jon and michie
Well-known member
They are slowly dropping a Targa 43 went for sale in Plymouth last month was on the market for about 4 weeks and sold - as it was correctly priced others that I have seen are still sitting after a year and a half.
Covid UK Prices
- Thread starter jon and michie
- Start date
oldgit
Well-known member
There are substantial numbers of mid sized " legacy" boats waiting just under the market surface to be moved on.
Many ancient mariners and crew having undertaken all the adventures they are likely to do over a long boating career, are thinking now of calling it a day.
Most, would rather see the boat off to a good home as opposed to achieving the last farthing pricewise, none are being sold because the skippers are in desperate need of the money, more to get rid of mooring and insurance costs.
Suspect all marinas and boat yards have boats in them that have not seen much/ any use Pre- Covid and are highly unlikely to go be moving anytime soon, for any prospective buyers out there considerable care should be taken regards latent problems resulting in years of non use. ?
Having assisted a couple of folks who have recently purchased boats, take any assurances of recent servicing , was it 1 or 5+ years ago, with shares in a small salt mine.
The hardest thing appears to be accepting that ones boating days are over and moving on, also a once dependable constant supply of buyers of
this type of boat has now virtually disappeared, these boats no longer offering what new entrants want from a boat in 2025.
Bit like selling a WW II Tank to somebody who really wants a 2010 small nippy economical sports job.
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Momac
Well-known member
The supply of buyers does seem to be the problem at present.
But that could change in the same way that demand for used boats has varied in the past.
Spending the kids inheritance may become more popular.
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oldgit
Well-known member
Might be correct but would suggest that anybody who has had a life long yearning to possess a motorhome/caravan/ boat or nice little pied-à-terre away from the rat race of life ie. a second home and had trouble sleeping at night due to a large pile of folding under the , mattress has already fulfilled their hearts desire and already regretting it.
Recent fiscal events may also have caused folks to review just how much money might be kept in reserve for that rainy day.
In the last 12 months can recall several boats being put on sale and then being taken off the market, no interest whatsoever on one pristine boat
@ £160K offering amazing value for money and offers getting nowhere near the asking price on other boats well into the Autumn of their years.
One skipper recently upgraded to a well regarded Prinline 36 ft Fly , previous boat is still sitting unsold ashore nearly two years on , he appears in no great hurry to sell it.
Really do think the market has changed as happened in the 1970s with sudden demise of anything with a gas guzzling V12 or V8 and customers demanding economical compact vehicles.
It took a couple of decades before the V8 crept back in to view and it was a much more fuel efficient/cleaner beast than its predecessor ?
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henryf
Well-known member
Popped back on the forum after a break over the summer to go boating and I see this thread. About to reply when I see I’ve already said what I was going to several months ago.
So 7 months down the line and still no boat purchase. As someone with a bit of experience buying and selling stuff is there a danger that you’re trying to find reasons not to buy a boat rather than trying to buy a boat?
As mentioned previously with older boats (your chosen target was 1997 - 2007) there is a vast cavern of difference between individual examples and you only know what they’re like when you see them in the flesh assuming know what you’re looking at.
It isn’t about the paperwork, who owned it, how many hours it’s done or where it lives it’s the actual boat it’s self. All the peripheral stuff can give clues but we reject so many cars that on paper are a done deal but when inspected sadly fail to meet expectation. When we see a good example it sticks out like a sunflower in a pumpkin patch.
So 7 months down the line and still no boat purchase. As someone with a bit of experience buying and selling stuff is there a danger that you’re trying to find reasons not to buy a boat rather than trying to buy a boat?
As mentioned previously with older boats (your chosen target was 1997 - 2007) there is a vast cavern of difference between individual examples and you only know what they’re like when you see them in the flesh assuming know what you’re looking at.
It isn’t about the paperwork, who owned it, how many hours it’s done or where it lives it’s the actual boat it’s self. All the peripheral stuff can give clues but we reject so many cars that on paper are a done deal but when inspected sadly fail to meet expectation. When we see a good example it sticks out like a sunflower in a pumpkin patch.
Momac
Well-known member
I am thinking that since personal pension funds will be no longer being exempt from inheritance tax there will be less incentive to put money into personal pensions and greater motivation to spend savings for the future avoidance of inheritance tax.
In other words some folks may be motivated to keep less in reserve.
That is not to say they are all going to spend it on boats and boating but some might.
It seems only very recently that boats were selling like hot cakes . I don't expect the covid induced buying frenzy to be repeated but I do think boats start to look reasonable value when compared to other leisure activities. Part of the reason boats look good is the values of used boats are more or less static , having returned to pre-covid values.
henryf
Well-known member
I also think the same. A £2 million pension pot previously left untouched so as to pass tax free to the kids now needs spending and enjoying to avoid the 64% ? tax bill created by passing it on.
There might even be some merit in exploring capital gains on mechanical objects?
Momac
Well-known member
I doubt many people have quite that much as in a pension fund but yes that's the general idea . I think the inheritance tax rate is 40% ? and applied above the tax free allowance.
It is also possible the 25% (but capped) tax free allowance which may be withdrawn from a pension fund could be reduced at some future time. So more motivation to take that while it is available.
Certainly converting money into some other form (eg a boat) or just spending it seems worth considering.
henryf
Well-known member
I use £2m as a crude figure for the previous lifetime allowance (married couple). My pension administrators worked on the assumption you’d be living off other income rather than “waste” the tax benefits of the pension.
The budget potentially cost me / my estate a lot of money but I can’t argue with the sentiment. A pension should be there to support the contributor and as such it enjoys very favourable tax treatment whilst creating the pot.
I will now be able to spend my hard earned pennies with a clear conscience
oldgit
Well-known member
Having walked away from a multitude of tired / over priced heaps at the four corners of the UK, maintain that you can spot the right one when walking up the pontoon towards it.
Just a case then that the seller does not insist on taking you to cleaners in order for you to get your hands on the boat.
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jon and michie
Well-known member
You know when you see it whether to go for it or not and exactly what you say about the seller taking you to the cleaners.
For me personally I can wait for the right one to come along and will pay for it at a fair price for what it is in my view what its true value is and condition.
Seastoke
Well-known member
Your fair price , might not be his and while you are waiting it will get sold . So go and get what you want.
jon and michie
Well-known member
See post #81 - unfortunately I was away at work so missed this one.
And yes you are correct my fair price not be the sellers hence that's why you negotiate.
But there's fair prices and there is extortionate pricing hence why I said in post #81 others have sat for approx over a year and a half.
oldgit
Well-known member
The darkest hour is always just before the dawn .
Thomas Fuller. 1650
Almost certainly written after much fruitless searching for his new to him Barquentine ?
Thomas Fuller. 1650
Almost certainly written after much fruitless searching for his new to him Barquentine ?
jon and michie
Well-known member
In My situation Turn the Darkness into light - ok so I have been boat less for 1 season that said work has been off the scale this year so really didn't have a great deal of time to give to boating - However I haven't paid a marina fees, fuel and insurance for a year - along with my initial boat buying fund (No Mortgage required) all banked earning interest.
DavidJ
Well-known member
I’m in a similar situation being now boatless. I’m a bit shocked how the cash is mounting up in the account (which includes interest on the boat sold) I now holiday travel business class, gone up a couple of grades of hotels, 6 foreign holidays this year and still not denting the account.
I think the total cost of owning a boat is far more than I had assumed.
If SWMBO is looking over your shoulder, shut down immediately
jon and michie
Well-known member
Granted its not nice being boat less don't get me wrong - but I am not going to buy a boat just for the sake of it - it has to be right in terms of condition and for a fair price on both sides.I’m in a similar situation being now boatless. I’m a bit shocked how the cash is mounting up in the account (which includes interest on the boat sold) I now holiday travel business class, gone up a couple of grades of hotels, 6 foreign holidays this year and still not denting the account.
I think the total cost of owning a boat is far more than I had assumed.
If SWMBO is looking over your shoulder, shut down immediately
what I do find is that if a seller has priced too high and is still sitting a year after - he / she has now incurred another year's insurance / and marina fees - and yes they could say well I will just continue to use it but then one could argue then does the seller want to part with it in the first place.
p/s Dont tell SWMBO
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oldgit
Well-known member
Chatting to a skipper with an absolute peach of a Princess 45, boat known to the trade , owner used to get phone calls from brokers asking did he want to sell , name your price , possible buyers waiting.
He recently came into the fortunate situation where he could purchase a newer better boat.
Contacting the brokers he was told the market has virtually stopped .
A late model Fairline Fly bridge which would have been a possible upgrade for him had been reduced by £25K but still no interest, however the real problem would be selling his boat.
Its too big regards mooring and running costs, buyers today want newer smaller stuff.
He recently came into the fortunate situation where he could purchase a newer better boat.
Contacting the brokers he was told the market has virtually stopped .
A late model Fairline Fly bridge which would have been a possible upgrade for him had been reduced by £25K but still no interest, however the real problem would be selling his boat.
Its too big regards mooring and running costs, buyers today want newer smaller stuff.
jon and michie
Well-known member
@oldgit - Totally Agree and the Market has slowed down a tad especially after the Budget - Plus there is a reason a boat gets reduced by 25k - as I have mentioned earlier out pricing themselves.
As what I said in Post#81 that Targa 43 was set at the correct price and sold within weeks - Again another one in Denmark coincidently in All White which looked like it had just come out of the factory again sold within 3 weeks because it was priced at its true value.
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oldgit
Well-known member
Unfortunately the much larger and more competitive market across the other side of Le Manche is now closed unless you are keen to fork out another 20% on the asking price.
On our last boat search the distance we travelled to look at a "Covid Markup" olde heap in Hartlepool could have taken us to several marinas in Holland and Belgium and France.
The trip to Hartlepool was not total waste of time, the main attraction appeared to be a statue of a French Monkey they hung as a spy.
Some folks might suggest this tells you all you need to know
On our last boat search the distance we travelled to look at a "Covid Markup" olde heap in Hartlepool could have taken us to several marinas in Holland and Belgium and France.
The trip to Hartlepool was not total waste of time, the main attraction appeared to be a statue of a French Monkey they hung as a spy.
Some folks might suggest this tells you all you need to know
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