Maybe it's not a lack of creative financing or a seller's unwillingness to take risks. Maybe it's screaming at you on this forum. Old motors, old wiring, old decor, old air, old everything. Maybe it's the amount of money it takes to maintain old, let alone update. Isn't that the real cost of a boat? So you fix it up nice; there are still dozens of other areas waiting to grab a new owner's attention and wallet. That's what I meant when I said depreciation. At least with a new or much newer boat the depreciation is more straight line. Depreciation can get exponential in a 30 year old boat.
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Thread: Hatteras Resale Prices
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Re: Hatteras Resale Prices
Semper Siesta
Robert Clarkson
ASLAN, 1983 55C #343
Charleston, SC
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08-04-2017 08:48 AM #12
Re: Hatteras Resale Prices
"Depreciation can get exponential in a 30 year old boat."
That's what's driving our new boat search.My original plan was to sell ours, (1990 56' Ocean CPMY) then go looking for a Hatteras. But once the Ocean sold, and I started reflecting a bit, I've changed my mind. I'm going for newer, faster, smaller. With the relatively short time the actuaries tell me I have left on this planet, I want to spend it on the water, not under a pile of wrenches in the bilge. Obviously, boating is a "to each his own" proposition, but for me, and in fact, just like me, "older" means "more problems". I'm going newer and hoping for the best.Searching...
Daytona Beach, FL
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Re: Hatteras Resale Prices
The sweet spot when it comes to maintenance is with boats that are 3 to 8 years old. But three years old, the bugs have been worked out and depreciation gets better. Over 10 years issues start creeping up at a far more rapid pace. At 10 to 15 years, hours start reaching levels where major rebuild become a possibility. Corrosion takes its tall as well as UV on paint or gelcoat. Problem is obviously that a 5 year old 60 footer is still a worth a lot of money.
When boats like ours reach the 20 year old mark, if properly maintained depreciation becomes much less of a factor. Sure they still depreciate but a lot less than a 10 year old boat. Other factors such as th economy and market conditions have a much bigger impact than a few extra years of agePascal
Miami, FL
1970 53 MY #325 Cummins 6CTAs
2014 26' gaff rigged sloop
2007 Sandbarhopper 13
12' Westphal Cat boat
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08-04-2017 09:55 AM #14Senior Member
- Join Date
- Jun 2007
- Posts
- 4,974
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Re: Hatteras Resale Prices
Big problem with boats in that 10 year old or less time frame was the economy. With the last recession not as many boats were being built so the inventory of those boats is small and people know it and are pricing them accordingly. John
Mahalo V
1974 53 Motoryacht
Hull Number 406
San Diego, Ca. Ready 32 Nordic Tug, Brunswick Ga.
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Re: Hatteras Resale Prices
Exactly. I'm retired. I spend Mon-Wed working at the farm or helping a buddy in the grading business. By noon on Thursday through Sunday I'm OTB and starting on the project of the week. It's what I want to do. Finding someone like me for your old boat increases your asset value. Purchaser paying someone to do it for them decreases the value of asset at time of sale.
Semper Siesta
Robert Clarkson
ASLAN, 1983 55C #343
Charleston, SC
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Re: Hatteras Resale Prices
Exactly. Look how fast MikeP's boat sold. And he did exactly that- all owner maintained by a terrific technician who knew exactly what he was doing. On that boat, the offer was nearly simultaneous with the listing going up.
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Re: Hatteras Resale Prices
Jack Sardina
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08-05-2017 09:48 AM #19Senior Member
- Join Date
- Aug 2012
- Posts
- 681
Re: Hatteras Resale Prices
Can we please avoid political commentary here? What if the leadership has nothing to do with the economy? It was already growing and accelerated this summer because people HAVE jobs. The free market dictates the economy. Get a life.
I've just been lucky enough to help a friend hone in on the right boat for him, and z28jimi makes a valid point. My buddy started out seeking a truly pristine updated Hatteras. We couldn't find one. ANYWHERE. He ended up with a newer modern style boat. And it was a tough search to find a really clean one of those!
MOST of the boats We looked at were either awful, or teetering on awful because so few people properly care for them. Nor prepare them for sale. WHY IS THAT? Price is dictated by condition. Period. The price of the cleanest boats is way up. The dirty ones...WAY DOWN!
Example...maybe one or two 53 Hatteras's out there are worth $300,000. The remaining 347 are worth less. Some worth $0. It's not about the price. It's about the condition. A professional restoration will run about $750,000. We've reached a dangerous tipping point. It's more cost effective to buy the newest nicest boat you can find for under $500,000. Since there aren't any 2000 model 53 Hatteras's out there...where do you turn?
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Re: Hatteras Resale Prices
I can not agree with you more about the condition of used boats. I see a lot of them when I do surveys. I tell brokers all the time that if they could get there clients to spend a couple of thousand to spruce up there boats before listing them they would probably get at least $10,000 more for them. And tes the few really nice boats always get top dollar. There are plenty of buyers out there that will pay a lot for turn key boats. John
Mahalo V
1974 53 Motoryacht
Hull Number 406
San Diego, Ca. Ready 32 Nordic Tug, Brunswick Ga.