- Joined
- Oct 1, 2007
- Messages
- 7,332
- Location
- Texas
- Vessel Name
- Floatsome & Jetsome
- Vessel Make
- Meridian 411
This is what has been keeping me up the past 2 weeks. *I have our boat listed with a local broker. *He was showing one of his clients a Californian 42 MY. *The owner of the C42 was on board at the time and mumbled something under his breath that if he could find a local Mainship 30 Pilot, that he would trade straight up. *Well, my broker approached me with this deal. *Of course the first things that go thru my mind are insurance and slip fees as well as "will the bank do it" since they hold the note on our boat. *Insurance came in pretty reasonably with all things considered but it was still 2.5x what we are paying now. *Slip fees would go up as well. *I figgered it would be a solid 300ish bucks more per month(at least) before the boat even moves. *And then you have to throw in fuel burn and maintenance on top of that(twin 3208s with a 12kw gen). *Realistically, that C42 is worth $30k...ish more than my boat. *I have always been a huge fan of the longevity and reliability of the 3208s. *But maintaining them really hit home when I went into the engine room and saw the massiveness of those things....
Anyway, we turned the offer down. *The bank was willing to do it but not under the terms I would have been happy with....which means I would have had to choke up a good bit of liquid cash to get the deal done(brokerage fees, etc.). *Cash I did not want to have to dig up. *Also, and this is probably the biggest reason, that boat I feel was just a bit much for us as a couple. *We like to do a lot of daytripping. *I have had my boat out 3 times in the last 4 days. *With the C42, it would have been ZERO times. *I do not think twice about taking my boat out by myself. *I don't think I would feel comfortable at all taking that boat out by myself.
Ultimately, we do want a bigger boat and had the bank come through with the deal that I wanted(they were surprisingly close), we might have done it. *We generally gravitate towards boats in the 36-38 range. *We maybe would go to 40ft. *That C42 was a very BIG 42ft with a 15'3" beam!!!! *Anyway, we want a boat that we would feel a little more comfortable with. *I am sure I would have learned how to deal with this one but it was still so big that it would have restricted our spontaneous day trips.
As I have always said with cars(and boats in this case)....there is no right price for the wrong boat!!!!
So am I crazy???
I know there is a valid argument *that says we could have gone through with it and turned a profit by flipping it.....but there is still risk involved in that theory.....
I hope I don't regret this one!!!
PS....for you folks looking for money for a boat, give your credit union a chance. *They have the note on my current boat and that is who I was working with on this deal. *They use their own money so they look at deals on a case by case basis versus some random numbers and "hoops" that marine lenders usually use. *I am pretty sure a "classic" marine lender would have laughed at me with what I was proposing. *They have laughed at me in the past when it was a "classic" deal and my numbers were good.
Anyway, we turned the offer down. *The bank was willing to do it but not under the terms I would have been happy with....which means I would have had to choke up a good bit of liquid cash to get the deal done(brokerage fees, etc.). *Cash I did not want to have to dig up. *Also, and this is probably the biggest reason, that boat I feel was just a bit much for us as a couple. *We like to do a lot of daytripping. *I have had my boat out 3 times in the last 4 days. *With the C42, it would have been ZERO times. *I do not think twice about taking my boat out by myself. *I don't think I would feel comfortable at all taking that boat out by myself.
Ultimately, we do want a bigger boat and had the bank come through with the deal that I wanted(they were surprisingly close), we might have done it. *We generally gravitate towards boats in the 36-38 range. *We maybe would go to 40ft. *That C42 was a very BIG 42ft with a 15'3" beam!!!! *Anyway, we want a boat that we would feel a little more comfortable with. *I am sure I would have learned how to deal with this one but it was still so big that it would have restricted our spontaneous day trips.
As I have always said with cars(and boats in this case)....there is no right price for the wrong boat!!!!
So am I crazy???
I know there is a valid argument *that says we could have gone through with it and turned a profit by flipping it.....but there is still risk involved in that theory.....
I hope I don't regret this one!!!
PS....for you folks looking for money for a boat, give your credit union a chance. *They have the note on my current boat and that is who I was working with on this deal. *They use their own money so they look at deals on a case by case basis versus some random numbers and "hoops" that marine lenders usually use. *I am pretty sure a "classic" marine lender would have laughed at me with what I was proposing. *They have laughed at me in the past when it was a "classic" deal and my numbers were good.