Adivce on negotiating a price for a used boat

[bernie_ni]

Thanks for that, Tranona - didnt realise there is usually a 'written' contract. My last boat was a jaguar 21 bought many years ago for actual 'cash' and never thought of a survey, etc. I must have been just lucky as the boat was perfect for my needs then.

 

[Tranona]

Thanks for that, Tranona - didnt realise there is usually a 'written' contract. My last boat was a jaguar 21 bought many years ago for actual 'cash' and never thought of a survey, etc. I must have been just lucky as the boat was perfect for my needs then.

You can find a model contract on the RYA site. Brokers tend to use a similar model contract , but it is possible to change it if all parties agree. it is pretty robust for most transaction and no reason why it can't be used for private sales as well. Then both parties know where they stand.

 

[cliff]

One other thing to consider is if you make an offer "subject to survey" the cost of the lift out/back in and the surveyor's fees are to your account. The owner is under no obligation to reduce the price even if the survey finds something you did not know about so if you try to squeeze the price down based on a survey the owner could say "no sale" and you are out of pocket several hundred pounds and SFA to show for it.

 

[ukmctc]

Most brokers will give you a copy of their contract if you ask.
Surveys are not always needed, depends on the value of the boat and size and of course your earning power.
find the boat you want, see what the buyer wants, decide what you would offer as a maximum price, offer 30% less than the seller wants, make another offer 20% less at least
then walk away from the deal if not taken.
I paid £7000 for my moody 33, now valued at £49500.

 

[Uricanejack]

I've bought a few boats over the years most small and a simple pile on note's and a hand shake did the deal. showing up with hard cash helped.

My current boat was a first for me. The full broker, offer, survey, renegotiation and sale. As it happens I was able to pay outright.
I looked at a few. which didn't quite cut it for one reason or another.
I enquired about a nice boat intending to make an offer the broker told me a simmilar offer had already been turned down and the owner was not willing to budge on price,
I bought a different nice boat having made a firm low offer aprox 25% less than asking price. I don't know if this is typical or not. it worked for me
Old boat I soon found I needed to spend about 10% for repairs. which wiped out my wish full thinking or would be nice to have budget.
The other broker has since contacted me again the boat with the firm price is now asking way less than I would have offered I would have offered about 12% less than asking price. current asking price is 30 % less than my offer.

As they say its a buyers market.
I doubt if I would get my monney back if I were to sell now.
fortunatly i like the boat.

 

[Tranona]

I paid £7000 for my moody 33, now valued at £49500.

Whoever "valued" your boat at £49500 has not got a clue. You will be lucky to get £20k for it - no matter how good you think it is or what you have spent on it.

 

[FullCircle]

Whoever "valued" your boat at £49500 has not got a clue. You will be lucky to get £20k for it - no matter how good you think it is or what you have spent on it.

Just for once.... +1

 

[GrahamM376]

Whoever "valued" your boat at £49500 has not got a clue. You will be lucky to get £20k for it - no matter how good you think it is or what you have spent on it.

I think some people think that the insured value is the selling value which isn't true. The insured value is what it would cost to buy another boat and equip to the current standard in the event of a total loss. In our case, the insured value is £10-£15,000 more than a realistic sale value in this depressed market.

 

[jwilson]

Whoever "valued" your boat at £49500 has not got a clue. You will be lucky to get £20k for it - no matter how good you think it is or what you have spent on it.

In general you are right: even a superbly good Moody 33 cannot possibly fetch £49,500. We sold a very good but not quite perfect one recently for mid-20Ks, so the absolute top end would be just under the £30K. As others have said, £20K-ish is typical. At around £50K buyers can get a bigger and much newer boat, and won't look at a Moody 33 no matter how good.

 

[temptress]

I am reading this thread with interest, as am looking to purchase 28 - 30 ft early next year, I hope.(absolute max 20k)

Making an offer is binding (unlike houses) ; gigm , is this really the case? though I assume an offer should also be made 'subject to contract?
I dont mind a bit of haggling..... but offering 30% below the asking price? There is a forumite here selling his Fulmar, now down to 19K. That means - I would offer about 13 or 14k ??
I want to add that I am not personally looking for a Westerly Fulmar - but i suppose there is no harm done if you make a ridiculous low offer?

You can offer what you like - the seller can refuse the offer! It's up to you to pay what you think it is worth. When I bought my current boat 13 years ago I made a cheeky offer which was accepted. I might have even gotten it a bit cheaper but i was (and am) happy with what i have and paid...

It is simple a negotiation and one where the parties do not have to agree - either one can walk away up to the point of agreement. So offer 13k for a 19k asking price and take if form there. Remember it a business transaction and try and keep emotions out of it until complete. Difficult iht emotional purchases like a boat

 

[Monique]

A well maintained boat will go for near a correct asking price for the type and model.

Mine sold for less than 3% off asking. Also, reputable brokers will not let a seller impose a boat far out of its price class; it will not sell and waste everybody's time. I found a Oyster 55 which is for sale for what seems a bargain; yet it is far overpriced given the poor care given she received.

Forget getting 30% drop unless the boat is a junker. Some people dream!