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#574994 - 03/31/21 07:57 PM You're gonna lose a TON of money when you sell it  
Joined: Nov 2003
Posts: 15,716
GoFirstClass Offline
Retired Boating Bum
GoFirstClass  Offline
Retired Boating Bum
Grand Poobah

Joined: Nov 2003
Posts: 15,716
Pasco, WA
We've all heard that, as well as the line "The 2 best days in a boaters life are when he buys the boat and when he sells it". Well, I'm going to lay both of those rumors to rest BUT these only work if you do things right and only IF the times are right for you.

We bought Beachcomber almost exactly 10 years ago. The timing couldn't have been better for us for a number of reasons.

First, 10 years ago the US was just starting to find its way out of a deep financial depression/recession.

Second, the brokerage had picked up this boat as a repo in late 2008, expecting the financial recovery to come much sooner than it did. They had expected to flip the boat in early 2009 and make a killing.

Third, if you know anything about how bank flooring works you know that after a year of being floored, the brokerage must buy it from the bank that has been holding title to it.

So the brokerage had bet a lot of money that the financial crisis would end and when it didn't they had to take a bunch of their money to buy the title. That sucked for them but was great for me.

I started dealing with then in mid-January, 2010. I needed to trade my 330DB in and that was the only way I was going to make a deal. They didn't want to take my boat on trade but after 3 months of negotiating with them (Oh, did I tell you I LOVE to negotiate!) they agreed to take it. I had a price in mind that, if we hit that price I would have STOLEN their boat.

After the 3 months I got to within $10K of what my price was so I agreed. At that point the real work of getting a shipper, taking the fly bridge off, etc.

So, fast forward 10 years and now we have sold Beachcomber. Was I sad? Absolutely but I am looking forward to out next venture--buying a motorhome.

The diff between what we bought Beachcomber for and the price we sold it for amounted to about 14%-15%. So, it cost us money to own it for 10 years but I figure that small amount was a small price to pay for all the enjoyment and fun we got out of the boat over that 10 years.

Now, on to our next adventure.


"Beachcomber" 1995 Sea Ray 550 Sedan Bridge


Anchor's down......Bottoms Up!
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#574995 - 03/31/21 09:35 PM Re: You're gonna lose a TON of money when you sell it [Re: GoFirstClass]  
Joined: Jan 2003
Posts: 4,019
Justification Offline
Admiral
Justification  Offline
Admiral

Joined: Jan 2003
Posts: 4,019
Fruit Heights, Utah
Congratulations, but also my condolences on the sale of Beachcomber.
She was a beautiful boat and the only thing better than hearing all your exploits on her was getting to actually ride along as you captained her while letting others take the helm for the Christmas boat parade.

Here's to raising a glass of white wine on the stern.


Beer makes you feel the way
You should feel without beer.
#574996 - 03/31/21 11:07 PM Re: You're gonna lose a TON of money when you sell it [Re: GoFirstClass]  
Joined: Oct 2003
Posts: 8,203
captkevin Offline
Admiral
captkevin  Offline
Admiral

Joined: Oct 2003
Posts: 8,203
Chicago, IL
Wow end of an era. Can't wait to hear about the new adventures.


2004 Rinker 232
2010 Dodge Ram Crew Cab Laramie 4x4
#574997 - 04/01/21 11:29 AM Re: You're gonna lose a TON of money when you sell it [Re: GoFirstClass]  
Joined: Aug 2005
Posts: 2,536
WayWeGo Offline
Admiral
WayWeGo  Offline
Admiral

Joined: Aug 2005
Posts: 2,536
Oakton, VA
Congrats on the sale and on staying ahead of the depreciation curve!


[Linked Image]
1975 Trojan F36 Convertible, Twin Chrysler 440's
2014 West Marine AL360 Inflatable, 1966 Mercury 6HP, 1992 Mercury 20HP
#574999 - 04/01/21 08:35 PM Re: You're gonna lose a TON of money when you sell it [Re: GoFirstClass]  
Joined: Jan 2003
Posts: 4,761
WaterWing Offline
Admiral
WaterWing  Offline
Admiral

Joined: Jan 2003
Posts: 4,761
Chicago
Before you buy a mobile home, I suggest you rent one first. I always thought I’d go down the mobile home lifestyle. Then I rented a 35 footer. It changed my mind.
Sad to see you leave this great hobby.


2001 Larson SEi-230 5.7 Merc/Alpha1
2013 Ford Explorer
#575000 - 04/01/21 11:47 PM Re: You're gonna lose a TON of money when you sell it [Re: GoFirstClass]  
Joined: Nov 2003
Posts: 15,716
GoFirstClass Offline
Retired Boating Bum
GoFirstClass  Offline
Retired Boating Bum
Grand Poobah

Joined: Nov 2003
Posts: 15,716
Pasco, WA
WW, many moons ago I was the F&I (finance and insurance) manager for the largest RV dealer in eastern WA. One of the perks of that job was I could use a motorhome for vacations--a few days to two weeks, for free. So I've driven several, plus before I got the Big
C I was a substitute school bus driver for our local school district. I had 3-4 months of training before taking my CDL test and that included driving 40' busses through traffic.

So I'm used to driving those big rigs and am looking forward to it.

While I'm leaving the big boat world we still have our 13' Boston Whaler to poke around in. We will use that to get our fix that only comes from being on the water.

Today I drove from home to Everett, WA to look at a motor home, then back, a total of 502 miles. Left home about 7:30 a.m., got back tonight at 6:00. The motor home was a bust but it was a nice trip over and back.


"Beachcomber" 1995 Sea Ray 550 Sedan Bridge


Anchor's down......Bottoms Up!
#575001 - 04/02/21 11:34 AM Re: You're gonna lose a TON of money when you sell it [Re: GoFirstClass]  
Joined: Jul 2003
Posts: 6,745
Dave R Offline
Admiral
Dave R  Offline
Admiral

Joined: Jul 2003
Posts: 6,745
Hampton Beach, NH USA
Congrats on the sale and glad you did not lose a ton of money. I've done well selling my boats too, if you don't count maintenance, and repairs.

I have always looked at boats as a substantial but acceptable financial loss. My thought process is that the experiences I've had already are worth every cent I will ever spend on boats, thus, it's always all gravy from "here", regardless of where "here" is in time.


"Mischief Managed II" 1992 Tollycraft 44 Cockpit Motor Yacht-Twin CAT 3208TA inboards
"Portkey" 2020 North Atlantic Inflatables 10'6" aluminum RIB-Mercury 15HP two stroke
2015 Sea Doo RXT-X
2015 Sea Doo RXT
#575037 - 04/08/21 12:39 PM Re: You're gonna lose a TON of money when you sell it [Re: GoFirstClass]  
Joined: Dec 2003
Posts: 3,962
athiker Offline
Admiral
athiker  Offline
Admiral

Joined: Dec 2003
Posts: 3,962
Lake Norman, NC
True end of an era, have also really enjoyed reading about seeing your travels in her. Good luck in the next adventure.

I am going to take your timing advice and apply it to RVs. In 2 or 3 years I expect there to be a glut of nice newly used RVs hitting the market after all the COVID buying in the last year...plus the news ones from mfg. ramp ups. The wife is interested, we took our first RV trip this past summer in a rental, but I'm not ready to rush in just yet. My business partner is on his 2nd in just the last year, so I will let him figure out the kinks of type and size for me!

On most depreciating assets I tend to buy quality and hold...which ends up making them fairly cheap in the end. I keep my vehicles 10 - 15 years and have had my boat for 15 plus years now. That may change a bit going forward though as I get older and there is more time in the rear view mirror than ahead! smile


2000 Cobalt 206 5.7L EFI Alpha 1
#575058 - 04/14/21 01:45 AM Re: You're gonna lose a TON of money when you sell it [Re: GoFirstClass]  
Joined: Feb 2006
Posts: 1,160
Justified Too Offline
Admiral
Justified Too  Offline
Admiral

Joined: Feb 2006
Posts: 1,160
Colorado
Quote
On most depreciating assets I tend to buy quality and hold...which ends up making them fairly cheap in the end. I keep my vehicles 10 - 15 years and have had my boat for 15 plus years now. That may change a bit going forward though as I get older and there is more time in the rear view mirror than ahead! smile
Sounds familiar... and getting ready to do it again. Congratulations GFC on the sale. While am sure it was bittersweet, we are excited to hear of your next adventures with your 'land yacht' TBD.

We are working on the final details of a transaction to step into the space you and Tina are just stepping out of and look forward to the new adventures as well! Safe Travels!

Deprecating assets seem to be where all the fun is...


[Linked Image][Linked Image]
'Altitude Adjustment' - 2013 Meridian Yachts 441 Sedan Bridge
'Justified Too' - 2003 Chaparral 220 SSI 350 MAG/MPI BIII


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