Thinking of buying a new boat? Read This First.....

[Gofirstclass]

At this time of year many start thinking of the next boat shows and what kind of boat they would like to have. It's been said many times that a boater starts looking for his NEXT boat the day he signs the papers on his CURRENT boat.

So, with that in mind, if you're thinking of buying a different boat, here are a couple of articles written by a marine surveyor. The first deals with watching out for boats that have been through a hurricane, and the second deals with things to look at on your next boat before you hire a surveyor to inspect it. Lots of good information in these two threads and I think it's worth the time it takes to read them. Even if you're not looking at a different boat, the knowledge you'll get from these articles will help you understand your boat better.


http://www.pcmarinesurveys.com/Buying a hurricane Sandy boat.htm


http://www.pcmarinesurveys.com/Marine Survey 101.htm

GFC (and no, I'm not shopping for a different boat!)

 

[mrclark321]

Two very good articles, last year when we lost our boat in the fire we spent a lot of time looking at boats and could not believe how much junk there was out there. We looked at boats in Canada as well as the US and ended up buying in the US from Colony Marine who serviced the boat. I had a survey done from a gentleman from the US and brought over my mechanic for a secondary inspection and input and I am glad I did. When purchased my previous boat that was lost in the fire the survey was done by the dealership that sold the boat and a couple things were missed.
Don't make this mistake as I did.
Best of luck to all replacing there boat and hope things work out with your insurance company and MAKE SURE that you look at all avenues for loss. Even months after our loss we would remember things that were on the boat that could have been claimed, even the small stuff adds up.

Dan

 

[themikehyde]

I am really curious what will happen to the boat market with the thousands of boats destroyed by Sandy. I may make selling ours easier next year, being that it is semi-trailerable. I pulled our 280 out and took it home where it would be safe. The flip side of that would be that our next boat will be that much more?

 

[Gofirstclass]

I think there will be a shortage of used boats over the next few years and that will help to keep used boat prices firm. Part of the reason is the loss of those boats totaled by the hurricanes we've had. The other reason is that for the last few years boat makers have seriously cut back on production. The flip side of that is there are far fewer boat buyers in the market due to the horrible economy. Once the economy climbs out of the hole it's in you'll see more buyers coming to the market.

They may have to pay up for a good quality used boat though because of the lack of boats that are in the model years 2007-2013.

 

[mrclark321]

I think there will be a shortage of used boats over the next few years and that will help to keep used boat prices firm. Part of the reason is the loss of those boats totaled by the hurricanes we've had. The other reason is that for the last few years boat makers have seriously cut back on production. The flip side of that is there are far fewer boat buyers in the market due to the horrible economy. Once the economy climbs out of the hole it's in you'll see more buyers coming to the market.

They may have to pay up for a good quality used boat though because of the lack of boats that are in the model years 2007-2013.

Is this not going to effect all ages? 65,000 is a lot of boats wonder how many are a total loss? My boat was up for sale before the hurricane and the price the same regarless of supply and demand

 

[moparlvr4406]

Do they have a boat version of CarFax :huh:
I have been watching eBay and the Boat Angel organization has Benn getting many donations of crafts
located in the New Jersey area already
undoubtedly damaged in Sandy
descriptions read last started in 2012 but engines inoperative.

 

[Gofirstclass]

The rules for what has to be disclosed when selling a boat are WAY different from the rules for cars and houses. Basically, there aren't any rules about disclosure on boats. It's a case of "Let The Buyer Beware".

As to the effect the hurricane will have on the value of used boats, I suspect all boats in good condition that are not hurricane boats will benefit, but not until the economy picks up. Basically it comes down to supply and demand. Right now, even with all the damaged boats and the limited supply, I think there are still more buyers than sellers. Boat brokers are screaming that this is the best time to buy a boat. No offense to any of you who might be a broker, but they're trying very hard to generate sales in this dismal market.

The advantages of buying now would include low interest rates and a decent supply of boats on the market. The downside might be the question of whether or not the economy is actually on the rise. If a person isn't affected by the economy and his economic future was pretty secure, now might be a good time.

 

[MonacoMike]

One huge variable will be if the owners of vessels damaged in Sandy will opt out of boating or purchase a replacement boat. If thousands of boats are lost to a storm but no one wishes to replace them it would have litttle affect on the market.

MM

 

[Xplicitlnck]

I have many boat up for sale at my marine. I'm looking to move up. My broker called me twice in the past week with offers. They were very resonable and if the storm had not have happened I probably would have taken the offer.reason main reason I declined them was one my adjuster still hasn't gotten to me and I dont know the extent of my damages and I don't want to sell somebody a boat that doesn't boat. Two I don't want to go through the hassel of finding a new used boat that wasn't underwater. So I will be pulling mine off the market and keeping it atleast two more years till all the damages are found on all non totalled boats. I think that maid sense. I also think it is a wise choice. Whats your opinion?

 

[mrclark321]

I have had brokers from Florida, Las Vegas, Toronto, somewhere else in the mid states all telling me they can sell my boat, I think it boils down to them trying to make a buck.