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Old 03-02-2020, 04:14 AM   #1
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Coronavirus and buying a boat

Just wondering what the general consensus is on buying a boat during the Coronavirus event. Should I or shouldn't I? Boat is a 55ft trawler style boat in the half mill range.
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Old 03-02-2020, 04:53 AM   #2
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Greetings,
Mr. R. Exactly what is your concern? You may not be around to enjoy it? The vessel may be contaminated? Future shortage of diesel fuel or spare parts?
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Old 03-02-2020, 05:09 AM   #3
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Price, mate. If the world goes to shit in the next 12 months boats will be able to be bought allot cheaper than the price they are now. If for some reason boating is not for me and I want to sell then I'm up the proverbial shit creek.
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Old 03-02-2020, 05:34 AM   #4
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Greetings,
Mr. R. I see what you're saying but I have no definitive response. Hope for the best and plan for the worst, I suppose. Any suggestions you may receive, pretty much, will be speculation IMO.
Will CORVID-19 be an apocalyptic event? I hope not although I also feel thing are going to get worse rather than better, in the short term but that's not going to prevent me from getting on with my life.
Years ago, two of my in laws, bought an income property near the peak of a housing boom. Within a year the market had collapsed and the rent they were getting didn't even pay for the mortgage on the property. Long story short, they had to keep the place for 15 years before they could sell it and break even on the losses they suffered during that time.
Bottom line is IF the world DOES collapse, money may be the least of your worries.

My $.02....
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Old 03-02-2020, 05:58 AM   #5
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I was planning on flying to China this month to visit some shipyards. Canít now.

However on a positive note, once things stabilize and China releases the freeze on its currency then the exchange rate should be much more favorable.

So thereís one perspective for ya, mate
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Old 03-02-2020, 07:11 AM   #6
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Ralsy,

I would made sure boating is or is not for you before buying. Have you consider a long charter? Maybe a two week charter would help answer the question?

As to price, who knows but I regret waiting for the years that I waited. If you are a cash buyer without contingency then you are buying at the cheapest. If you answer the above yes and find the right boat then go for it. Life is short.
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Old 03-02-2020, 07:56 AM   #7
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The question is: should I buy a boat with an economic downturn coming? Or maybe even a global recession.
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Old 03-02-2020, 08:06 AM   #8
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OP,
You have a few options, some mentioned before. First, be sure boating is for you. Charter or rent for a while. Perhaps buy a smaller / less costly boat that's very popular, should you not like it, easier to sell.



Hard to predict markets, however we can see trends.
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Old 03-02-2020, 09:28 AM   #9
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A 55’ trawler is an expensive way to launch a trial balloon. There are boats that size to bareboat charter in SW Florida. You could be onboard next week.
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Old 03-02-2020, 09:50 AM   #10
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Just make sure it has lots of room to store Corona...
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Old 03-02-2020, 09:59 AM   #11
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Should I buy anything knowing it might be worth less in a few years?
I think this question answers your question.
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Old 03-02-2020, 10:17 AM   #12
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Covid 19 seems to be highly transmissible as evidenced by its rapid spread to so many countries. I crunched the numbers yesterday and the province of BC (Canada) with a population of 5 million had tested 10 times more people than the whole of the United States, as had Ontario, and 20 Canadians were found to have the virus.

This suggests, because the US wasn't testing to the same degree, there were at least 185 people wandering around the US interacting with people, who interacted with other people, etc. China's numbers are suspect as well.

If this virus follows the trajectory of the Spanish Flu pandemic of 1918-19 (both being highly transmissible with an approximate death rate of 2%) the first wave of infections will peak in June. In that pandemic about 3 million died around June, 20 million died around October, and about 7 million died the next March. We're a lot smarter now in terms of hygiene and self isolation when sick, but there are about 4 times as many people on the planet now.

I'm waiting to see what happens by June...
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Old 03-02-2020, 11:03 AM   #13
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Covid 19 seems to be highly transmissible as evidenced by its rapid spread to so many countries. I crunched the numbers yesterday and the province of BC (Canada) with a population of 5 million had tested 10 times more people than the whole of the United States, as had Ontario, and 20 Canadians were found to have the virus.

This suggests, because the US wasn't testing to the same degree, there were at least 185 people wandering around the US interacting with people, who interacted with other people, etc. China's numbers are suspect as well.

If this virus follows the trajectory of the Spanish Flu pandemic of 1918-19 (both being highly transmissible with an approximate death rate of 2%) the first wave of infections will peak in June. In that pandemic about 3 million died around June, 20 million died around October, and about 7 million died the next March. We're a lot smarter now in terms of hygiene and self isolation when sick, but there are about 4 times as many people on the planet now.

I'm waiting to see what happens by June...
I agree with your assessment. Itís not a question of if it will become endemic but when. Governments are playing a delay game in hopes that the virus can be somewhat contained while work proceeds on a vaccine. The global supply chain has been interrupted with many of these effects not well understood by the public.

With respect to the OPís question, itís almost certain that luxury goods will fall in price. Boats have almost never been a sound investment. They depreciate to some degree, but more important they consume money to maintain and store. The real question is whether you are financially sound enough to weather the current storm, and still enjoy and utilize the purchase. They are also not bad places to self quarantine if needed.
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Old 03-02-2020, 11:21 AM   #14
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If this virus follows the trajectory of the Spanish Flu pandemic of 1918-19 (both being highly transmissible with an approximate death rate of 2%) the first wave of infections will peak in June. In that pandemic about 3 million died around June, 20 million died around October, and about 7 million died the next March. We're a lot smarter now in terms of hygiene and self isolation when sick, but there are about 4 times as many people on the planet now...

Seems like a boat purchase now would be the best way to survive the coming zombie apocalypse
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Old 03-02-2020, 12:33 PM   #15
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If one is trying to guess markets, one will be right 50% of the time. If you wait for the perfect time, you'll never buy.
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Old 03-02-2020, 12:39 PM   #16
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If you wait for the perfect time, you'll never buy.
.......or sell.
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Old 03-02-2020, 01:53 PM   #17
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If one is trying to guess markets, one will be right 50% of the time. If you wait for the perfect time, you'll never buy.
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.......or sell.
I knew a couple in NC dating and waiting for the perfect time to get married. First, it was finishing high school, then college, then getting good jobs, then saving some money for a nice wedding and honeymoon. Ironically they took a $40,000 trip to Australia and New Zealand for six weeks. Last I knew they were still waiting but they've now been together for at least 30 years. Guess they're waiting on retirement now. Everyone thinks they're married, all who have met them in the past 20 years. I'd just love to see the surprises if they sent out wedding invitations.
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Old 03-02-2020, 02:30 PM   #18
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Well, if folks are dropping dead left, right and center, then I'll get on my boat with my wife and dog and head to Princess Louisa Inlet for a month. Your boat becomes your escape. And while people are dropping dead all over, I'll be looking at Chatterbox Falls, thinking... wow!
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Old 03-02-2020, 02:38 PM   #19
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If I were a cash buyer with that much to play with Right now I think I would buy a $2-300,000 boat that checks all the qualifications I need it to than take the rest and buy gold with it once it comes down prob another $50-75.00 than go cruising for the next couple years in a bit more secluded area and wait for the whole coronavirus thing to blow over.
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Old 03-02-2020, 03:05 PM   #20
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This has been my plan for the zombie apocalypse, Pick your hated politician apocalypse, SARS, whine flu, exes, Mondays, Fridays, holidays, etc. Other than a hurricane, you can never go wrong getting on a boat.
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