Getting A new boat - Money questions!

[woody001]

Hi Guys,

Need your help and experience.

We have seen a really nice yacht we want to upgrade to, the question is, I dont have the cash to buy this yacht, whilst trying to sell my current yacht.
Iam sure this is a common problem when upgrading boats, how do we get round this?

What are the options I have?

Thanks for your help.

Kind Regards

Simon

 

[Skyva_2]

Not just a money question. You will in effect be running two boats, you need to keep the first boat in showroom condition while you are selling it, and pay for storage - maybe for many months.

Do you have the time?

 

[SQUIRRELS]

Without knowing much about your £ situation, I'd suggest you
a) sit tight and sell 1st
b) talk to your financial advisor
c) smile sweetly at your granny
d) ask about part x

Seriously, only indulge in anothor boat if you can afford to keep two afloat. And, don't be talked into buying the one you fancy from some smooth talking broker who tells you your present boat will sell very quicker.

Good luck; by the way what is it you've fallen for?

 

[cgull]

Sell yours first, theres hundreds of boats for sale out there....buying is the easy bit.

 

[LadyInBed]

He might have just sold it to Vic Rose /forums/images/graemlins/grin.gif

 

[jonathankent]

completely agree with the others here.... sell yours first. i know you may think that it is the perfect boat, but it will cause you more grief than pleasure, afterall there will be another one somewhere sometime. once sold, you have the cash ready and waiting and are in a better position.

i couldn't agree more with the post about ignoring the smooth talking broker.... i did the same thing with a car, well not 'cos he said so but 'cos i wanted more money than he would give to trade in.... and his words were "don't worry about selling that... will sell very easily".... yet i hadn't sold it after months and in the end would have been better of trading in at a lower price.

 

[AIDY]

Unless you can afford to support two boats you really need to sell yours first... theres plenty more boats in the sea if the one you like goes.... September is a good time for selling boats. boat show time..... lots of interest in new and old.

Did ya check your lotto numbers tonight ?

what's the new boat your interested in.

 

[moondancer]

Part exchange is often offered on a new boat.

 

[SoulFireMage]

Common wisdom suggests you sell first. However, the other route is a marine mortgage or remortgage the house. We've still got our other boat for sale at Broom's right now-all I did was get her GRP in top polished condition with a good teflon polish and sealer so that she will look great with only a basic wash for the new owners to be .
As Broom offer 3 months free and 3 months half price mooring and they look after her properly, that works great (for Broom boats usually).
We did it this way because no way did we want to lose DreamFinder.

 

[savageseadog]

I've got a solution.
You give me your boat, then you no longer have a boat to sell. Voila! end of problem.