new guy here ive been sailing for years but never a big boat. that being said i have a chance at buying a hunter 34 for a good price. ive checked the compression post and the other things pretty much in very good shape. this being a 1984 boat i would like to know do you guys think the 84s will go down much more in value? i know nobody here has a crystal ball but boats in good shape seem to reach a point then kind of stay for awhile.need a little push here i guess just looking for some advise from people with more knowledge than me. thanks
h34
- Thread starter oldsman41
- Start date
Don't worry too much about the cost of the boat, as long as it is reasonable. After 10 years of marina fees, insurance, haul outs and maintenance, the purchase cost will be only a fraction of what you have spent.
Also, when you come to sell it the buyer(s) will do unto you what you want to do unto the current seller.
Also, when you come to sell it the buyer(s) will do unto you what you want to do unto the current seller.
We bought our '77 h27 in 2000 for $9,000 in 2000. It's worth $6,000 to $8,000 now. The loss of $1,000-$3,000 compares to dockage/storage of $2,000 up to $2,400 per year, and annual maintenance/improvements averaging $1,200 per year for 17 years.
Total costs of ownership:
Depreciation. $2,000
Dockage+. $37,000
Maintain./Improve. $20,000
Total. $59,000
Sailing days. 530
Cost per day. $111 - Quite competitive to other alternatives, but we love sailing, anchoring and exploring together so much!
And there are all those winter days gazing at charts, and anticipating the coming cruises!
Finally we have chartered to far off places around the world most years for around $340 per day - three times the cost of cruising our own boat.
The 34 is a fine cruising boat. Your costs will be higher than ours, but our fun and joy has far exceeded our costs. I hope it is the same for you!
Total costs of ownership:
Depreciation. $2,000
Dockage+. $37,000
Maintain./Improve. $20,000
Total. $59,000
Sailing days. 530
Cost per day. $111 - Quite competitive to other alternatives, but we love sailing, anchoring and exploring together so much!
And there are all those winter days gazing at charts, and anticipating the coming cruises!
Finally we have chartered to far off places around the world most years for around $340 per day - three times the cost of cruising our own boat.
The 34 is a fine cruising boat. Your costs will be higher than ours, but our fun and joy has far exceeded our costs. I hope it is the same for you!
Back in the really old days.. really old... (older than mid 1990's), it was not unusual for used boats to sell for about the same as new.. but since nothing was "standard" you got the add-ons that PO had installed .. for instance I paid about the "new" price for my '85 that I bought in '91.. but I got instruments, an autopilot, a bimini, a much upgraded stove, better ground tackle, upgraded sails, roller furler, refrigeration, ... etc.. boat was $40K-ish.. today it would bring mid $20K on the market (I think).. I don't expect it to depreciate much more .. The used boat market took a big hit in late '90's mainly because not as many folks are interested in sailing; and there are a lot of used boats on the market.. There is a reason that boats are referred to as "she".. ya just have to decide on a good one and not look very closely how much it costs to have and hold!..
I would agree that the 34's have about reached their bottom point in pricing, at least for the next several years. Probably just as important to look at what expenses you might face for repairs, new sails, etc. If everything is in pretty good shape and the price is right I would buy
Old boat will mostly maintain their value, IF you remember that maintaining a used 34 footer is MORE expensive than maintaining a new one!
You HAVE to spend serious money every year on simple upkeep and maintenance. Its a fact you have to wrap your head around. If you do not, the boat will slip into benign neglect, and value will slide down. And down.
You HAVE to spend serious money every year on simple upkeep and maintenance. Its a fact you have to wrap your head around. If you do not, the boat will slip into benign neglect, and value will slide down. And down.
No doubt there will be more maintenance & upgrade expense on an old 34; however, you have to consider the entire cost associated with ownership of old vs new. Depreciation expense on a new 34 valued at $160,000 excluding tax is a very significant and very real cost of ownership. Depreciation on a new boat is approximately 20% over three years and 3% annually thereafter. Therefore, count on about $10 +K per year depreciation for each of the first three years and about $4,000 +per year for the next 10 years. Unless you have a lot of cash on hand, the monthly note on that new beauty is going to be approximately $825+, assuming a down payment of 20% ($32,000), interest rate of 4.7% over 20 years. Interest expense is calculated at approximately $3500 per year. Then factor in a greater cost for insurance vs that old 34 footer. It doesn't take long to realize that the costs for a new boat are going to be significantly higher---in the neighborhood of approximately $15,000 +per year.
When I purchased my present boat 5 years ago, the boat was 5 years old. The first owner not only took a beating on the depreciation at approximately 26%, but also took a shellacking on the repayment of the loan as he was "under water" approximately $15k on the sales value of the boat vs the amount owed on the loan. Several of the owners whose boats were 5 years old, that I looked at, were also "under water" on their loans. Case in point is that there's much to consider in the total cost of a new boat vs old. Too many times we look at the upfront cost, but fail to look at the total cost over the years of anticipated ownership.
Of course, we always get into the discussion of would we prefer to be out sailing on a new boat or spending time in a boat yard refurbishing that old boat. That's a choice that differs for each of us. Either way, this sailing addiction that we have is a costly affliction!
Hope the 34 works for you and you are able to get on the water soon.
When I purchased my present boat 5 years ago, the boat was 5 years old. The first owner not only took a beating on the depreciation at approximately 26%, but also took a shellacking on the repayment of the loan as he was "under water" approximately $15k on the sales value of the boat vs the amount owed on the loan. Several of the owners whose boats were 5 years old, that I looked at, were also "under water" on their loans. Case in point is that there's much to consider in the total cost of a new boat vs old. Too many times we look at the upfront cost, but fail to look at the total cost over the years of anticipated ownership.
Of course, we always get into the discussion of would we prefer to be out sailing on a new boat or spending time in a boat yard refurbishing that old boat. That's a choice that differs for each of us. Either way, this sailing addiction that we have is a costly affliction!
Hope the 34 works for you and you are able to get on the water soon.
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I am sure that you have already considered this advise... get a survey, unless you are really that good, and know what to look for and where.... good luck. We looked at H34s, and saw a nice H35 that worked better for us (mostly better accommodations in the cabin).
yep went out saturday and i took my friend with me he surveyed boats for years and pointed out way to many things that i didnt pick up on we are still looking,,,,,,,,, again.
One thing everyone does when going over historical numbers spanning many years, is forget that because of inflation a dollar is much less then 10 or 20 or 30 years ago... Likely about 1/5th as much as in 1980 and why to be more accurate, you need to convert to constant dollars to take such inflation driven/currency devaluation into effect.
The new value of 6K, is really likely less than half of that now.. so more depreciation in reality....
Regards
The new value of 6K, is really likely less than half of that now.. so more depreciation in reality....
Regards
Viper has a point. I bought my h34 new in 1984 for about $55k. That equates to about $123k of todays dollars. I'm currently selling her, and she will bring about $20k. She's as seaworthy now as 1985. Buying a new boat is a financial mistake. My point is, go for it.