Buying A Sailboat Is Scary! Yacht Broker Interview
ฝัง
- เผยแพร่เมื่อ 7 ก.ค. 2024
- Today we're chatting with Patrick from RCR Yachts and asking questions about buying and selling a sailboat, boat insurance, surveys, boat loans, interest rates, and depreciation. Patrick explains what makes a sailboat easier to sell, easier to insure, and what lenders are looking for before giving you a loan to buy a sailboat.
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Keep up the good work your show is getting better all the time
Great questions …. Great interview !
Thanks
Great show
My insurance said the same thing about a 1983 Catalina that just passed a 2023 survey . It was getting old and near a cut off date ( they did not say what the cut off was) . I started to look for a different insurance company . This is why I don't understand you pushing boats from the 70s . Sure they are old battle tanks but they are over 50 years old. Even the 1983 is 41 years old . Sure well taken care of but no sugar scoop narrow , and may need upgrades
Good information for sure… but for real a new boat drops half the value and you will get zero of the money back on upgrades. Brokers and the rest of the snobs at my marina tell me that you need to spend 300k…. All in 25k so far and I live on the boat because I’m poor does this mean I don’t get to sail. Hate these people who want to make me feel less of a sailor because I’m not wealthy. The cost is number 1 reason more people don’t sail the 2nd is the way people act if you’re not wealthy and dare to have a boat.
The next shit I give what some champagne and caviar bastard has to say about me OR my boat will be the first one…
Exactly. Imagine the mental gymnastics you'd have to perform to buy that new $300k boat, owing $250k as a loan. I agree with you, I don't want my condo to float, I just want a capable, liveable, easy effing boat. Cheers from GC Aust.⚓
Superb presentation, great interview and questions! Sobering, yet not dampening the magic of boating. All the best, Marty p.s. I was gonna show this to Mrs. 51% but...nah
From my experience brokers are difficult to deal with. They are not organized for keys and access to get to the boat. Any question is answered with the Survey will know the answer . So I find it better to deal with the owner. Could be just my local dealer??
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my experience is that it is hit n miss... boat sales has their fair share of sleezy used car salesmen. The guy selling the Island Packet or the Grand Banks is more likely to be a professional than the guy selling the Beneteau or the Bayliner.
Also, yacht sales are a lot like real estate sales. It makes sense to have a broker representing YOUR interests, as the listing brokerage is representing the seller... especially if the seller is paying the sales commission.
New boat entry is super expensive and not viable for many wanting into the sport. Purchase is only the start of it. As a Canadian, currency exchange rates make it more expensive to purchase a boat from the US. Add 35% for exchange and then tax on top of it. If you need to truck it home, that also hurts. I just went through this last month as I purchased a boat in Maryland and trucked it home. I checked out the new Tartan 365 at the Annapolis boat show - you need to have some serious disposable cash to get into a boat like that. It’s not reality for most so the used market is always going to be attractive. You need to constantly be searching and you may find a needle in the haystack. I’m starting my third refit.
Thank you for the interview. Need a reputable broker interview from someone in Florida an southern waters region.
I bought an 81 S2 26' for cash, gonna try living on it, might maybe eventually try an ocean passage with her, not even concerned with resale value ...
Loving these insightful videos!!! I'm planning my future towards retirement and have so many questions. Would an episode on insurance in general be useful to many viewers? I do hear the difficult to insure past a certain age, as well as only will insure if outside of hurricane seasons, etc. Could we discuss these topics, what to expect, and most importantly how to navigate through? So I'd like to think I'm a more atypical retiree wannabe. Perhaps 90s boat, luxurious interior woodwork, starting off in the Caribbean. So yes, from an insurance troublesome standpoint: older, hurricanes (what do I do off season), how good really IS the insurance god forbid should I wish to claim as this is a part of my dear retirement, etc. Thanks as always for all that you do and share!!!
I was going to ask the same question about doing a deeper dive on insurance. What is the minimum required? Do marinas require a boat to be insured to use their facilities? What if you have very little experience as a sailor? etc...
Good video Tim!
I bet you guys could get a lot of info from an insurance company.
@@artsmith103 These are great ideas! I will see if I can find an insurance broker next ;)
@@practical-sailor Funny, I meant those guys with the questions could contact an insurance company :-)
Historically I must argue no, 2024 interest rates are not high, they are pretty average. People who thought 3% loans were forever, then borrowed real money for a depreciating, maintenance-heavy asset, have only themselves to blame imho. _
A subject sometimes neglected when discussing the used boat market: Many manufacturers went out of biz or out of production between 2008 and 2011-2013 or so. That is a large number of boats that should be on the market that do not exist, affecting the values of the boats that are on the market.
Second. Does that count?
Good interview! With this new job will you have enough time to sail this summer?
All three boats 🤞
John Kretschmer wrote in his Used Boat Notebook:
If you have $150,000 to spend, would you rather have a beautifully reconditioned 1975 B40 or a new 32 foot ABC production boat? Which boat will be worth more in five years ? Which boat would you rather sail ?
I just had my B40 surveyed. Her estimated market value is 48% higher than it was in last survey of 2006. I’ve upgraded her yes but she’s held her value.
How much of that value is inflation?
I agree. My Hans Christian 33 sold in 1985 for 70k. They still are worth 70k-100k. Depending on condition of course. These old quality boats will never lose their value.
So, they go to all the trouble to design a great 37.1 that accommodates only those 6'2", 6'3" (6'4" in the companionway) or less. Still looking for a designer in that length that acknowledges people over 6'5", 6'6" tall in their design. See it in older (Robert Perry) designs and more current boats over 40'.
Yeah I was going to say the Bene 423... I'll take a look
Not Last!
...and here is your proof lol!
What will be hot depends on the local and the market. every region will be different, those new boats are $270,000. You can buy a great used boat and pay for the ownership for a couple of years for that price.
People should get a copy of Don Casey's "Inspecting the Aging Sailboat" so they know what to look for. It is my bible as a look at any potential boat for myself or a friend, new or used.
Be prepared to walk away if you can't fix some thing or id you can't afford to have it fixed. Even new boats come with problems, the more systems on a boat the more likely something is to break.
Put this way, if you have money to throw away and love the water buy a boat well newer than 20 years old and sell it way before it's 20 years old. Ya gotta really want to have a boat and have a lot of expendable cash. If your not wealthy or a financial masochist buy land with resources on it ,rather pay property tax on that
As broker I'm so sick of hearing that 80s boats have no value. Kinda like saying a 1968 Plymouth Roadrunner is worthless. A good one sells for 3 times what cost. Good boat vs bad boat.
A new 37' almost anything is $400,000
Love for "First" but no love for sensible comments lol. You over-think the point here lmao. Just borrow a metric ton of $$$ on a new, depreciating, maintenance-heavy, consumer asset. Then complain. 😎⚓
Poop was hoping that the post sailboat Covid dump was coming.
Those 80s boats all should be under 20k. They just sit out here and rot because people are unrealistic with thier prices
I can't agree that a yacht doesn't depreciate the moment that you buy it. You suggest that it doesn't depreciate like a car the moment that you buy it.
Imagine that I buy a brand new yacht, fresh from the factory and ten minutes later, I try to sell it. Why would someone buy my yacht, rather than a new one? There has to be gains, reasonable incentive. Thus, in order to sell the yacht, I would need to drop the price for some significance to incentivise someone to want it over the new yacht. Otherwise, they've already got the capital for the new one; If for no other reason than the fact that it's "brand new".
First
If you own a company.. & you need a tax write-off, maybe dropping tens of thousands on a nice looking yacht ⛵ could be a good business plan? Its a big status symbol.. 99% of Sailboats are much like travel trailers, no building standards & mostly disposable.. just try & sell your boat & you need to almost trick someone into buying it...! 😁
Brokers are selling a 'Dream' it seems?
The average American can not afford a new sailboat, this is why the sailing world is very small, a very small percentage of people sail.
The average American who wants to sail usually has to have the gumption and smarts to conduct a full refit and ends up with some derelict that was cheap or free. Especially an average guy who wants a traditional wooden boat. That's me and my boat.
Trick, I think you're projecting your personal struggles into the market. My experience is people enthusiastly pursue what will work for them. I don't know any sailors that went into the market and didn't eventually get a boat. Selling the prior boat can be a little frustrating.
So buy a used one or fix up an old one! I just did that this winter, and I’m super excited to sail this summer when I can. Unfortunately the average american wants everything handed to them brand new and ready to go.
@@bhoutdoors507 You do realize that all used boats were once new boats, right? If fewer and fewer new boats are made because they are more and more expensive then the market will just collapse and there will be no used boats for beginners and ordinary people to buy.