,000 and the factory had a flat rate of $125 for repairing it. So I guess it was worth it to at least one pilot.
 

Docknocker

Petty Officer 2nd Class
Joined
Dec 20, 2006
Messages
180
Re: The economy and "weird" boat sales.

On another note (not boating), I am constantly looking for a good deal on slightly used 60+ inch TV. I looked on CL the other day and there are actually several people out there asking $600 for those crappy old projection tvs. Talk about pie in the sky hopes! You'd have to pay someone to haul those off.

Can't figure that out either. I figured projection TV prices would tank as plasma prices dropped, but they haven't.
Wanted to get a 46" projection, but they are still at 2005 price levels.
What the h***???
 

mickjetblue

Chief Petty Officer
Joined
Aug 23, 2007
Messages
509
Re: The economy and "weird" boat sales.

One man's trash is another man's treasure.

Many folks get on ebay and bid somewhat disillusioned.
They think that their winning bid is like winning the price is right.

Sorry, off topic.

:rolleyes:
 
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