Next message: Mike Maurice: "Re: T&T: Santorum NWS bill"
I've made money, or at least come very close to breaking even, on all
but one of the boats I've owned in the past 15 years. These have
included a a 36' Krogan Manatee, 40' Creala 40 cutter, a Silverton 372,
a Hunter 420 sloop, a 36' Marine Trader, and a Carver 28 Voyager. My
only "moneypit" was a 53' Bluewater where I lost a lot of money due to
not following my own rules. My rules are as follows. If you can apply
at least 3 or 4 of them to a boat you'll be purchasing, you'll have
trouble NOT breaking even.
1. Look for new boats that are likely to become very popular and buy
them at the very beginning of the model run (ideally hulls 1-10). This
is because most manufacturers of successful lines raise the list price
very substantially (10%-20%), after the 10th hull, 20th, etc., until the
momentum goes down. If you follow this rule religiously, and you can
judge the market and apply several more of the rules stated below, a new
boat may be the best moneymaker of all.
2. Also look for boats with "cult followings." My Krogan sold in one
day at full asking price.
3. Look for boats selling well below market because they're being
marketed in the wrong place (e.g., a pilot house sailboat in Newport
Beach, CA or an open cockpit sailboat in Seattle).
4. Only buy a boat if a surveyer who is known to you, and has done very
few surveys for the broker or dealer selling the boat, declares it to be
in pristine condition. NEVER go with a surveyor recommended by the
dealer or seller's broker, unless he has had a multiple-inspection
history with you; it's a sure way to get taken.
5. In addition to a surveyor whom you trust, have one of your dockside
friends who has 10,000+ seamiles and is an experienced mechanic look at
the boat. Dinner-for-2 (this doesn't include you) at the best
restaurant in town is usually adequate compensation.
6. Keep your boats in pristine condition after you buy them. Have them
washed every 2 weeks; have them mechanically inspected and the fluids
checked at least monthly; and install an ion-generator air purifying
device (yes they do work) to keep those inevitable smells under control.
7. Take advantage of every legal tax avoidance technique you can. Don't
forget that nearly all 20' boats qualify as second homes; that a laptop
PC with a wireless networking card (try the new Verizon cards that work
on their ultrafast network) may be all you need to relocate your office
to the boat; and that if you're in sales orconsulting, nearly everyone
you'ld like to invite out on the boat anyway is probablly a potential
client.
8. If you've followed the above rules and you still can't sell your boat
at a decent price, and you're ready for a larger or newer boat, look for
a trade-in deal on a new boat with a dealer who has the financing to
accept expensive trades. However, this will only work if you're willing
to put 35-50% more into the new boat. However, if the new boat also
meets 3-4 of these rules, then ...................
Gee, maybe I should turn these rules into a book................
Stevemdr
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