Here it goes;
All boats are bottomless pits but a fixer upper is NO DEAL! Many of the other long timers and multiple boat owners on here will also agree. Spending a
little more on a boat in good to pristine condition pays off in the long run, in more ways than one!
Boats that sit on the market for long periods of time are usually there for one reason POOR CONDITION. Of course sometimes owners just list them to satisfy a spouse and the price is reflective of that, unreasonable. Boats that sit are not usually a
value and wind up costing multiples more than a boat in tip to condition, in the end. Sometimes they sit because they are an odd-ball one-off too.
Boats maintained in tip-top shape, or what I call "2 percenters", (the top 2% of boats) often sell in hours or days for top value but this is still a steal! There are always buyers out there who know boats and only want that pristine well maintained immaculate vessel because they know it is a steal, and that it represents tremendous value.
I had a customer with cash 2 years ago trying to buy a boat. He had looked at over 60 boats all of them JUNK. There is just too much junk on the market and he refuses to reward the lazy and disinclined with his hard earned money..
He was willing to pay well over "market" avg because he knows that when he finds his boat it will represent a bargain over the same sister-ship that sells at the middle or bottom of the heap.
Tim R. (a forum member here) sold his beautiful Ericson with one mention of it being for sale on Sailnet in a single forum post. This beautiful boat never even hit the market, he did not pay a broker, and it sold for more than the Soldboats.com average and multiples more than NADA (NADA averages for boats are worth about the same as Mayor Rob Ford's credibility, nothing). The replacement boat Tim bought, a Caliber 40 LRC, was also purchased without it ever hitting the public market. It too was a 2 percenter.... Good boats move, bad boats sit....
Buy GOOD BOATS not BAD BOATS......
I have a number of customers who've purchased used boats in the last few years. One bought a Sabre, and these are
considered good quality boats. However, he made a HUGE MISTAKE and went for the absolute least expensive Sabre of that model he could find, a massive financial mistake..:cussing:
The one I tried to talk him into, same model only 1 year newer, had a re-built engine, new sails (less than a season), new canvas dodger, bimini, connector and sail cover (less than 1 year old), re-wired, new furler (less than 3 years old, brand new electronics (three months old including radar), Espar heat, high output alternator, engine driven refrigeration as well as 12V DC refrigeration, new interior cushions, beautifully shiny gelcoat, new standing rigging, recent fuel tank and all bright work professionally stripped and re-finished in preparation just for selling it. Deck hardware had also been recently rebedded and it had bone dry decks.. The bottom had also been fully stripped and barrier coated three years prior. You could eat out of the bilge. It also came with about 5k worth of spare parts, tools and accessories.
The price "premium" for all this, in asking price, was just 6K more upfront. Just 6K more "asking".....! He hemmed and hawed and over analyzed and two days later the boat was under contract....
He was simply an
inexperienced buyer and did not know the pure value staring him in the face. He just kept saying "
But it is the most expensive one I have seen." Yes it is I kept saying, and it will be your least expensive over the long haul!!!
He opted for the beater middle of the pack "
value boat" at an agreed price of 28k before survey. Fast forward a couple of years and he now has approx
75K into a boat that is still worth maybe 32-34k on a good day, if that (I'm being kind with 32-34 in this market)... This is a net loss to him, over the other boat, of nearly 50k. His boat is still not as nice as the one he did not buy, and I doubt if it ever will be.
He kicks himself every day, especially the days I am billing him for to fix everything that was "deferred maintenance"...
Here's some of what he's had to do so far: New furler, new sails, new interior cushions, new running rigging, new bulkhead (rotted due to leaking chain plate), new teak bow sprit (was cracked in a storm before he bought it), steering cable & chain, new exhaust hose, new dodger, new electronics, new cabin sole, 4 new seacocks, new prop shaft, cutlass & prop, lots of re-wiring, new water pump, new batteries, new head holding tank and hoses, repowered, new plumbing, new fuel tank, mast wiring, new ports etc. etc. and on and on and on. His boat still is nowhere near as good as the one he turned down over 6K in up-front costs (in the end the selling prices of both boats was only $3800 apart)..... He still lacks a bimini, cabin heat and refrigeration. These items would add approx another 11k, if he were to add them to his boat, and he plans to, but would not change the market value one dime........
Cheap boats are NO DEAL even if you do ALL the work your self.
After 40+ years on the water and 25+ boats, I now only buy 2 PERCENTERS. A 2% boat is that needle in a haystack boat that is in absolutely pristine condition with maintenance, upkeep and upgrades done only with the best materials and care for quality. These boats are hard to find but they do pop up. You'll at least want a boat in the top 10%, condition wise, or it's going to cost you.
I also work for the guy who bought the good Sabre (for 3.8K more). He's a seasoned sailor and very smart buyer. He knew this was a steal of a deal the minute he heard about it and brought his check book along with him. This 2 percenter was a private sale also and never hit the open market.. The boat has needed very, very little work, a few hundred dollars to be exact, and he has just been sailing it and enjoying it since day 1.....
My personal opinion is that bottom line price should
never be the #1 determining factor when buying a used sailboat though it very, very often is and this is usually a very COSTLY mistake.
CONDITION, CONDITION, CONDITION!!!!!!
Try to think and project out what will your
total cost will be three to four years from now. Be HONEST with yourself on this because you only screw yourself... This type of thought process should always be a strong consideration.
People can pour all the stupid money they want into a boat but it still won't change the fair market value much if any.
The educated boat buyer will come along and buy the boat that has had 75k put into it and steal it for 35k making it a tremendous value...
The uneducated buyer will come along and buy the boat that needs 75k put into it and get robbed for 30K and have a 95k boat in the end......
Keep in mind that just between sails, standing and running rigging you can be looking at 15k+ on a 28 - 34 footer.... We've not even touched wet decks, rot, shafting, engine, wiring etc. etc. etc....
Course in my professional opinion, please buy the beaters it keeps me working....
