Fighting the losing fight on selling my boat?

Question

I have a 1977 31' Prout Catamaran for sale. She's a good boat. Immaculate on the inside. I lived aboard and that was pretty much my only purpose of this boat. I did not end up caring for sailing. I paid 40k and still owe 30k. I've had the boat for sale for 34,5k and although there was a flurry of interest, none for months. I'm now looking at about 4-5k of maintenance for the outside at this point (I cannot do it myself--I do not have the time, inclination or expertise for the work). I am already looking at a major loss (particularly as the boat doesn't get used and I get no pleasure from it). Put in 1000s last year in maintenance on top of loan, slip fees, insurance, etc.

My question is: when do you cut bait? If you can't sell it and no matter how much you drop the price, there doesn't seem to be any interest, what do you do? Even if I drop it to 25k AND put all the work into it, I worry that it won't sell. I have other major life changes that I need the money for. Thoughts? I feel like I have to do the work, or the boat will be worth nothing. Renting it out comes with the worry of somebody trashing it, etc.

Answer 1

Price is not the only factor that people consider when buying a boat - make sure you advertise all the good sides of your boat (nice interior, stable in the water - things that appeal to the buyer's other half - you are selling to her too)



Before you drop the price:

1. Find as many used boat listings as you can - try to estimate a realistic market value. Maybe even visit a few boats to get a good idea of how much difference condition and cleanliness makes.

2. Find ways to advertise that you have not used before - your problem may simply be that you did not reach the buyer who wants your boat.

3. Re-advertise the boat at that proper value with the heading NEW PRICE in the advert.

4. Do all this RIGHT NOW because this time of year is when people are looking for boats

5. Make the boat as clean and tidy as you can without spending a fortune. Remove kit/spares/personal belongings to get rid of clutter (which puts "other halves" right off).

6. Take every person showing interest out for a sail - try to get the "other half" to come too.

7. Keep track of how they found you to identify ways to advertise that actually work

8. If it hasn't sold by end July, drop the price 15% and re-advertise in new places immediately (with NEW PRICE).

Answer 2

So you were a right mug who paid well over the top for what is basically a wreck !

And now you expect to find a person equally naive to do the same.

Sorry it will never happen.

You should have before you bought this floating disaster dug a hole in the ground and piled every penny you own in to it and poured a gallon of petrol over said money and set alight to it!

Reason that would have been cheaper by far!

Oh and most mariners charge double for cats for moorings!

You going to have to give this hole in the water away!

Answer 3

lol, if you'll marry me, ill come and maintain it for you, and you'll learn to enjoy sailing, but...lol. the 2 happiest days in a boat owners life are the day they buy, and the day they sell. looks like your one of the later!! good luck tho!

Answer 4

The World is in the middle of a deep Economic depression and people have little money for toys .



The purchase price of many boats has fallen to the point where smaller sailboats in the 20 to 30 foot range , in perfectly good and sound ( but a little worn ) order can be bought for little more than the cost of a minor quick refurb + one years standard outgoings on them .



Catamarans are a boat that appeal to limited numbers of sailors because they are stubborn pigs to tack and dont like confined waters AND worst of all will NOT lay quiet and still in the least little swells , sick-making and very tiring . AND the cabin space is small .



I'd suggest you search the boat type online and see what the few others around are selling for , and then bite the bullet and price yours in the low end of the range with a thousand off for a quick purchaser .



Failing any interest THEN , you have two options , the criminal route = catastrophic fire and insurance claim , or sell it at auction for whatever you can get and save at least the future outgoings .



Either way unless the boat is in very nice condition I think your 30,000 is probably irrecoverable .



Boats are not like houses , they are very bad when treated as investment vehicles . ( Except maybe for some few " Houseboats " )

The old view is that you buy a hole in the water made of wood , GRP or steel , and then throw all your money down the hole for evermore .



Sorry , but there is no use in telling you other than the brutal truth .

She'd be worth more ( maybe ) if you took a chainsaw and cut everything 2 feet above the water off and threw it away and then built a raft on top and put a wooden cabin chalet on that , and tied her permanently to a dock .

Answer 5

You paid too much for this old boat in the first place and now you're paying the price, literally. Its time to cut bait as you say. I would try to sell this thing as quick as possible for whatever the market will pay, you're going to lose money, but you cant continue to pour money into it, cut your losses now and pay the difference and rent an apartment next time.

Answer 6

You paid 40k for a 36yo boat......LMFAO :D

Answer 7

Are you a guy?