What has happened to the boat market?

[srm]

I might go down 1k to someone with genuine interest but pointless to go further in my view.

Depends if the seller is continuing to enjoy using the boat and happy paying the fixed costs - mooring, insurance etc.
Again, advice from a broker who I trusted, given when the market was slow.
"Do not refuse an offer"
He gave the example of a boat where an offer was refused. A year later it was still for sale, only then asking the refused price. Any offer would be 20% or so below that asking price. And there were still the fixed yard costs to pay as the boat was ashore.

 

[srm]

There are always people saying boats are overpriced, they are the ones without boats.

They could be the one who is trying to decide how much they are willing to spend on the boat.
As a seller I want to get what I think is a fair price plus a bit extra if possible, as a buyer I do not want to spend more than is absolutely necessary. The true value is somewhere between the two.
The value of anything is decided by the price agreed between a willing buyer and a willing seller.

 

[matt1]

The guy painting my house told me (practically with tears in his eyes) that as soon as the word recession was mentioned his work dried up like a switch had been flicked. He was having to borrow money to shop for food. I really felt for him. I was also told in the week that someone with a lot of kitchen fitter friends said all their work had dried up and it was really tough out there.

Having said that the prime S coast yard where my boat is currently is very busy with a ton of contractors working flat out. I think the top end of the market is unaffected but at the lower end it isn’t a question of what the boat is worth, more just a fact that people looking at spending £10k on a boat just aren’t going to be spending anything on buying a boat right now. Hopefully it will come back soon

 

[flaming]

Why? What does that tell you? If the boat floats and has sails she’ll sail. No need to prove it with pictures. What’s really important are pictures of the deck, cockpit, instruments, engine space and interior spaces. Plus a long, detailed list of upgrades and improvements.

Yes, definitely declutter before taking pics.

For you and other buyers similar to you....

For other, perhaps less experienced, first time boat buyers they are buying the ideal of sailing as much as they are buying a boat. It might be a small thing, but an advert where it's harder to imagine yourself on the boat, sailing, is not going to have the same reaction as one with good sailing pictures.

 

[srm]

For you and other buyers similar to you....

For other, perhaps less experienced, first time boat buyers they are buying the ideal of sailing as much as they are buying a boat. It might be a small thing, but an advert where it's harder to imagine yourself on the boat, sailing, is not going to have the same reaction as one with good sailing pictures.

Just look at the ads for new boats, lots of pics and videos of the boat sailing. Helps you imagine yourself there.
Much better as a selling pic than seeing it in slings or propped up. Though for me, and no doubt a lot of others on the forum, I would also want to see the underwater shape and details.

 

[doug748]

The op has made an effort, there is a video there showing the boat sailing with drone shots. I don't think some commentators here have troubled to look.

.

 

[Rhylsailer99]

If my girlfriends says the boat needs to go, I can now say its not a good time to sell .

 

[flaming]

The op has made an effort, there is a video there showing the boat sailing with drone shots. I don't think some commentators here have troubled to look.

Yes the video is great.

I'd chop a couple of stills out of it to be the headline photos though.

 

[Whaup367]

Cost of living crisis is affecting different people in very different ways.
Here's a rough attempt to make some sense of it from Sky News: The five distinct UK groups coping, struggling or comfortable with the cost of living crisis

Of those five groups, only a few people in the top couple will be considering buying a boat... I think this might explain the "overpriced" HRs, where there's still turnover because that top group isn't really hurting... the next tier down might well be keen to get a more modest boat but be very reluctant to splash out (sorry) right now, especially if it means significant ongoing spending.

 

[Refueler]

If my girlfriends says the boat needs to go, I can now say its not a good time to sell .

There's the old joke :

Wife says to Husband .... Its me or the Boat.

Husband replies ...... Let me tie up the boat and I'll help pack your bags.

 

[ProDave]

Of those five groups, only a few people in the top couple will be considering buying a boat... I think this might explain the "overpriced" HRs, where there's still turnover because that top group isn't really hurting... the next tier down might well be keen to get a more modest boat but be very reluctant to splash out (sorry) right now, especially if it means significant ongoing spending.

We are probably in the top group in that article, and yes the COL crisis has not been a crisis for us but a nuisance.

BUT that does not mean we are rich and can afford a big boat.

We changed our boat mid last season. We had no problem selling our little L17. And then bought a slightly bigger boat but what most people would consider "small" There we found it hard to find the boat we wanted in good condition so bought a boat that needed some work and are getting it back into shape. I think out old boat sold easily because it was in good condition, well presented and well maintained and ready to sail. It's a shame we were unable to find a boat in that condition when looking for the replacement. We did view a couple of absolute horrors.

 

[srm]

If my girlfriends says the boat needs to go, I can now say its not a good time to sell .

Strangely enough it was the guy's (none sailing) girlfriend who decided they should buy my boat. She did not like the bigger boats they looked at. Afterwards the guy said my boat was the only one they looked at that did not smell of damp or mould inside.

 

[michael_w]

She needs a new genoa asap!

 

[fjcruiserdxb]

Again from a buyer's point of view when you need to offer well below asking price. Much easier to do it to a broker than directly to the vendor. Vendor can think about the offer and accept or reject in his own time perhaps on advice of the broker provided the broker is good. Removes the emotion in the transaction. Therefore negociation is avoided as negociation is conflictual. I personally don't like to negociate. My price is always my best and final. Take it or leave it. No problem. When I offer I only think about the possibility I could have to sell within 6 months for unforseen reasons. Would I get my money back ? I am just wondering if that's also the reason private sales are very slow. No experience in this country. Maybe I am wrong.

 

[ProDave]

Afterwards the guy said my boat was the only one they looked at that did not smell of damp or mould inside.

One of the ones we viewed had an over powering smell of diesel inside.

 

[Refueler]

One of the ones we viewed had an over powering smell of diesel inside.

Makes a change from the days of petrol !! Vire and so on as used to be ..

 

[steveeasy]

Of course.
When selling the boat before last with a broker they expected any offer to be 20% below advertised price.
Bit of a "catch 22" for the seller, if you add 20% to asking price it will look overpriced and probably not get an offer.

Well they would. after all they want a quick return.

Steveeasy

 

[dancrane]

Excellent thread, so much clear thinking and frank honesty.

In the last decade I only owned a yacht for two summers, and I was profoundly relieved to get rid of it even at 90% loss of my purchase price. Scrapping would have been much costlier and sadder, or hell to DIY.

The annual marina bill was a monstrous cloud shadowing the fun of the 24ft boat, whose value was barely more than a year's berth cost. A bigger, grander boat might not feel so hopelessly indebted by the cost of her keep (though refit bills might sink it). If, like my Achilles, the OP's yacht doesn't justify a costly berth, that prospect may deter many, especially with a fin keel that prevents her parking in a cheap drying berth.

The fact that cheap old boats are proportionally as costly to berth as the grandest and newest, distinctly limits their initial economical appeal.

For me, the marina seemed to make sense because it was eight minutes' walk from home. Yet even though we spent most weekends and holidays aboard, it wasn't rewarding enough to continue, or to make me want to repeat the experience. And four years after selling, I wouldn't want any of the many lovely yachts I could afford to buy, if I had to drive for an hour to reach an affordable mooring.

For me as an employed person, availability of nearby, cheap moorings is key. I suppose a retired person might not object to high berthing cost even at a distance, if every summer day can be spent on board.

I'm sure under any circumstances it can be made justifiable with a sound mooring plan, combining acceptable economy and nearness to home, allowing enough time aboard. If any of those fail, ownership may not be happy, and for potential buyers the prospect may be too much.

We buy at our own peril, and buying in a hurry is mortally foolhardy.

In answer to the OP's question, perhaps the buyers have just got wise to the real cost of old boats?

God, I ramble on, sorry about that.

 

[Geoff Wode]

Great boat. Capable. Find a mooring or a club and keep it.

 

[steveeasy]

Well I used to pay £350 for my berthing on the Hamble and happy with that. Then it went to 450, and I was not so keen. Now it’s 600 and no thanks. I’m currently paying a massive 170 inc my lift in and out which is nice and my mooring on the Hamble will be 60 a month. I suppose cost of living has meant it’s more difficult but I don’t think I’d survive without a boat to keep me sane if there is such a thing.

To the op take boat where your going on a temp mooring and enjoy it. Then your get buyers!!


Steveeasy