Gofirstclass
Well-Known Member
We've all heard that, as well as the line "The 2 best days in a boaters life are when he buys the boat and when he sells it". Well, I'm going to lay both of those rumors to rest BUT these only work if you do things right and only IF the times are right for you.
We bought Beachcomber almost exactly 10 years ago. The timing couldn't have been better for us for a number of reasons.
First, 10 years ago the US was just starting to find its way out of a deep financial depression/recession.
Second, the brokerage had picked up this boat as a repo in late 2008, expecting the financial recovery to come much sooner than it did. They had expected to flip the boat in early 2009 and make a killing.
Third, if you know anything about how bank flooring works you know that after a year of being floored, the brokerage must buy it from the bank that has been holding title to it.
So the brokerage had bet a lot of money that the financial crisis would end and when it didn't they had to take a bunch of their money to buy the title. That sucked for them but was great for me.
I started dealing with then in mid-January, 2010. I needed to trade my 330DB in and that was the only way I was going to make a deal. They didn't want to take my boat on trade but after 3 months of negotiating with them (Oh, did I tell you I LOVE to negotiate!) they agreed to take it. I had a price in mind that, if we hit that price I would have STOLEN their boat.
After the 3 months I got to within $10K of what my price was so I agreed. At that point the real work of getting a shipper, taking the fly bridge off, etc.
So, fast forward 10 years and now we have sold Beachcomber. Was I sad? Absolutely but I am looking forward to out next venture--buying a motorhome.
The diff between what we bought Beachcomber for and the price we sold it for amounted to about 14%-15%. So, it cost us money to own it for 10 years but I figure that small amount was a small price to pay for all the enjoyment and fun we got out of the boat over that 10 years.
Now, on to our next adventure.
We bought Beachcomber almost exactly 10 years ago. The timing couldn't have been better for us for a number of reasons.
First, 10 years ago the US was just starting to find its way out of a deep financial depression/recession.
Second, the brokerage had picked up this boat as a repo in late 2008, expecting the financial recovery to come much sooner than it did. They had expected to flip the boat in early 2009 and make a killing.
Third, if you know anything about how bank flooring works you know that after a year of being floored, the brokerage must buy it from the bank that has been holding title to it.
So the brokerage had bet a lot of money that the financial crisis would end and when it didn't they had to take a bunch of their money to buy the title. That sucked for them but was great for me.
I started dealing with then in mid-January, 2010. I needed to trade my 330DB in and that was the only way I was going to make a deal. They didn't want to take my boat on trade but after 3 months of negotiating with them (Oh, did I tell you I LOVE to negotiate!) they agreed to take it. I had a price in mind that, if we hit that price I would have STOLEN their boat.
After the 3 months I got to within $10K of what my price was so I agreed. At that point the real work of getting a shipper, taking the fly bridge off, etc.
So, fast forward 10 years and now we have sold Beachcomber. Was I sad? Absolutely but I am looking forward to out next venture--buying a motorhome.
The diff between what we bought Beachcomber for and the price we sold it for amounted to about 14%-15%. So, it cost us money to own it for 10 years but I figure that small amount was a small price to pay for all the enjoyment and fun we got out of the boat over that 10 years.
Now, on to our next adventure.
