Buy now or wait for recession?

[thinwater]

The purchase price is not the big cost.

Don't get hung up on one model. Then buy something good and go sailing. The more popular the model, the more you will recoup when you sell.

Or buy a dinghy and learn to sail while you wait. Dinghies are more fun anyway (I learned on a Prindle beach cat).

 

[Barnacle Bill]

If you find the boat you want, buy it before someone else does.

 

[Tally Ho]

@Barnacle Bill has some good advice.

When I bought my first boat, I found a 1988 O’Day 322. I drove home with a knot in my stomach over buying my first boat. But alas, my wife (the smart and fiscally responsible,one) said…wait until our son picks the college of his choice, so we know what that is going to cost, before you buy a boat. I reluctantly agreed (but chided my son to make a #($+&@$2 decision already!

He finally did, and I called the broker the next day to say “I want to see the boat and Saturday and make an offer”, to which the broker said….”I would love to show it to you, but I sold it last week”. I was pissed at my wife and my son and heck, the whole world! I bought the next boat I looked at…

Oddly, I got to know the guy that bought that O’Day 322 “out from under me” as I often described it. He would write me and tell me know sweet she sailed, and I would call him a thief for stealing it out from under me!

5 years later, Bill emailed me, and said, “Greg, I moved to Cleveland, boat is still in Michigan…make me an offer”.

I bought the boat straight away, against the objections of my wife (who wanted to the fiscally responsible thing and sell the boat I already owned first…but I said I wasn’t letting the O’Day slip through my fingers again.

To this day, whenever I talk about upgrading to a new boat (5-foot-itis does creep in once in a while), she reminds me how I cried, whined and in general couldn’t think about anything but the O’Day 322…my “perfect boat”, and that she is the one I am stuck with forever!

Well, I do like my O’Day 322, but a Beneteau 373 keeps catching my attention…what is a guy to do?

oh yeah, back to the original question….just do it already

Cheers,

Greg

 

[Siamese]

NOW

 

[baycloud]

@Barnacle Bill has some good advice.

When I bought my first boat, I found a 1988 O’Day 322. I drove home with a knot in my stomach over buying my first boat. But alas, my wife (the smart and fiscally responsible,one) said…wait until our son picks the college of his choice, so we know what that is going to cost, before you buy a boat. I reluctantly agreed (but chided my son to make a #($+&@$2 decision already!

He finally did, and I called the broker the next day to say “I want to see the boat and Saturday and make an offer”, to which the broker said….”I would love to show it to you, but I sold it last week”. I was pissed at my wife and my son and heck, the whole world! I bought the next boat I looked at…

Oddly, I got to know the guy that bought that O’Day 322 “out from under me” as I often described it. He would write me and tell me know sweet she sailed, and I would call him a thief for stealing it out from under me!

5 years later, Bill emailed me, and said, “Greg, I moved to Cleveland, boat is still in Michigan…make me an offer”.

I bought the boat straight away, against the objections of my wife (who wanted to the fiscally responsible thing and sell the boat I already owned first…but I said I wasn’t letting the O’Day slip through my fingers again.

To this day, whenever I talk about upgrading to a new boat (5-foot-itis does creep in once in a while), she reminds me how I cried, whined and in general couldn’t think about anything but the O’Day 322…my “perfect boat”, and that she is the one I am stuck with forever!

Well, I do like my O’Day 322, but a Beneteau 373 keeps catching my attention…what is a guy to do?

oh yeah, back to the original question….just do it already

Cheers,

Greg

It's funny I almost have the same story, I was looking at tons of boats and the only one that I liked was a 322. Didnt buy it because it was daunting and i was just starting to make money in a career. 2017ish. The second time around I saw the same 322 for sale I wasn't comfortable spending the $17k (14k the first time around ...sigh) since I was starting a business. Fall 2020.
Fast forward 1 year and I had more money than ever before, and spent 80 cash on my beautiful Legend 40.5. Add another 25+ for upgrades.

I believe I could have saved 5k or more if I had waited 2 years (ie buy next year), but by then i'll hopefully have kids and wouldn't want to go cruising for quite some time. So I would ask you whether you want a boat now or later?

 

[Tally Ho]

It's funny I almost have the same story, I was looking at tons of boats and the only one that I liked was a 322. Didnt buy it because it was daunting and i was just starting to make money in a career. 2017ish. The second time around I saw the same 322 for sale I wasn't comfortable spending the $17k (14k the first time around ...sigh) since I was starting a business. Fall 2020.
Fast forward 1 year and I had more money than ever before, and spent 80 cash on my beautiful Legend 40.5. Add another 25+ for upgrades.

I believe I could have saved 5k or more if I had waited 2 years (ie buy next year), but by then i'll hopefully have kids and wouldn't want to go cruising for quite some time. So I would ask you whether you want a boat now or later?

In my case, I knew what the PO paid for the boat (I had asked the broker when he said he sold it) and I knew of a few upgrades he made after he bought it….new chart plotter primarily). Being the SOB I am, and knowing the seller had moved and was paying slip fees (and winter storage was coming), I low-balled him and offered a bit less than he paid for it (I thought it was a good deal for me). I emailed my offer and waited…no response. I was afraid I had offended him…and then I found his acceptance e ail in my JUNK folder! I almost cried.

Paying For boat and getting the title is a whole other story…
We had agreed on a price, and originally the seller wanted me to bring 2 checks… one to the bank to pay off the loan on the boat, and the balance made out to him. He called me a week before we were going to close, and he said he had paid off the loan, so just make the whole amount out to him. The day were closing, we met at his bank in Michigan…but they were now living in Ohio. I walked in and the bank manager and Bill and his wife looked perplexed and a bit angry. Turns out Bills wife mailed a check to the bank to pay off the loan, and it never arrived. So, the bank won’t release the lien and I am not willing to depart with my $$ unless I can get clear title. And speaking of the title, neither thr bank, nor the seller could find it.

So I did what any good sailor would do and I said, “ I am going to go look at my boat…you guys get a plan together a d call me with the plan. I do not want to come back for another closing”. While sitting in the cockpit of my new boat, I got a call…can you cash the check, and then we can pay the bank loan in cash, so they can release the lien. And in Michigan,you can get a replacement title at the DMV…

So, we met at a branch of my bank, cashed a $22k check for cash, carried it out in a brown paper bag, and then drove to his bank and paid the loan off (looked a bit like a drug deal with cash being counted out on the managers desk). They gave me the lien release and a Michigan replacement title, and then I went back the marina, had a cold beer on MY boat (found a few bottles in the fridge) and put a new lock on the companionway door…

Bill - if you still read these blogs, thanks for selling me Tally Ho!

Greg

 

[BigEasy]

If your job is secure and won’t be impacted by a possible recession, Find the boat that you want & buy it. A used Catalina 25 should be available at a reasonable price. Take your time and thoroughly research the market. I somewhat disagree with others; if you want the 25, become completely familiar with that model & by all means, sail it by chartering for a day sail or more. I was fortunate to belong to a charter club and chartered Beneteau’s for four years. I gravitated toward the 343 & probably spent 30 days & nights (over time) on the boat, When I decided to purchase, I limited my search to the 343. Took me 2 years to find the right one at an acceptable price. Was still chartering during my search. Don’t fall in love with the first boat that you see, unless it is in perfect condition. Unfortunately, it can be difficult to be objective when you’re in love with a boat! Great thing about a trailerable boat is that you can have a fairly wide search area and bring it back home yourself without incurring expenses to derig & transport. Happy Hunting!