With patience you can find a non-fixer-upper for $5k? - Saab General Bulletin Board - Saabnet.com
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With patience you can find a non-fixer-upper for $5k?
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Posted by Jeff S [Email] (more from Jeff S) on Sun, 7 Dec 2008 05:24:26 Share Post by Email
In Reply to: OT: motor boat, brick8, Sat, 6 Dec 2008 15:23:33
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The economy is crushing many people. Absolutely crushing them. If you bought a boat 3 years ago for $30,000 - you'd be lucky to get $15,000 for it today. With $0 down on a 10 year loan - there are huge numbers of people who have a boat worth $15k that still owe $29,000 on their 3 year old boat.

They need to nix payments due to job loss - so boats are going back to banks. Key Bank - the largest marine lender - shuttered it's marine lending division - closed it down. They are mounting huge losses in boats.

Long story made shorter - boats are getting crushed in value. Someone who has a boat to sell has three choices right now. 1. Nearly give it away because buyers have so many choices - it's nearly impossible to find a buyer stupid enough to pay a fair price. 2. Don't sell it because you need a fair price to pay off the loan. 3. Give it back to the bank.

I've seen very nice I/O's in the 18' - 19' range, 5 years old, VEC hulls (a very impressive technology for making a fiberglass boat...Genmar products...Larsen, Glastron and a few others), fuel injected GM 4.3's with Volvo Penta SX drives - sold for $5ish thousand at auction.

I'm in the market too - watching for the repo auctions - hoping to get a 23'er with a 5.0l or 5.7l Volvo DPX or Mercruiser Bravo3.

Buying a boat is hard if you don't know what you are doing. Good luck! :-)

posted by 65.31.101...

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