I hope you can pay cash

[SeaEric]

I was told by 2 marine lenders yesterday that they have no bank willing to fund on a boat over 20 years old. Credit rating, loan amount, or down payment amount didn't matter. Not many folks I know want to spend their cash right now for a boat purchase, and most of the HELOC availability has been retracted. This should make life interesting in the boat sales realm.

Bottom line- Don't consider your paid for antique Hatteras as a source of funds if times get much tougher. There may be few if any buyers.

 

[Sparky1]

Thanks for the ray of sunshine. Are you looking to purchase or sell your personal boat?

I thought that's what this section was for.

 

[SKYCHENEY]

Thanks for the ray of sunshine. Are you looking to purchase or sell your personal boat?

I thought that's what this section was for.

I think the comment is just information for those who are wanting to buy or sell. Are you the librarian now? What section does it belong in?

 

[Genesis]

When you NEED to sell and I show up with $20k in dead Presidents, well, how badly do you need to sell?

BTW, this is how you make oodles of money in a deflationary environment - by having cash and buying things at outrageous discounts because you're the only guy with cash - and the guy with the "stuff" needs that cash right now.

Welcome to The Greater Depression

http://market-ticker.org/archives/667-Tired-of-The-Crash.html

 

[Sparky1]

I think the comment is just information for those who are wanting to buy or sell. Are you the librarian now? What section does it belong in?

Well, let's look at the heading for this category:

For Sale By Owner
List your Hatteras or let us know what your're looking for

There is also something about no commercial listings allowed. It seems this topic would be better suited for The Sand Bar as in "Everything Else". As for my being the librarian, how much does it pay? Do ring kissers make more?

 

[ThirdHatt]

I was told by 2 marine lenders yesterday that they have no bank willing to fund on a boat over 20 years old. Credit rating, loan amount, or down payment amount didn't matter. Not many folks I know want to spend their cash right now for a boat purchase, and most of the HELOC availability has been retracted. This should make life interesting in the boat sales realm.

Bottom line- Don't consider your paid for antique Hatteras as a source of funds if times get much tougher. There may be few if any buyers.

SeaEric, thank you for that good information. It seems that it directly relates to buying and selling, but it could fit under the sandbar as well. It really doesn't matter to me where it is posted but I am glad that you posted it because I find it quite informative.

 

[dastahl]

If the market is CASH only, think about this. Those with lots of cash in any market tend to buy new. Try to get the admiral to buy a used car, for example. This just pushes up the income level of people able to afford boats. And the higher the cash on hand the less likely they are to want an oldie but goodie.

That leaves few to zero regular people left out there to pay cash for an older boat. The only ones left are hard core old Hatteras deviates like myself. If I sell the admiral's 2008 Mercedes and quick drinking wine, I have a few anchors in the basement for Ebay . . . . has anyone seen any foreclosed 63 CPMYs.

Skooch
Hatteras LRC 42 - 28 years old
Worton Creek MD

 

[saltshaker]

I had this same conversation with Tom Slane yesterday. There aren't many buyers for sportfish. Even fewer for old ones, and those who would buy can't get funding. I've always felt that a boat should be a cash purchase. They cost so much to own and depreciate so fast, adding interest payments to the equation makes it worse. That is why I have an old Hatt and not a new boat with a payment book.

The upside to this is that it may be a good time to move up. I'll take the hit on my boat but hope to offset that with a bargain on the new (to me) boat. Most likely my wife will say no new boat until we get a new house; oh wait there's no money available for houses either!

 

[krush]

This is AWESOME.....




























.....for people like me

 

[ThirdHatt]

I had this same conversation with Tom Slane yesterday. There aren't many buyers for sportfish. Even fewer for old ones, and those who would buy can't get funding. I've always felt that a boat should be a cash purchase. They cost so much to own and depreciate so fast, adding interest payments to the equation makes it worse. That is why I have an old Hatt and not a new boat with a payment book.

The upside to this is that it may be a good time to move up. I'll take the hit on my boat but hope to offset that with a bargain on the new (to me) boat. Most likely my wife will say no new boat until we get a new house; oh wait there's no money available for houses either!

YOU SAID IT! A luxury purchase such as a boat should indeed be a cash purchase. Just think of all those with old Hatt's AND payment books! That's fine for those living well within their means. Unfortunately many can't afford to sell even when they really need to because they can't write a check to the bank to make up the difference between what they owe and what they can sell it for. Not a good situation at all because the boats will sit with no regular use or maintenance until the owner comes up with cash or the bank comes for repo.

This is certainly the time to look at moving up for those with the desire and the means. Things will get worse before they get better, so now is the time to start sniffing out the deals. You have the right idea about being willing to take a hit to sell the current boat, because it will be well worth it in the long run on the bigger boat.

These are the factors that have had me keeping a close eye on the market lately and what is becoming available. I love my boat, but the opportunities for much more boat for not much more money are beginning to appear.

So many boats, so little time!

 

[Sparky1]

Well it must be nice to have a ton of money and never have to finance anything, but most boaters can't pay cash for a boat that runs into six figures. Otherwise, SeaEric's statement wouldn't mean dick.

As for going out and taking advantage of the current financial situations of those in distress, there's nothing wrong with that. However, if you currently own a boat, you'll be in the same position as the guy who's taking a beating on his. It will just be a matter of who takes the bigger beating.

 

[SKYCHENEY]

Well it must be nice to have a ton of money and never have to finance anything, but most boaters can't pay cash for a boat that runs into six figures. Otherwise, SeaEric's statement wouldn't mean dick.

As for going out and taking advantage of the current financial situations of those in distress, there's nothing wrong with that. However, if you currently own a boat, you'll be in the same position as the guy who's taking a beating on his. It will just be a matter of who takes the bigger beating.

Well, you could just buy another boat AND keep the current one. Do you know anybody with 2 Hatts?

 

[ThirdHatt]

Well it must be nice to have a ton of money and never have to finance anything, but most boaters can't pay cash for a boat that runs into six figures. Otherwise, SeaEric's statement wouldn't mean dick.

As for going out and taking advantage of the current financial situations of those in distress, there's nothing wrong with that. However, if you currently own a boat, you'll be in the same position as the guy who's taking a beating on his. It will just be a matter of who takes the bigger beating.

Randy, nobody said never to finance anything. Most boaters that can comfortably afford a boat in six figures can afford to pay for that boat in cash, but may elect to finance a portion of the cost simply because his cash is making him more money elsewhere.

 

[nyrussell]

Randy, nobody said never to finance anything. Most boaters that can comfortably afford a boat in six figures can afford to pay for that boat in cash, but may elect to finance a portion of the cost simply because his cash is making him more money elsewhere.

Or they do not have a "house" and therefore get a Hatteras instead

 

[captddis]

Can't be true! I have brokers sending me postcards that say they have people waiting in line for my Hatt. Maybe I will tell them to send them over along with a check.
Seriously, there are a number of used boats here that have sold and are being exported.

 

[ThirdHatt]

Or they do not have a "house" and therefore get a Hatteras instead

Good point! Those who choose to buy a Hatt for a full-time liveaboard would certainly not fall into the same category as most of us that just use our boats for pleasure and recreation.

Those are the folks having the REAL fun!

 

[nyrussell]

Good point! Those who choose to buy a Hatt for a full-time liveaboard would certainly not fall into the same category as most of us that just use our boats for pleasure and recreation.

Those are the folks having the REAL fun!

awww geee thanks as we freeze up here in the NE to pay for our fun LOL

 

[ThirdHatt]

awww geee thanks as we freeze up here in the NE to pay for our fun LOL

Noel, are you a full-time liveaboard up in New Jersey? Now that would be tough! If so, I admire your bravery and commitment!

 

[Dodger]

This thread is not accurate.

I just got off the phone with Key bank. They have no vessel age restriction and will finance 80% of the surveyed value.

Good credit will qualify for 8.29% interest rate.

 

[nyrussell]

Noel, are you a full-time liveaboard up in New Jersey? Now that would be tough! If so, I admire your bravery and commitment!

LOL, cheaper to "buy in" than a condo or CO-OP at the time, Besides I am nuts about boats. We have some different hassles, but most are the same as you guys and regular ownership of a home.