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boat prices

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post42

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Did anyone see the 1978 53' c that sold on ebay tonight for 120000! To me that sounds like a real good deal. The boat didn't look or sound that bad. This really gives you an idea where things are at! Prices seem to really be dropping. To the person who bought her, congrats!, Chris.
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Is there still an active link?
 
Greg, it was listed on yachtworld for 170000. The boat is in Ft Lauderdale. Hope this helps, Chris.
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It doesn't make sense... You would think that given how ridiculous new boat prices have gotten that the used market would hold up well.

It blew me away when I read that the new 56' Hatteras Pilothouse is a bit under 2mil and the new 52' Ovation (Silverton) is about 1.5mil...If I'm going to pay 1.5 I certainly could justify a few more dollars for the Hatt. Or better yet, I saw a 2002 63 Hatteras Motor Yacht for 1.3. Hmmmmmmmmmmmmmm that's a tough decision. New Silverton 52 (with 3 engines no less) or a Hatt that has already had the depreciation and is fully loaded.

Let me say that I think that Silverton makes a fine boat. Before our 1990 54 ED, we owned a 396 Silverton that we purchased new in 1996 and kept her for 8 years. She owed us nothing and I would be the first to recoomemnd her. But, the prices now are just out of control. I guess we can all blame OPEC for that.
 
I have never understood the idea that somehow a used product should hold it's value. A boat is the same as a car - the older it gets, the less it's worth. I'd love to think that somehow our 53MY is magically going to hold the price we paid 4 years ago. But how could anyone imagine that to be the case? The older it gets, the less it's worth. It has nothing to do with the price of new boats. Used is used...

A new Silverton is "worth" more than an old Hatteras, just like a new Chevy is "worth" more than an old Porsche.
 
Mike I agree with what your saying but it seems to me that in the past year or so prices really have dropped quite a bit. So much so that I wish I waited a couple of years before I bought mine, Chris.
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It was hard enough to justify 4 or 5 years ago when off road diesel was 85 cents a gallon delivered. Now it's $3.10, Insurance has gone nuts, fewer and fewer places to dock. Property taxes on the water, at least in FL is crazy. I think all this is factoring into the used boat values.

You have to have deeper and deeper pockets to run the way we did just a few years ago. My 2 cents anyway. Thx.
 
MikeP said:
I have never understood the idea that somehow a used product should hold it's value. A boat is the same as a car - the older it gets, the less it's worth. I'd love to think that somehow our 53MY is magically going to hold the price we paid 4 years ago. But how could anyone imagine that to be the case? The older it gets, the less it's worth. It has nothing to do with the price of new boats. Used is used...

A new Silverton is "worth" more than an old Hatteras, just like a new Chevy is "worth" more than an old Porsche.
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The Hatt's held their value in nominal terms only. I.e., they did not keep pace with inflation, but rather usually kept the value of the price at which they were purchased. 53' MY's stood at a floor of $250k for decades. Now some might be slipping.

I have been watching a 1970's Hatt 53' YF in W. MI for about four years, which has not sold at $250k. Several brokers have listed it, some more than once. But if you get closer than the proverbial 25', she has degraded chrome and she is not perfect. She looks like what she is, an older Hatt in decent shape, but attractive.

I have purchased several older to very old homes that I re-habbed for personal use (got that out of my system for the most part). Some older homes I looked at and did not buy were only worth a dollar, if that, due to their very degraded state- they were money pits.

Some older Hatt's are possibly in a similar state. The surveyors call it having salvage value- worth the hull, blocks, and shafts. Once the funds are expended to bring the boat back up to good operational state, the value of the boat would be similar to the funds spent. E.g, how much would a full major overhaul of a couple 12v71's run? $3k/hole? The math is obvious.

I just think that a fully depreciated Hatt is decent value. I never assumed mine would go up in value. But I hope the entire bottom does not fall out.
 
The combination of a rapid increase in fuel prices and a decline in real estate ashore after the stock decline following 9-11 has combined, it seems, to slam the used boat market. People who can and want to spend a $1M (or much,much more) on a new boat perhaps can still do so, but the number who would spend, say, $50K or $100K or $200K on a used boat have declined as their stock portfolios have suffered.

While cruising full time summers in the NE over the last several years, I spoke with a number of others living aboard/full time cruising summers, some going ashore and others heading south for winters. Almost universally they said the market decline after 9-11 presented them with losses that halted their plans to get a larger or newer boat....All were hunkering down and keeping their current boats.

Now is a potentially great time to move up to a larger and newer boat (or house) but making such a move in an uncertain market takes fortitude. And a related issue is the tightening of credit lines...it seems most lenders have greatly tightened their qualification requirements and that further suppress buying power.
 
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Once again, I will remind you that the truly exceptional Hatteras that is in like new or upgraded condition is the one that sells before you ever see a listing. Those boats may have declined some in price, but have not fallen to the lows of the fixer-up-ers. Now, owning a "10" is not cheap. The maintenance and upkeep spent on such a boat far exceeds what many owners are willing to spend. Since these boats are turnkey and need nothing, there are buyers waiting in line for them and they usually sell to someone close to the boat, usually from the same marina. These are rare, but they do exist. The older our boats get, the more diffential in prices you will see. Condition, condition, condition.
 
I purchased my 1978 53' yf with 64 hrs after rebuid 10 mo ago and paid 145,000 had to change some hoses was about it. I chose to do some upgrades 50,000 to 60,000 I was offered 275,000 2 mos ago and I would not sell Hatts are the only used boat to buy
 
I would have sold for $275 and bought another for low money - but that's me.

Now that I've rejoined the ranks of the gainfully employed, I'm actively searching but think I should wait a bit more to pull the trigger.
 
Had you sold for $275K, you could have bought two now...
 
Passages said:
Now that I've rejoined the ranks of the gainfully employed, I'm actively searching but think I should wait a bit more to pull the trigger.
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Me and you both :)
 
SKYCHENEY said:
Once again, I will remind you that the truly exceptional Hatteras that is in like new or upgraded condition is the one that sells before you ever see a listing. Those boats may have declined some in price, but have not fallen to the lows of the fixer-up-ers. Now, owning a "10" is not cheap. The maintenance and upkeep spent on such a boat far exceeds what many owners are willing to spend. Since these boats are turnkey and need nothing, there are buyers waiting in line for them and they usually sell to someone close to the boat, usually from the same marina. These are rare, but they do exist. The older our boats get, the more diffential in prices you will see. Condition, condition, condition.
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That's true now more than ever the price of boats weather project boats or 10s has dropped quite a bit in the last 3 years. The cost of labor and materials has gone up substantially. So paying the depreciated cost of someone else's improvements make a whole lot more sense than the project boat. NOWS THE TIME TO FIND THE DEAL!!!

Brian
 
Westfield 11 said:
If that's true, then a drop in asking price would get it sold, unless there was something very wrong that photos don't show. If many others have such a large difference between their "asking" and their "reserve" there is still a bit more to fall.
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It's sort of an interesting situation - broker says 75K - owner is not in the area and (apparently) not terribly motivated.
 
olivia grace said:
I purchased my 1978 53' yf with 64 hrs after rebuid 10 mo ago and paid 145,000 had to change some hoses was about it. I chose to do some upgrades 50,000 to 60,000 I was offered 275,000 2 mos ago and I would not sell Hatts are the only used boat to buy
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That is an attractive model...I suspect she looks great if you dropped 60k on her...
 
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