Would this be a Good move or a Bad move for us?

Alistairr

Alistairr

Well-Known Member
Joined
12 Dec 2002
Messages
11,584
Location
North Ayrshire/ Glencoe
Visit site
Been wondering how we can get rid of our boat, We can't really afford it now as Kirsty hasn't been unable to return back to work since Callum was born, so we need to reduce our out goings a bit, hence we have been trying to sell her for over a year now.

The problem we have is we are both hooked on boats, and don't really want to be without a boat. But our sensible head says to sell up, pay of the marine loan, and stay out of boats for a few year(probably 5), then get back into it when we can hopefully do it properly(bigger boat at Largs).

We're selling her for £28,500, which I thought was resonable, but obviously is too much, as we're not getting any takers. I just want rid now, and would be happy just to clear the marine debt which is about £24k.
Marina dealers aren't interested in purchase only, well certainly not anywhere near that price!

So that got me thinking, what if I was to get a dealer to buy the boat from me, them to clear the debt, and then me buy a brand new stock boat(small bowrider) from them, which means they make a bit of money on the new boat sale, and although we'd still borrow for the other boat, our out goings would reduce by a fair amount.

I spoke to one dealer at a show on saturday, about this and he was going to think about it and make a few calls about our boat. The boat I'd have to buy from him is a Mariah SX18 Bowrider, with Mer 3.0l engine Alpha 1 drive, full covers an upgrade package and a UK Indespension single axle trailer, for £13k.

Not ideal, but none the less it looked a nice boat that we could tow safely behind our car, and one that we could take for weekends to the loch and meet up with friends. Suppose it would also be ok for Largs bay, but only on super nice days!
It also would enable us to continue with some for of boating.

So what does the panel say? Good move, bad move or daft move?

Cheers

Al.
 
Al,

I have been through this before whereby I bought another to boat to get out of a boat I could not sell. In the end it costs you more.

If I was you I would punt it on, pay the difference off the mortgage and lick your wounds.

Swopping out for another boat will mean that you end up losing VAT and Depreciation on New boat and you still have some outgoings.

The problem is that the 24ft Market for petrol boats is very quiet at the moment. Boats are selling but at very low prices. This Regal 242 is one year older than yours but reduced to £19,950.

If you can get out of your current boat (even at a loss on Mortgage value) then you become a cash buyer. In the end you will save a lot on boat you buy which will offset loss on Sealine.

It is a tough Market at the lower end, but use your head not your heart. Drop the price, sell her on, pay off the difference then go hunting for another smaller day boat such as a Rib or Walk around.

Cheers

Paul /forums/images/graemlins/smile.gif
 
You might get more joy if you advertised part ex considered. There has to be lots of people thinking of trading up to your size, but assume they have to sell first. Just an idea.
 
I think you'll be dissapointed with the offers you get from anyone looking at this kind of deal. There wont be enough profit in the small boat sale to subsidise their risk in taking on your current boat. Actually, they'll just offer you what they can sell it on to the trade at, which will be a discount of at least 25% to its market value.

The good news is that its coming into the time of year to sell your boat, so my advice is to price it competitively (it may have to be less than £24k, but better to take a small hit now than a big hit later), and consider moving it to the South Coast, where there are many times more potential buyers.

Also as yours is a good first boat and a reputable brand, keep sticking it on e-bay, as this is where non boaters wanting to get into the sport will look first.

I reckon you could then spend £5k on a RIB and outboard, and have as much fun as you could with a bowrider.
 
I'd think you are probably right Nick, but it was worth the try and I'll see what he says when he comes back to me. He's asked for a final settlement on the boat, so he must be concidering it.

I don't know enough about Ebay to stick it on there.
Moving it south was something I'd thought about, wonder if we could set up a relay south again!! /forums/images/graemlins/grin.gif

SWMBO says she definately DOESN'T want a rib! /forums/images/graemlins/blush.gif /forums/images/graemlins/frown.gif
Where as I just want a boat! /forums/images/graemlins/ooo.gif

Cheers

Al.
 
I think your asking price has been too high Al. I sold my '99 diesel S24 back in 2006 privately for only a few thou more than your current asking price.

IMHO, if you want rid asap get it down to the Solent and lighten the price, and with luck you'll sell to someone looking for a new summer boat. If you ask around you may find a broker that won't charge you for storage, such as these guys. I've no connection btw.
Good luck.
 
I think you need to go back to the reason for your decisions and follow that decision. If you feel you need to sell the boat,get that done. When you have achieved that and know how that leaves the finances, you can decide what to do next.
I think you are getting distracted from your priority, bcz you dont really want to have to do it.
Get the dirty job out of the way-you will make a better decision what to do next with that behind you.
 
I must agree with most of the rest Alistair,

lighten the price to be competitive with your peers, clear the anvil from around your neck, whilst all the time the boat's not sold it's costing you the repayments every month,

when you're clear of the loan, look again but lower your sights and go for a used craft, you get a lot more boat for your buck this way, OK it might not be quite so shiny, but used boats usually come with all the bits and bobs that brand new don't.

but that's only a miserable old mans way of thinking,

best of luck with whatever you choose to do.
 
There are some good points here def get it south and maybe contact a good boat yard and put it there on a sale on comission basis some will not charge you to store whilst they sell but only for say 3 months, but this is the best time to sell so 3 months may be enough but if not move it somewhere for 3 months
 
Hi Al
I can see the predicament you're in now , I had forgotten about Kirsty being unable to return to work
As I see it you're up there where there aren't that many buyers so your best bet would be to get her loaded on the trailer first and see if that helps . Failing that you'll need to shift her South in time for the new seasons buyers and hope we have enough of a bright and sunny start to the season which tends to attract more people onto the water
Don't forget , house prices are still dropping so boats aren't at the top of peoples minds at the moment
 
Hi Al
We bought a Mariah 268 at the beginning of last year (You may remember I offered to buy your boat at the time)! With the weather we had last year, and the sea conditions off the North East coast, we decided it just wasn't for us and we couldn't justify the cost of keeping it. I don't know where you're advertising but I went for a paid ad on Apollo Duck, and it was worth every penny of the thirty odd quid it cost. You can post lots of full size pictures and as much description as you like (No pay per word stuff). I also linked from there to a video on YouTube showing the boat being delivered. I posted the ad mid November not expecting anything until at least March but had 4 enquiries and sold it last weekend (to a chap from London who's going to use her on the Thames). I got nowhere near the asking price, but it would have cost me a lot more to keep it for another year! PM me if you want the sordid details of price realised /forums/images/graemlins/smile.gif
 
Moving it south, doesn't nessecary guarantee a sale!

I would drop the price to £24,500, I would let it go for that price, but I've still got a broker to pay, and am trying my hardest to get out without losing out!

Other option thats been suggested to me, is too borrow £24k on my mortgage and pay the boat off, how much would £24k add to a mortgage with a term of 15yrs left to run?

Any one want too make me an offer for the boat?? /forums/images/graemlins/grin.gif

Cheers

Al.
 
[ QUOTE ]
Any one want too make me an offer for the boat??

[/ QUOTE ]

Trailer included , hmmmm , how's £24 sound ??







Ducks and runs fer the door /forums/images/graemlins/grin.gif
 
[ QUOTE ]

I would drop the price to £24,500, I would let it go for that price, but I've still got a broker to pay, and am trying my hardest to get out without losing out!

[/ QUOTE ]

If you sold it yourself would your broker still expect a cut? Mine didn't....... Just handed the keys back and said well done!
 
I know its written into the marina contract that they are due 1% from any sales, Not a lot, I know, but then i need to try and sell it, and I ain't no saleman!

I could phone him, and speak to him about it.

Cheers

Al.
 
You must log in or register to reply here.

Share this page

Top