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  • Thread starter Thread starter edward
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edward

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Will prices crash on older Hatteras motor yachts ?
 
I'd buy now. With the lower fuel cost I see prices jumping up quickly.
 
You mean worse than they already were?

I was offered a 67 foot custom sportfish today for probably $1 mil less than it was worth 6 weeks ago, settlement needs to be in 7 days or less. Unfortunately it was still way out of my league. Just the first of many......
 
Given the current pandemic, it's a buyers market on pretty much anything that floats.
 
Certain boats will definitely be on fire sale, kinda like the one Cricket mentioned. Some people are unaffected (at least for the moment) financially from this mess, others incomes and retirements basically evaporated/vanished right in front of their eyes.

Seems like I've seen lots of oil money boats going up for sale lately, several at deep discounts. The older hats are probably already fairly deeply depressed before all this started. But at the end of the day a good boat that's well maintained and updated will still bring a premium price UNLESS the owner has to move the boat TODAY and then the price will drop accordingly. But when this happens you have to be ready to jump on the deal with cash, most fire sale boats don't hang around long enough for people to finance.
 
One thing is sure nothing is going to sell in the next two or three months depending on how long this mass hysteria goes on. After that it will depend on how things rebound. Unless we see a rapid sharp recovery, boat values will be in gutter for a while.
 
According to my broker here in NY market went dead day all this this started. This is busy time of year - end of February brokerage firm getting about about 30 calls a day, now lucky to get one. Told me just other day they had deal in works with very wealthy client they had been working on past 5 months for a brand new high performance 53' center console with 4 outboards for 2.3 million. They offered it to him for 1.4 million last week and said he just couldn't 'engage' given current state of market. Supposedly buyer tons of money in bank, but to him just didn't feel right. Anyway, thought I had picked the right year to sell my 43DC, guess not. I've dropped price from $70k to $60k and probably need to drop to $50k just to get a bite.
 
Boat surveys have slowed way down but have not stopped completely. I am still do a couple per week, however I do not allow anyone to be onboard with me and we can’t do haul outs do to the yards being closed. Insurance companies are accepting divers reports with video for the bottoms, something they hardly ever did before. I have to review the videos and make comments. I actually am surprised at the number of sales that are occurring. John
 
Scarlett said:
I actually am surprised at the number of sales that are occurring. John
Click to expand...

I have talked to several boat dealers/reps over the last week or so and I'm surprised at how many sales are being made.

On a side note, during this downturn we got the wife a new suv and I know of 2 other people who have purchased new vehicles in the last few weeks. So some money is moving, just not as much as usual.

One of my business is chugging along with no cash flow interruptions (yet). The other went from a record jan/feb to ABSOLUTE ZERO halfway through feb. The orders quit coming in, the phones quit ringing, just completely shut off. Over the last week orders have started trickling in and the phones have started ringing again.

Crazy how business works like that... A great case study of the need for diversification in business.
 
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sgharford said:
According to my broker here in NY market went dead day all this this started. This is busy time of year - end of February brokerage firm getting about about 30 calls a day, now lucky to get one. Told me just other day they had deal in works with very wealthy client they had been working on past 5 months for a brand new high performance 53' center console with 4 outboards for 2.3 million. They offered it to him for 1.4 million last week and said he just couldn't 'engage' given current state of market. Supposedly buyer tons of money in bank, but to him just didn't feel right. Anyway, thought I had picked the right year to sell my 43DC, guess not. I've dropped price from $70k to $60k and probably need to drop to $50k just to get a bite.
Click to expand...
How can a new boat possibly be dropped in price by almost half?
 
Would seem logical to me that demand for this class of boats is likely to increase, not decrease.
 
I had a closing yesterday. We expect another to close by the end of the week. I wrote a deal yesterday and one of my brokers got a deal signed and deposit in, also yesterday. Believe what you want. When the lights come back on I expect to be even busier.
 
If you want to steal something - go car shopping!
 
NNo car shopping in Wa. State, only medical and essentials allowed now to purchase autos in Wa. new order from Gov.
 
My MB ML 320 bluetec was terminal, so a new/used car was medically necessary for me. Here in the People's Republic of MD I was still able to get it done. I shopped online, then wrapped in latex, masked and slathered in hand sanitizer went to the dealership (with an appointment) and 12 hours later (shortest required time for a car purchase) I drove the new to me car directly home to my garage.
 
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SeaEric said:
My MB ML 320 bluetec was terminal, so a new/used car was medically necessary for me. Here in the People's Republic of MD I was still able to get it done. I shopped online, then wrapped in latex, masked and slathered in hand sanitizer went to the dealership (with an appointment) and 12 hours later (shortest required time for a car purchase) I drove the new to me car directly home to my garage.
Click to expand...

Don't think I've even been to a dealership. When I buy a new vehicle, they just deliver it to my door and I sign the papers in MY office, not theirs. Its amazing what they will do to sell a car if you tell them how to do it.
 
SKYCHENEY said:
Don't think I've even been to a dealership. When I buy a new vehicle, they just deliver it to my door and I sign the papers in MY office, not theirs. Its amazing what they will do to sell a car if you tell them how to do it.
Click to expand...

I've always bought my new cars this way here in the state of MD. I have never been to the a dealership either.
 
Freeebird said:
How can a new boat possibly be dropped in price by almost half?
Click to expand...

Hi Firebird:

The new boat building business is at times like a game of musical chairs. The builder has to sell the current boat (sometimes at a loss) to generate enough cash flow to pay his suppliers or labor in order to finish another vessel under construction.

This is a vicious circle.

Spin
 
spindrift said:
Hi Firebird:

The new boat building business is at times like a game of musical chairs. The builder has to sell the current boat (sometimes at a loss) to generate enough cash flow to pay his suppliers or labor in order to finish another vessel under construction.

This is a vicious circle.

Spin
Click to expand...
Hi Spundraft,

It’s hard for me to conceive a dealer taking a $500K hit (guesstimate) on that boat just to generate cash flow. Most dealers aren’t paying cash for their inventory, which makes it even more difficult to comprehend. It’s easy to see how an individual would take a hit on selling a used boat, and I know for fact that’s happening now.
 
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