How to Sell a Boat in this Economy?

MidPack

MidPack

Super Anarchist
3,645
85
undecided
My income is down about 2/3rds, so I'm going to have to sell our boat. I realize I'm going to have to cough up a below market price to move it, but I'm afraid there won't be buyers at any price right now. Any tips on how to move it?

And please don't ask me what kind of boat it is etc. - I am not trying to use this forum as a free classified ad (and yes, I know SA has classifieds, I sold a boat there a few years ago when there was a market).

 
T

Tom Joad

New member
9
0
Michigan
Price it right. Get your emotions out of the boat and realize that it is just a boat to someone looking to buy it. If you have custom sheets, carbon upgrades, etc., get them off the boat from the get go and put the stock stuff back on. You can always sell the stuff here or on ebay to recoup some additional money.

It is a buyers market, so get used to lowball offers. Become comfortable with the fact that you most likely will end up way upside down.

Treat every potential buyer (Except those Nigerian Diplomats) with respect and answer all of their questions. Get lots of pictures of the entire thing before time. Maybe shoot a home movie and burn a DVD to send off. If you have a recent survey, add that to the information packet. If you dont have one and really want to move this thing, get one done.

Sorry to hear about the economic situation. Best of luck to you.

 
F

FRENZY

Member
313
4
Chicago
Trade it! Do a quick forum search for swap or trade, we have about 20 boats of all sizes available for trade.

If you look at the boats for sale section there have been several guy's, including myself that have put "trades considered" on our adds.

If you are looking to get out of the boat and not get into another one try trading for something your family needs or consider leasing your boat for the summer to remove the burden.

Frenzy

 
W

Winever

Super Anarchist
1,132
0
North Carolina
_Vegas_ said:
I'm in the market for a distressed fixer upper - PM me if you have anything for sale
Click to expand...

How about this one? :lol: Winever.

Now you knew someone was going to do it.

458.jpg

 
MidPack

MidPack

Super Anarchist
3,645
85
undecided
It's not a fixer-upper, it's a 2007 model. I own it outright so I won't be upside down. I don't want another boat for now, since I own it outright, it's the ongoing costs I want to get out from under. Thanks...

 
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Phoenix

Super Anarchist
2,170
0
Eastport, USA
Consider seller financing. With a husky downstroke it can work well as long as it's not going away. That way you can maintain your price a bit better.

 
F

FRENZY

Member
313
4
Chicago
MidPack said:
It's not a fixer-upper, it's a 2007 model. I own it outright so I won't be upside down. I don't want another boat for now, since I own it outright, it's the ongoing costs I want to get out from under. Thanks...
Click to expand...
If it's a newer boat consider leasing it for the summer, I didn't think the shared lease program in Chicago was going to work but it seems to.

If it is a race boat you could rent it to an out of town crew for the NOOD, MAC or Verve cup.

OK, I'll ask- What kind of boat is it?

Frenzy

 
dacapo

dacapo

Super Anarchist
14,121
1,875
NY
MidPack said:
It's not a fixer-upper, it's a 2007 model. I own it outright so I won't be upside down. I don't want another boat for now, since I own it outright, it's the ongoing costs I want to get out from under. Thanks...
Click to expand...

what about looking for a co-owner to help share costs??

 
L

LakeBoy

Random Internet Guy
2,606
174
Too far from Anywhere
MidPack said:
It's not a fixer-upper, it's a 2007 model. I own it outright so I won't be upside down. I don't want another boat for now, since I own it outright, it's the ongoing costs I want to get out from under. Thanks...
Click to expand...

If you don't absolutely need the investment cash for something else (what else is there to invest in anyway) how about putting the boat into "cold storage."

Rather than paying waterfront storage rates, can you have it moved to a more distance & cheaper storage? Park it on family property somewhere for nothing? Can you find a storage facility you feel safe enough to reduce or terminte the insurance? Can you find replacement without liability policy if you can prove the boat won't be used?

 
cbm

cbm

Anarchist
535
4
I guess I was lucky, but I sold my boat for the full asking price only a month or 2 ago. I was as surprised as I had multiple offers on the boat ! What made it sell, condition I guess, I had the boat since new in 2003 and it looked in that condition in 2008. I had all the service records for the engine and every single invoice for everything I had added to the boat or had done. Everytime I showed the boat, I cleaned it and squared it away, so the buyers were able to see the baot at it's best. I even did the house staging thing, cushions, flowers, etc. When they brought wives/girlfriends etc, we went below and I made them a freshly brewed pot of coffee and warmed up some pastries in the oven. With the women on board it worked everytime ! They were sold, while the husband wanted to know what size the winches were all the wife could talk about was the fact that she could have her coffee and pastries in comfort. I know we won't admit it, but guess who has the buying decision or at least the influence in most boat buys......

So, it is possible, if the boat stands out and the price is right. I bought it in 2003 for 69k and sold it 2008 for 60K, so I was very happy. Was this an exotic super racer or something wild, no, it was a Catalina 28 MK II.............

 
U

us7070

Super Anarchist
10,317
325
LakeBoy said:
MidPack said:
It's not a fixer-upper, it's a 2007 model. I own it outright so I won't be upside down. I don't want another boat for now, since I own it outright, it's the ongoing costs I want to get out from under. Thanks...
Click to expand...

If you don't absolutely need the investment cash for something else (what else is there to invest in anyway) how about putting the boat into "cold storage."

Rather than paying waterfront storage rates, can you have it moved to a more distance & cheaper storage? Park it on family property somewhere for nothing? Can you find a storage facility you feel safe enough to reduce or terminte the insurance? Can you find replacement without liability policy if you can prove the boat won't be used?
Click to expand...

I'd say there is a lot to invest in now..., and if the economy continues to worsen, the situation for people with cash will get even better.

that's one of the problems w the boat market - the return on (smart) investments made over the next year or so have a good chance of being quite good- if you can hold them for a few years. people with cash are waiting for these opportunities.

I'd say take the hit on the boat - even if you just put the proceeds into an index fund, you'll probably be better of in a few years, than if you keep the boat.

 
savoir

savoir

Super Anarchist
4,914
202
cbm said:
I even did the house staging thing, cushions, flowers, etc. When they brought wives/girlfriends etc, we went below and I made them a freshly brewed pot of coffee and warmed up some pastries in the oven. With the women on board it worked everytime ! They were sold, while the husband wanted to know what size the winches were all the wife could talk about was the fact that she could have her coffee and pastries in comfort. I know we won't admit it, but guess who has the buying decision or at least the influence in most boat buys......
Click to expand...
That's an easy story to believe. It's exactly how I got my boat. A guy paid a deposit only a few days ahead of me and won first call. He brought his wife down to check it out and she didn't like the cushion covers and curtains. Being a well trained husband he bought something else.

Cliched and dopey as it sounds, that's what happened !

 
Crash

Crash

Super Anarchist
5,384
1,234
SoCal
Sold my boat 2 years ago almost to the day. It was on the market less then 2 months. Keys to it selling so quickly were:

Get all the clutter and your personal stuff off the boat

Depending on the boat type, and expected customer, a little staging is good..cruisey stuff for a cruiser (cushions, pillows, whatever), Racing stuff for a racer.

Make sure boat is always available...tell broker (if using one) to call if someone wants to see the boat and he can't make it...go yourself.

Survey what every like model is listed for and selling for. Make sure your's is the lowest priced, best equipped one on the market. Price matters most, well equipped is the tie breaker...

 
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