Asking price vs. what you paid

Vahevala · 09-15-2012, 05:35 PM

We're in the process of searching for our Loop boat and may be ready to make an offer, but are unsure of where to start on price. It seems that prices drop regularly by 10K and even 20K at a time on Yacht World. The boats we're looking at in Ontario seem to be priced higher. Love to hear from anyone who is willing to share so we have some idea what to offer as our starting point. What was the difference in asking price vs. what you paid, even a percentage would help, if you'd be willing to share. Thanks!

Pineapple Girl · 09-15-2012, 05:57 PM

Quote:

Originally Posted by Vahevala

We're in the process of searching for our Loop boat and may be ready to make an offer, but are unsure of where to start on price. It seems that prices drop regularly by 10K and even 20K at a time on Yacht World. The boats we're looking at in Ontario seem to be priced higher. Love to hear from anyone who is willing to share so we have some idea what to offer as our starting point. What was the difference in asking price vs. what you paid, even a percentage would help, if you'd be willing to share. Thanks!

Offered 20% less pd 17% less on well maintained boat. How bad do you want it?

Heard of deals for half asking... All depends, how reasonable is the asking probe? Good luck and have fun!!!

psneeld · 09-15-2012, 06:59 PM

offered 10% less on a Craigs list boat...renegotiated after survey wound up only about 5% less..but it was a model I wanted and in the right price range...which is a bigger deal than the actual price....because it's the boat you want and no other model will do.

Marin · 09-15-2012, 06:59 PM

We paid the asking price but that was because the owner had just purchased a larger GB and didn't want to own two boats. He simply wanted to unload this one. His asking price was so much lower than the typical price for the same age and condition GB in the Puget Sound area that the cost of the boat, trucking from Alameda to Tacoma, a bunch of yard work, and adding some new electronics still put us ahead of buying a similar boat up here.

I don't know if the huge price disparity between boats up here and the same age and condition of similar boats in California still exists today, but it could pay to buy a boat in an area where the market for that kind of boat is not as good as in your area. Even with the transportation costs you could come out way ahead.

twiisted71 · 09-15-2012, 07:15 PM

Quote:

Originally Posted by psneeld

it's the boat you want and no other model will do.

This is what its all about. Once you've narrowed all the choices down to make and model. Try to go see several. This will give you an idea of what range they are marketed at in varying condition. Take notes when you check them out. If one boat has an inop Genset and is significantly lower than one that works but is very dated or marginal for the loads encountered, it may be better in the end to buy a boat with some "problems" esp if they are areas you'd likely want to address anyway.
We probably looked at a dozen Mainships, this also will probably let you find what a particular make's problem areas are and you can look more scrutinizingly. Its also nice to have a back-up boat incase your offer is rejected. Once you get down to the offering stage you've probably got the bug BAD and want a boat ASAP, don't fall in love. There are lots of boats on the market and they aren't moving fast. Esp true in northern climates with winter approaching.

psneeld · 09-15-2012, 07:22 PM

Quote:

Originally Posted by twiisted71

This is what its all about. Once you've narrowed all the choices down to make and model. Try to go see several. This will give you an idea of what range they are marketed at in varying condition. Take notes when you check them out. If one boat has an inop Genset and is significantly lower than one that works but is very dated or marginal for the loads encountered, it may be better in the end to buy a boat with some "problems" esp if they are areas you'd likely want to address anyway.
We probably looked at a dozen Mainships, this also will probably let you find what a particular make's problem areas are and you can look more scrutinizingly. Its also nice to have a back-up boat incase your offer is rejected. Once you get down to the offering stage you've probably got the bug BAD and want a boat ASAP, don't fall in love. There are lots of boats on the market and they aren't moving fast. Esp true in northern climates with winter approaching.

True but when there's only ONE available after you have narrowed it down...it's not a question of lot's of options...it becomes the question of whether or not you'll pay a negotiated price or NOT....fot the boat you want...

Pineapple Girl · 09-15-2012, 07:25 PM

Quote:

Originally Posted by psneeld

True but when there's only ONE available after you have narrowed it down...it's not a question of lot's of options...it becomes the question of whether or not you'll pay a negotiated price or NOT....fot the boat you want...

Yep. I love my boat. Matt and I were talking today. If someone offered us TWICE what we paid... We MIGHT sell...

twiisted71 · 09-15-2012, 07:26 PM

Yes tis true. I'm used to living in the land of every used boat possible is on the market here!

PG right there with you. I know I got a great deal and I'd have to get quite a bit more than I paid to turn loose as I know I couldn't run out and replace with the same condition for the same money very easily.

JohnP · 09-15-2012, 07:37 PM

We offered half of the asking price and the owner took it. He was detached from the boat and had a new toy. Two boat owners get tired of storage costs and Fall is a great time to get a deal.

JohnP

Budds Outlet · 09-15-2012, 07:56 PM

In the spring of 2004 in a fairly strong market we offered 25% less than asking brokerage price as listed on Yachtworld and got the boat for 22% less than asking. I'd think that those numbers could still be good today. However, each seller is different and has a different situation and motivation.

psneeld · 09-15-2012, 09:26 PM

Quote:

Originally Posted by JohnP

We offered half of the asking price and the owner took it. He was detached from the boat and had a new toy. Two boat owners get tired of storage costs and Fall is a great time to get a deal.

JohnP

True of a lot of boats...but owners of boat models that they know are in demand or popular may not be so quick to drop that far.

ksanders · 09-15-2012, 11:04 PM

its not just a percentage thing, its how how badly the owner wants to sell, and how much the owner can afford to sell the boat for.

Often times the "best" bargains are boats that the owner owns outright and really wants to sell.

My boat would have been to some a great deal, and to others no deal at all.

It was owned by a bank and the owner had mechanically neglected her. The inside looked great but a previous offer had been made and the survey showed high blowby on one of the Cummins engines.

The boat is a 2001 Bayliner 4788. The asking price started at $249 then dropped to $199 after the engines failed survey.

I offered $115 and settled on $130

I then had the boat repowered, new genset, and brought back to better than new condition. That cost me a little over a hundred K out of my own pocket.

Did I get a bargain??? I think so. I have into the boat a little over what I could have purchased one in decent shape with lots of "options". The difference is that my options are exactly what I wanted. The engines are brand new cummins factory remans, the generator is factory new northern lights, new furnaces, new watermaker, waste system, satcom system, the list goes on and on.

Ocean Breeze NL · 09-15-2012, 11:37 PM

Our boat - Asking price $110K, appraisal from two different surveyors ( Seller ) $179 & ( Mine ) $149, Market price ( several researches ) $180K, Final offer $92K providing seller brought it to a Marina that was close to me ( 19hrs of steam time for him ) and motor ( 5hp ) placed on tender. Deal set and happy with everything.

Elwin

CPseudonym · 09-15-2012, 11:44 PM

Quote:

Originally Posted by ksanders

its not just a percentage thing, its how how badly the owner wants to sell, and how much the owner can afford to sell the boat for.

Often times the "best" bargains are boats that the owner owns outright and really wants to sell.

Every situation is unique and a one size fits all percentage can not apply IMO.

FF · 09-16-2012, 05:30 AM

Condition sells the boat , and sets the price.

**Larry M** · 09-16-2012, 05:39 AM

Ask your broker or ask a broker friend. Brokers who list on Yacht-World have the ability to see what the listed price and what a boat actually sold for. They can do this for a specific make, year and model.

Vahevala · 09-16-2012, 06:05 PM

Thanks everyone for the great responses! So helpful to us as we move forward. Twisted: so true we are at that stage! I think we have settled on the style and this one fits the bill. I think they have her overpriced by about 20K after looking at others that are similar. I guess we throw the number out there and see where it takes us. Great to have all this info to help us in the process. Will keep you updated!

boatpoker · 09-16-2012, 07:17 PM

1st Post here and no I am not a yacht broker but I do have access to soldboats.com If you let me know the year and model I could email you the sold boats data.

For those not familiar with it ...when a boat that was listed on yachtworld is sold, the broker is required to report the acrual sales details. yachtworld takes that data and posts it on soldboats (paid access).

Is some of the info fudged ?.... maybe a little but not much (my opinion)

Fotoman · 09-16-2012, 07:49 PM

Paid 40% less than the asking price. Survey helped a lot, plus the timing (mid december in NY is not the best time to sell a boat).

bobofthenorth · 09-16-2012, 09:32 PM

Not surprisingly everyone KNOWS they made a killer deal on their current boat. The best advice so far is to find comparable sales which will require a broker to access the database. The asking price is irrelevant so a discount from asking is equally irrelevant.