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Who is going to buy our yachts and at what price?


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#1 Guest__*

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Posted 25 July 2014 - 02:38 PM

This topic has been discussed on some other forums and as someone in the boat brokerage industry I thought it was worth raising here on this forum.
It has been reported in the USA that there are 40% less sailors now than there were in 1980. New Zealand I expect would not be as bad, but even if it were say 20%, this has huge effect on the used boat market. Who is going to buy our used yachts? I did a quick check on trade me on what I consider bench mark entry level yachts, 1020’s, Lotus 9.2’s and Lotus 10.6’s and there are a total of 40 for sale…These are all now 30 year old and with an asking prices that are not far off what they would have been 5 years ago. A lot has happened since then, both globally and locally. Have our yacht owners realised this, or are we living in the past? These ask prices are between 30 and 50% of what a brand new imported yacht would cost. To sell, there needs to be some serious adjustment of our local used boat pricing.

Our marinas are full of older unused vessels for sale, most with a very limited market. I expect this surplus of pre- loved boats has done more to push up marina prices than any other factor. Westhaven would look very different if we removed all the boats for sale. At the moment, just talking Keelers from Trademe, there are about 700 for sale in New Zealand. I am not sure of the total number of keelers in the country, but would guess it would be around 5 or 6000? Someone may have the correct figures? So, in rough numbers it is probably fair to say that 10% of the keelers in New Zealand are for sale. A huge majority of these vendors, if they managed to sell their beloved craft would not buy another, simply as they themselves are getting older and at the end of their yachting careers … The younger generation does not have the time or the money to afford a yacht, especially with the high price of real estate and the pressure to pay off the mortgage.
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#2 Dambo

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Posted 25 July 2014 - 02:58 PM

My 40yo plywood boat is worth nothing (maybe the value of the lead in the keel) but it sucks money which means I can't afford a 1020 at the current market rate much as I'd love one...

So, as someone

in the boat brokerage industry

Can we expect to see some cheap deals coming through soon? :twisted:
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#3 island time

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Posted 25 July 2014 - 03:36 PM

There are cheap "deals" now. Many boats for sale for what a suit of new sails would cost for them, and a tiny fraction of what a new equivalent would cost. But, if you want a decent boat, it is generally cheaper to buy the best of type, rather than the cheapest purchase price. If you are a long term owner, maintenance WILL cost more than the purchase price. Yes, it can be put off for a year or three, but it will catch up in the end if the boat is not to deteriorate.....

Just using Bene's as an example here;

Like a bene 46 for $165K USD
or or a 1st 40.7 for $127
or a 34 for $100 K

All listed prices, probably accept an offer. I know someone who bought a 39 ft Bene with everything for 90K. 4 years old and immaculate.

Repo's in the USA - a First 35.5 for $45K anyone?

Plenty more. Must be prepared to travel though, sail or ship home.
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There is nothing, absolutely nothing, half so much worth doing, as simply messing about in boats


#4 Rats

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Posted 25 July 2014 - 04:09 PM

And a 30 year old Farr 1220 is worth 175-200K!!! :lol: the prices of some local boats are no longer realistic especially when the first thing you will need to do is put a new engine in them and second upgrade the sails.
There are some great deals offshore even when factoring getting them here and duty, GST. Now where was that lotto ticket..... :oops:
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#5 island time

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Posted 25 July 2014 - 04:14 PM

Actually Rats, IMO some of them are. Some have the new engines, repaints and new sails.... But I'm biased towards Farrs!! :lol:
The ones that don't have the maint done and good gear are NOT worth those prices at all...
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#6 Guest__*

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Posted 25 July 2014 - 04:21 PM

At the moment the problem is larger than it has been due to suppressed world prices and a very high NZ$. By suppressed I also include manufacturers doing some hell deals on new boats. I know of one mob who'll chuck in NZ$20-40K worth of goodies if you buy new ex factory. On a 3-400K boat that along with the high $ does make quite an attractive proposition.
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#7 waikiore

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Posted 25 July 2014 - 04:22 PM

:thumbup: I.T. is dead right the internet is littered with bargains, and many are really well specd' the only issue is shipping : what used to cost me NZ$8000.00 from Long Beach now seems to have jumped to NZ$45000 plus?
the three big boat transport operators obviously lunch together often! If you are creative you can halve these 'Boat transport" operators fees from Europe but it may mean you going over to shift the yacht and organising a shipping cradle, and then picking her up from Tauranga, well worth it I would have thought. The thing is we all know now what these boats cost in Turkey etc, and that is plummeting everyday, so if it is the vessel you desire to own and keep go for it, otherwise think long and hard it is not a profit making venture. One happy result for those of us who prefer kauri under us to thin glass, this year has seen the first big price drop in our local soon to be classic market, with those selling going for 40% under those 'for sale'.
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#8 island time

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Posted 25 July 2014 - 04:26 PM

Great opportunity to sail back from Europe or the States!!! Make sure you get a bill of sale for the boat for $3.50 for NZ customs :lol:
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#9 smitty

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Posted 25 July 2014 - 04:34 PM

Interesting topic, timely for me. I've been considering a bigger boat with family on the way. I've always wanted a Young 11 & there've been a few available at much lower prices recently than in the past. Great boats but they're 30 years old now & this has stopped me from jumping in, maintenance & further drops in value would be a concern compared to a newer design. Problem is there's no real modern version of a Y11 type boat available in NZ.
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#10 Guest__*

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Posted 25 July 2014 - 04:45 PM

Friends My take on this Subject.

No body.

NZ Fibre glass boats 30 years old when manufactured used excess resin content compared with today. The problem with polyester fibre glass made boats from that era, I know was thought to only have a life span of 30 years. The reason being that Polyester fibre glass keep on curing until brittle and crumbles. They might have solved the problem with the new resins. A lot, perhaps not all used excess harder for quick fast hardening. I would not buy that age vessel unless as a live aboard at a marina to beat house prices. A 50 footer multihull would be a cheap house probably under a $100,000, but would not have arising value like a house. But you would not have a mortgage, interest and mortgage renewal problem. Marina fees are cheaper than house rentals as well with no electricity bills.

Wooden boats glues 1970 1980 eras life span was 30 years. So those boats are being held together with marginal strength and need re gluing and the like. Boats that where a classic whispers on Wellington had to re glue. Costs a fortune.

Explained to me by a naval architect. A new jigsaw puzzle all holds together when new. Made numerous times after breaking from new. Try lifting the puzzle and holding the puzzle - you can't. Large pieces separate.

Glue life spans now not sure.

NZ prices are ridiculous - like the charter industry. Australia approx half the price and the winter prices is about 70% cheaper than NZ charter prices.

You can fly return air fares ,charter twice as long more than charter a vacation NZ.

An overseas boat the same applies plus the costs on sailing her, import duty, insurance ocean going terms costs, crewing problems, especially if I'm the crew member or any other educated crew member re repatriation should you have a disagreement, liability when they are ashore for all costs, fines, law infringement. etc. If the port you enter has a casino, you better make sure they [ the crew members ] are not compulsive gamblers. Any loses they can't make good, the captain is liable. Read the fine print when entering port you sign. How would you like to be told you can't leave port until your crew members casino's $300,000 is paid and if you can't pay then you forfeit your boat plus.

or Your crew member got drunk and booked a pro $600 and can/t pay.

OC
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