Hatteras Resale Prices

[rsmith]

http://www.nextavenue.org/nobody-wants-parents-stuff/

Or their old Hatteras

Any things value is determined by supply and demand. There's an attitude shift in the lifestyles of the upcoming generation that has the buying power to provide the demand. They just don't want the aggravation of owning things. And what we perceive as a beautiful and classic to them and their friends is interesting but old and dated.
My mother has "priceless" antiques, jewelry,Hummels lol. All were praised for big bucks at one time nearly worthless now.
Like Ophra said "when all you old people die" we can bury your old junk and ideas along with you.

 

[jim rosenthal]

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

Yes, and a good broker will help a client spruce up a boat, as you mentioned. After all, if it doesn't sell, no one makes anything.

 

[Westfield 11]

http://www.nextavenue.org/nobody-wants-parents-stuff/

Or their old Hatteras

Any things value is determined by supply and demand. There's an attitude shift in the lifestyles of the upcoming generation that has the buying power to provide the demand. They just don't want the aggravation of owning things. And what we perceive as a beautiful and classic to them and their friends is interesting but old and dated.
My mother has "priceless" antiques, jewelry,Hummels lol. All were praised for big bucks at one time nearly worthless now.
Like Ophra said "when all you old people die" we can bury your old junk and ideas along with you.

This was our experience when my father and his wife both passed within 5 months, I was left to clear their house in Montecito, CA and I had a difficult time finding a place for all the antiques, carpets, silver, china and all the rest. I was stunned to find that Goodwill wanted no part of most of it and even after an ad in Craigslist giving it away, we still had to rent a full sized dumpster. It has been 7 years and now I am downsizing and having the same trouble: nobody in the family wants our household furnishings and it has next to no value on the open market. And to top it off, the things we want to hold on to, like watches, art, jewelry, fine wine, collectible cars and motorcycles, etc. are the most expensive and difficult to store longtime.

 

[Avenger]

A friend once told me I have an 80 yard life. When I asked what that meant he said "After you die, that's the size of the dumpsters your kids are going to need to throw out all of the things you thought we're important."

I think I'm up to about 120 yards now.

 

[Tinman]

This year we have surveyed two "clean well maintained by knowledgeable owner with a open check book boats" as described by the brokers. Both failed surveys badly for lack of maintenance but owners were not willing to discount cost. Both boats were visibly ok but badly maintained with a lot of deferred mechanical maintenance. Most brokers play dumb when you start discussing mechanical status of engines, gens, a/c's, and etc. Thin inventory with high prices. Remember this happening after the 10% luxury tax was cancelled and inventory was low.

 

[Boatsb]

For 300k you can get a newer (2000 and up) motoryacht with modern amenities and power.

It's not a hatteras. it's not Detroit 2 stroke and it's not 30 plus years old.

It's hard to justify money for older vessels with more and more of these types of boats available.

 

[krush]

A 1980's hatteras motoryacht looks old. It's outdated styling to most people. However, the convertibles kind of stay classic. When I say my boat is 50 years old, people think I'm lying!

 

[Boatsb]

A 1980's hatteras motoryacht looks old. It's outdated styling to most people. However, the convertibles kind of stay classic. When I say my boat is 50 years old, people think I'm lying!

You are. Do the math.

 

[krush]

You are. Do the math.

I'm sure it was built in 1967. Rounding up 1 year is not going to break the bank.

 

[Boatsb]

Close enough for government work?

 

[Pete]

Another consideration, even if you can get "insurance" you really do not have "boat" insurance. With the ever increasing depreciation schedule, with few parts exceptions, you pay 80 to 90 percent of the replacement parts costs, and you are buying parts for a boat that today costs 10X what you paid for yours.

You will also be buying many more of those 10X costs parts for routine maintenance than the owner of a similar 5 year old boat.

Which leads to many owners who could afford to buy a 30 to 50 year old Hatteras, with far fewer who can afford or are willing to maintain one.

Which leads to fewer and fewer of us hobbyist that take pride in owning/maintaining/improving/using a classic item in maritime history, when mid size fiberglass boats were invented and built with pride for the upper middle class. You just have to wonder what the boat bone yard will look like in 10 or 20 years.

And since boats, at least Hatteras boats are not rotting away, the supply remains relatively constant, the demand is dropping, and prices are doing what they always do in this situation.

Pete

 

[Pascal]

For 300k you can get a newer (2000 and up) motoryacht with modern amenities and power.

It's not a hatteras. it's not Detroit 2 stroke and it's not 30 plus years old.
.

What do you get for 300k and around 2000? 50ish sea ray, carver (yuck), az-mutt (double yuck, I ll take DDs over Italian electrical)

None of which will have the space and comfort of a 53MY or 58Yf. For $300k you can start with a tired 53/58, repower, redo the AC with modern chillers, rewire and have a boat that will be far more practical and reliable than any of the above.

 

[Pascal]

Another consideration, even if you can get "insurance" you really do not have "boat" insurance. With the ever increasing depreciation schedule, with few parts exceptions, you pay 80 to 90 percent of the replacement parts costs, and you are buying parts for a boat that today costs 10X what you paid for yours.

You will also be buying many more of those 10X costs parts for routine maintenance than the owner of a similar 5 year old boat.


Pete

Not sure what you mean by that? If anything parts for our boats are cheaper than some of the proprietary parts you need on new boats. Spent a week in the Exumas cruising with 6 year old Tiara. All the electrics (nav lights, pumps, etc) were controlled by a touch screen a a maze of relays and wires down below. It worked but imagine parts costs ? Ever priced a part for a MAN?

 

[Pete]

Not sure what you mean by that? If anything parts for our boats are cheaper than some of the proprietary parts you need on new boats. Spent a week in the Exumas cruising with 6 year old Tiara. All the electrics (nav lights, pumps, etc) were controlled by a touch screen a a maze of relays and wires down below. It worked but imagine parts costs ? Ever priced a part for a MAN?

There are two separate thoughts on the subject of older boat ownership costs. So, let me treat them separately and try to better explain my thinking. In both cases I will assume that a buyer is in search of a boat and is willing to spend $300K. His choices are a less than 5 year old boat or a classic 30 years old Hatteras.

First, if the buyer chooses 5 years or less his insurance will most likely cover both parts and labor in full, less deductible, in the event of a loss. This full coverage continues until the boat is 21 years old, and then depreciates to 20% parts costs coverage by year 28, if not earlier. At year 28 and beyond the coverage for the older boat is 100% labor and 20% parts. Add to that the costs differential of the parts on a 5 year old boat costing $300K in 2017 versus a 30 year old hatteras costing 300K in 2017. On a haul, prop, shaft, strut or two, my estimate is at least 10 to 1. Keep in mind the Hatteras parts are 80% on you versus the insurance company with the newer boat. Thus my point that you can not buy "boat" insurance on my 40 year old Hatteras, unless someone considers 20% parts coverage boat damage insurance.

Second, the maintenance parts differential between a $300K 5 year or newer boat today versus 30 year old Hatteras. Boat needs new bimini and total canvas replacement. My estimate 10 to 1 costs. Boat needs new floor carpet or other flooring. 10 to 1. Boat needs detailing in and out. 10 to 1. Boat needs new bottom paint. Probably 5 to 1. Then consider all the things that are more likely to arise in a 30 year old versus 5 year old boat. Window frame replacement, new paint job, HVAC failures with five or six old units versus one maybe two newer units. Then throw in older boat needs for electronics updates.

So, bottom line, spending $300K can buy you a lot to take care of that is more likely to need care, of a smaller boat with likely a lot less ongoing expense.

That is why I believe the old Hatteras buyer market is becoming more and more a hobbyist market made up of those that just can not resist owning the boat that they have coveted for a long time, and willing and able to take care of it personally.

I would not trade mine for anything else. I will confess that I would really like the main engines to be as oil tight as the Westerbeke four cylinder generator engine. It has had the same oil diaper under it for 18 years and remains spotless.

Pete

 

[Pascal]

You re comparing apples and oranges. What can you get under 5 year old for 300k? Maybe a 36' Carver mariner, 34 sundancer or a 35' centerconsole! Can't compare that to a 30 year old 53/56/58

 

[Boatsb]

A 5 year old smaller boat with lower maintenance requirements is appealing to many peoe today.

Not everyone wants, needs or deserves a classic hatt.

Look at how many old hatts are being butchered as liveaboards with poor craftsmanship and cheap parts that they think look good. The half ass refurb shoukd be illegal.

 

[Pascal]

True but you can't compare a recent 35 footer overnighter camper to a three stateroom, flybridge, cruise ready 50 something MY

A 5 year old 50 something is going to be between 750 and 1M

 

[Boatsb]

Your forgetting the $300k old boat is cash while a newer boat could be financed allowing someone with the means to buy the newer 50 something.

I'm not giving up my 50 plus year old hatt but uyeres today are not like many of us. They have more disposable income and less time to work on old boats instead of using them.

 

[Pete]

Yes you can compare the two choices, it is what $300K will buy you today. The question for the buyer is which does he want to own given the disparity in ongoing cost and insurability, not to mention the ability to get financing.

Many are choosing the lesser spacer for the lesser ongoing costs, better insurance, availability of financing, etc. Plus the classic look that I so appreciate, is not necessarily what the generation behind me appreciates.

Demand goes down and so do prices.

Pete

 

[jim rosenthal]

I think there's nothing that feels better than a boat or a house that's paid for. And nothing feels worse than sending in a payment on something that doesn't run.

That said, not everyone has the appetite for owner maintenance that we do. I love working on my boat; to me it's occupational therapy or whatever you want to call it. I think a lot of people here feel the same way.

I think the low opinion many of us have of modern boats is to some extent justified. I understand that these boats get a lot of people into boating at relatively low expense, but many of these boats are cheaply built with hardware and fixtures that are rather poor quality. I'd rather have something older but from a better brand. Hatteras isn't the only quality brand out there. I just can't think of any others right now.