texasnielsen
Senior Member
Have not seen a thread on this subject... If there has been one previously, then point me in the direction and I shall go forth and continue the due diligence in that heading... I have been looking at some of the many Hatteras yachts now available that I shall refer to as "vintage". This isn't about an engine retrofit or anything. It is about what or how one goes about establishing value. I have seen a range of pricing of the 48'-54' motor yachts from $100-$400K. Obviously (or so I thought) equipment and modern improvements would reflect differences in pricing. I recently sought the opinion of a respected internet acquaintance and receive a response that I was somewhat surprised by... It went more or less as follows - ------- "Well, the first thing that comes to mind is, “Why would anyone spend that kind of money on a boat of that age?” Look at what they spent and what they’re trying to get back. From their perspectives, lose, lose, lose. That’s the sort of project to be undertaken sanely only with a view toward longterm ownership, personal gratification, etc. Definitely not as part of any kind of rational marketing scheme. The price is easily $60,000 - $200,000 too high..." Beyond that, it was a 1980, 81 or an 1985 when they built it, it always will be. That will likely always be one of the first things you as a buyer notes. To find comparables to use for resale value analysis simply will not be possible. If it’s all as it appears, it’s probably worth considerably more other similar aged examples, but how much more and to whom? Almost certainly not to a lender or an insurer. Furthermore, if you follow the owners logic and agree that it is now a “custom” yacht due to improvements, etc., then you can expect, by definition, to find no comparable examples from that angle either. If you want to buy it and own it for at least a decade, then there are no right or wrong answers for you – other than, again, lenders and insurers. For you, it’ll be worth whatever it’s worth – to you." -------- From my perspective I only have experience with vintage autos to use as some sort of baseline when one considers the original cost of the car, and what has been done to it to improve upon the original OEM build. For a car or truck, the chassis establishes the vintage but it could be otherwise brand new in every other aspect. Engine, electronics, suspension, interior all would be considered with regard to trying to establish a new "value." Recognizing value is only what another party is wiling to pay, I am trying to figure out the economics of some of these older hulls being significantly upgraded and whether or not it is worthy of time and energy to try and establish a legitimate argument with the lender and insurer as to whether or not one can legitimately compare a modernized vessel to a hull that is still all original. Appreciate your thoughts.. We can determine my wisdom later....
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