Boats for sale section is quiet!

[SeaEric]

So is the boat market in general since the financial fertilizer hit the political ventilator. <sigh>

[SKYCHENEY]

I believe it. I just sold my dad's Prevost bus on ebay and the buyer is having trouble with financing. Hopefully the deal won't fall through.

[Genesis]

The lending that has been done in the past is not coming back.

If you're reliant on easy credit - that is, credit without significant down payments and terms that reasonably reflect actual risk - you're cooked.

[Walter P]

Read Warren Buffets new Biography.. good read. His philosophy regarding debt is simple.... Don't assume more than you can handle in a pinch.

On a brighter note,,,, (for potential buyers.....Jim?) A surveyer friend and I were talking this afternoon and he told me about a 52' Hatteras Conv., with tower and 8/92's in what at least looked to be in pretty good shape that the owner needs to get out of NOW. He's looking for 75 or 80 Grand. Not certain of the age, but they were made from 1984 - 1991. It looks like bargins are sprouting up all over the place.. too bad I'm not buying.

If anybody is interested, contact me and I'll put you in touch with my friend who has talked to the owner.

Walt

[SeaEric]

The issue seems not to be the boat loans. My lenders tell me that with decent credit and a 10 to 20% downstroke, its done. Many of my customers pay cash anyway. The issue is reluctance on the part of the buyers to move ahead with a purchase. Perhaps after the election is over, things will begin to settle down. I agree that there have been some amazing deals, already scooped up.

The power boat show in Annapolis starts today. I'm not going- haven't been in ages. We advertise there and get folks coming to our location from the show anyway. What I'm interested in seeing is the success (or not) of the show in Ft Lauderdale. I'm meeting 3 customers there to look for boats. All 3 are active buyers. It will be interesting to see if one or more of them buys a boat.

[whaler23]

Eric,

What's the feedback on attendance at the Sailboat Show? What's anticipated for the Powerboats? Any dock traffic lately?

[Genesis]

Eric, if you're putting 20% on the table you can get financed.

However, for years the zero-down boat loan on new boats has been "fast and easy" - no more. Those are simply not available any more (and IMO never should have been in the first place.)

Cash buyers of course have a huge advantage in a market like this, especially if you run into a distressed seller!

[captddis]

I am not Warren Buffet, but I only buy luxury items [boats] that I can pay for cash. That way I own it and don't have to worry about paying for it if things slow down.

[dcate]

It would be interesting to know how many of Hatteras' are selling now, as compared to say, last year (and the year before that, etc)

From only this propective buyer's perspective, now is not the time to be buyin' into very il-liquid assets. I've got the cash, and I've looked at a few '53' MY's (the boat I'd like to have). MY problem is....

I'm not affluent enough to be able to put ANY asset "on the books" so-to-speak without at least SOME sort of "exit strategy". Without at least SOME idea of what an asset will bring in any given amount of time, I cannot bring myself to purchase it. And it's almost impossible for me to know what an exit strategy would look like with one of these yachts.

I believe alot of owners of these yachts are well-heeled to the point that they just don't care. They'd rather it sit than to take the hit that's required to sell one right now.

Maybe if one doesnt' have a quarter mil that he can "strike a match to" and not ever miss it, then he can't afford one of these boats?

[dcate]

In simpler terms...I don't mind "payin' to play" and losing money. What I do mind is not having any idea how much I WILL (or can) lose. or, maybe