Slow Economy Equals Fast Boats.
Posted on Apr 12th 2015
When the economy first tanked a few years ago, I did not know what I would do. Neither did a lot of my friends. Having always been known as a contrarian, however, I soon hit my stride. I found a way to survive: By selling stuff online.
The first thing that most people do when they have no money is sell their prized possessions. This usually begins with their luxury or unused items. That includes boats. Watercraft are seen as a status symbol. They signal success, even if they just sit in the driveway under a canopy most of the time. Talking about getting out on the water seems to take up more time than actually doing it. Dreaming about that weekend fishing or the getaway to the island on the sailboat is a full-time second job for most vessel owners.
When it is time to get cash for these fine craft, however, most boat owners find very quickly that they sell far from full asking price. The bigger they are, the wider the price discrepancy from new. For example, a house boat on an exclusive private lake in Arizona that sold for $250,000 new, only drew a top bid of $50,000 on eBay. Of course, the owner had set a reserve, so there was no delivery of this huge item. But it was a wake up call for all of his friends who were thinking of trying the same thing.
Selling boats as an eBay broker taught me a lot of valuable lessons. First, the middle man always gets the shaft. You are trying to educate a boat owner who expects top market value about the realities of the business. At the same time, you are trying to educate the new boat buyer about what they should expect from a used boat purchase. My worst experience was selling a 25-foot sail boat which looked great in the pictures and had plenty of sea time left on her. However, the owner waited until the buyers from some inland lake had arrived to pull the trailer out of storage. Rusted wheels and locked hubs put the brakes on that sale really quick.
But, all-in-all, selling boats taught me a lot of good things. Being from a navy family, I have a natural passion for boats. Forget the fact that I have never owned one. I found myself trolling endlessly through classified ads studying all of the different kinds of boats available and what their fair market value was compared to their current used list price. It was fun. Every day, I fell in love with a different boat. I had to have a Catalina 25-footer. Then, I was infatuated with a 20-foot Bayliner with the Captain’s Quarters downstairs. I mean, who doesn’t want a speedboat with a bedroom suite? Then there were the 50 and 60-foot custom monstrosities: The converted tug boats, cargo ships, and world-cruising ketches. I wanted them all.
The bottom line is that they all moved well in the bargain economy. But a lot of them were junk. Many of the sales made the owners sad due to the rock bottom prices. The advantage of an improved economy is two-fold. As a boat owner, you can command a better price. With firm pricing, comes better quality. This is good for the boat buyer. Even though the yard sales are over, paying a higher price means getting a better boat. No one wants to pay good money for a sinker.
You can always educate yourself about boats and other motor vehicle technology on the MotorsHiFi site, located on the web at www.motorshifi.com. Here you can go to get your dream vehicle.