Boats bad investments???
#31
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Re: Boats bad investments???
Personally , I think a boat is an okay investment, IF You can do the work on it yourself. I have NEVER sold a boat for less than I originally payed for it. Of course I have put money into them over the years or months or however long I have owned them , but on the whole it's nice to see them sell for more than your purchase price.
ps . I have owned at least 25 boats over the years... Tom
ps . I have owned at least 25 boats over the years... Tom
#32
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Re: Boats bad investments???
It's what we do, it's what we love, it's a good investment. Hard to put a number on something you love so much. In my book that's a good investment. My whole family looks foward to the weekends, that's a good( investment). I'm sure you see it that way.
#34
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Re: Boats bad investments???
Ok, it depends on what type of investment your talking about, if your talking about a financial investment you may be a few cards short of a full deck If your talking about an investment in the happiness pleasure of you, your family and friends than I don't know of anything better, well, maybe one thing but this is the wrong section for that
#35
Re: Boats bad investments???
Some people make good money on boats. Firstly, you have to move around the docks and marinas and know people. So that when there's a fire sale, you know about it on time. Then, you have to have cash in hand and I'm afraid you also have to be ruthless and offer ridiculously low amounts to people who you know are in financial distress. Then, you have to know your way around boats because when you offer an immediate low cash amount, it's usually "as is, where is" and there's no survey, no lifting out of water and no oil analysis... The second reason you need to be handy around a boat is because fire sale deals are very rarely boats in immaculate condition. Chances are costly maintenance has been dodged by an owner in financial difficulty. Things will need fixing and/or replacing, that's for sure. It's obviously cheaper if you can do it yourself while you're adding value to the boat. You also need to be a very flexible person and look at boats like a business opportunity, not like toys for your personal use. A fair bit of rational thinking is required which is not easy when you're looking at boats. You need to look at the marketability of that particular brand and model, not at whether you like it or not. If the marketability is good but you don't like it, resell it immediately. If you like it, keep it and its sale 2 or 3 years down the road can pay for maintenance and fuel. That's right, boating for free.
BTW, this is virtually impossible with new or very recent boats. You do not want to be around when that initial depreciation hits in the first 3 to 4 years. And most importantly, refrain from bragging to your friends what a fantastic deal you've made on a boat. Before long, the whole nation will know how much you paid for it and consequently, most potential buyers will know how much money you're looking to make on their backs. And no customer likes the feeling of that knowledge. So if you are asked, LIE!
BTW, this is virtually impossible with new or very recent boats. You do not want to be around when that initial depreciation hits in the first 3 to 4 years. And most importantly, refrain from bragging to your friends what a fantastic deal you've made on a boat. Before long, the whole nation will know how much you paid for it and consequently, most potential buyers will know how much money you're looking to make on their backs. And no customer likes the feeling of that knowledge. So if you are asked, LIE!
Last edited by super termoli; 01-28-2005 at 06:04 AM.
#38
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Re: Boats bad investments???
Originally Posted by super termoli
Some people make good money on boats. Firstly, you have to move around the docks and marinas and know people. So that when there's a fire sale, you know about it on time. Then, you have to have cash in hand and I'm afraid you also have to be ruthless and offer ridiculously low amounts to people who you know are in financial distress. Then, you have to know your way around boats because when you offer an immediate low cash amount, it's usually "as is, where is" and there's no survey, no lifting out of water and no oil analysis... The second reason you need to be handy around a boat is because fire sale deals are very rarely boats in immaculate condition. Chances are costly maintenance has been dodged by an owner in financial difficulty. Things will need fixing and/or replacing, that's for sure. It's obviously cheaper if you can do it yourself while you're adding value to the boat. You also need to be a very flexible person and look at boats like a business opportunity, not like toys for your personal use. A fair bit of rational thinking is required which is not easy when you're looking at boats. You need to look at the marketability of that particular brand and model, not at whether you like it or not. If the marketability is good but you don't like it, resell it immediately. If you like it, keep it and its sale 2 or 3 years down the road can pay for maintenance and fuel. That's right, boating for free.
BTW, this is virtually impossible with new or very recent boats. You do not want to be around when that initial depreciation hits in the first 3 to 4 years. And most importantly, refrain from bragging to your friends what a fantastic deal you've made on a boat. Before long, the whole nation will know how much you paid for it and consequently, most potential buyers will know how much money you're looking to make on their backs. And no customer likes the feeling of that knowledge. So if you are asked, LIE!
BTW, this is virtually impossible with new or very recent boats. You do not want to be around when that initial depreciation hits in the first 3 to 4 years. And most importantly, refrain from bragging to your friends what a fantastic deal you've made on a boat. Before long, the whole nation will know how much you paid for it and consequently, most potential buyers will know how much money you're looking to make on their backs. And no customer likes the feeling of that knowledge. So if you are asked, LIE!
But finance a new rig so you can be upside down .. Ya you might be able to invest the cash and net the interest on your boat loan ..But why not be smart about your boat purchase and keep the money ..
I guess what im saying is if you realy want to pi$$ your money away , go buy a brand new got to have it ..for 240 payments ..
#40
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Re: Boats bad investments???
Originally Posted by bajalion
It's like alling a car or drinking beer an investment. Disposable income comes to mind.
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