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Boating Industry Future

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Lyndon670
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Re: Boating Industry Future

Postby Lyndon670 » July 4th, 2018, 10:55 pm

Great conversation.

I wonder that if the new market is dying off, that "should" create a boom in the used market. Now, think for a moment if someone - or a group of someones - were able to buy old tired out boats and rebuild them. Would that be cost effective since the bones (hull, superstructure etc) were in good shape?

I have the original bill of sale for my 506. It was just over 1.1 million Canadian. Now, these same boats are anywhere from 250USD to 400USD. I wonder if my boat was rebuilt with zero hours, fresh gelcoat, off the shelf electronics - would it command $800K US?

In comparison, $800K US does not buy you a 50ft aft cabin motor yacht today.

The business model exits already for mega yachts...perhaps there is a emerging market for what we run...

Just spitballing....
Lyndon,
2001 Carver 506
FOXY JOE
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Queens Cove Marina
Georgian Bay, Ontario


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Viper
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Re: Boating Industry Future

Postby Viper » July 5th, 2018, 6:42 am

I've done that with a few boats, it's a good way to stay busy over the winter. There are several variables dictating the final outcome from a business standpoint such as the economy, the value of the dollar, current trends, etc. The difficult part is come selling time, no matter how much you put into a 30 or more year old vessel, it's still decades old and buyers will consider that a major factor in their decision to buy. There's a fine line in the amount you can invest in the refurbishment and still be within a price point folks are willing to pay for a vessel of that age regardless of the new engines, generator and other major systems.

Don't get me wrong, the older builds of some brands are great for such a venture in our class of recreational boats as they have some desirable qualities, in some cases better than modern builds. The hurtle is convincing a potential buyer to consider the older boat in the same light as a newer one, that a refurbished 30 year old boat still has another 50 years in her, and that they'll be able to recover most of their investment when they resell. You also need to convince them that you did a stand-up job and not have cut corners in an effort to make a bigger profit. I've seen some very poor workmanship and ethics on that front which gives the practice yet another perceptual hurtle to overcome.
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Re: Boating Industry Future

Postby bud37 » July 5th, 2018, 8:14 am

Yes, I think you would have a tough go of it to refit,( engines, wiring,interior and paint ), a 30 to 40' pleasure boat and make any money at it, there is just too much in the used market. I think you guys have hit upon the reasons for it.
Consider what would happen if you bought one like that and kept it for 5 years, would the used price now be the same as all the others that weren't refit, a good question ? Maybe a trawler style boat might be doable.Not saying this is not possible, my opinion is that if it were feasible there would be companies taking care of this segment of the market as we speak.

As I see it the boat would have to be almost free to start with, unlike the big Sportfish and mid sized big name luxury yachts, as they have a totally different customer base with a different mindset and resources.
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Re: Boating Industry Future

Postby km1125 » July 5th, 2018, 10:16 am

Maybe a better way to approach it is like this: Instead of buying a new or almost-new boat for 300-500K, buy a solid ~~30 year old boat for ~20K and put $100K into it with new engines, electronics, HVAC and $50K of "cool" stuff then plan to ENJOY IT for 10-15 years and consider that money well spent. If you bought a 300-500K boat, the depreciation over those same years would be well more than that $100K you spend customizing a boat to YOUR EXACT needs and wants.

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tomschauer
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Re: Boating Industry Future

Postby tomschauer » July 13th, 2018, 1:50 pm

Maybe we can get an HGTV special "Float or Flop".
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RGrew176
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Re: Boating Industry Future

Postby RGrew176 » July 14th, 2018, 5:11 am

tomschauer wrote:Source of the post Maybe we can get an HGTV special "Float or Flop".



I like it. :-P
Rick Grew

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Re: Boating Industry Future

Postby waybomb » July 14th, 2018, 7:01 pm

We picked up our 36 mariner for cheep, have about 21000 in it, surveyed at 45000.

There's a 36 aft by me that's been sitting. I figure since it would be for flip, I'd probably only have to put about 12000 into it. I'll be asking about it in a month or so when winter storage deposits are due.
Thanks
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Re: Boating Industry Future

Postby bud37 » July 15th, 2018, 10:09 am

waybomb wrote:We picked up our 36 mariner for cheep, have about 21000 in it, surveyed at 45000.

There's a 36 aft by me that's been sitting. I figure since it would be for flip, I'd probably only have to put about 12000 into it. I'll be asking about it in a month or so when winter storage deposits are due.


You should film the redo , you never know.. :-D .....12k up here with get you a good cut and buff and thats it.. :-O

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