Economy forcing you to sell your boat?!?

R

RazorRobb

New Member
Apr 23, 2008
113
Seattle WA
I've haven't logged onto CSR since July of last year. I've been busy with my company, family and boating. My concrete cutting company is struggling right now. It's not a big company but at one time I did employ 22 people, I'm down to 7 including me. If things get any worse I'm going to have to sell my boat. Have any of you considered this? Do you know of any recent members who have? My boat is by BY FAR my favorite toy, I'm scared to lose it.:smt089
 
It's been a rough year for me too, with my business and income down a lot last year; and that is the difference between saving money and paying down my debt and not...I love my boat and since I don't have to pay for a car or car insurance (business does), I justify my keeping it, but I do think about it from time to time. The only other problem is prices are so low now that it's a bad time to sell, and tough for buyers to get financing..

We might be the only two that have posted so far about this here, but I know a lot of other boaters in my area that are feeling it badly and if they could sell and get out from what they owe, would.

Let's hope this is a better year for us all!!!
 
I hope it doesn't get to that point. My company closed its doors in the U.S. the day before Christmas not really a good time to sell the boat but i should be able to stay afloat till spring. hopefully by then I'll have found another job. I got a nice severance package as well so im taking a few weeks off to do things I want to do. Its nice to hang out with my friends that are in the seasonal business. Their working 12+ hour days in the summer and you never get to see them.
 
Fortunately my boat's paid for,but if I were to sell it (if I could) I'd be lucky to get 1/2 what it's worth. Maybe I'd throw my hot tub and TV on "Craigslist" first. I don't use those in the summer anyway.
 
I've thought about rushing the progress on my project truck and having it "ready to sell" to pay off the boat if it came to that. I have sooooo much fun on that thing its worth fighting for. Hell, id even sell my Fullsize truck to keep it.

I was doing DAMN good till my company shut down. Didn't even see it coming being a foreign OEM auto supplier. :smt009
 
RazorRobb said:
I guess I don't have it That bad. Shutting down hasn't crossed my mind, or table yet. I need to think positive.:thumbsup:
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Detroit's been going to sh*t for years. Its like an atom bomb and that ring of destruction is starting to spread outward.

Worse case scenario i can use my boat as a "uhaul" load up my stuff and head south! :lol:
 
Alot of it is the dealers. I have an 04 SS Silverado, paid about 35 for it new. Tried to boost US sales and trade it in on a new F450 XLT Crew Cab. The bastards would only give me $7,500 trade in. I'll drive it into the ground first. It only has 30k miles on it and I take care of my stuff. I considered it an insult. You ask us to help and that's the answer we get? Stick it in your Wazzu..
 
I do know someone here that is giving up their boat but I will not name who it is. Economy does suck but they will have to pry my boat from my cold dead hands or give me a bigger one for it.
 
RazorRobb said:
Alot of it is the dealers. I have an 04 SS Silverado, paid about 35 for it new. Tried to boost US sales and trade it in on a new F450 XLT Crew Cab. The bastards would only give me $7,500 trade in. I'll drive it into the ground first. It only has 30k miles on it and I take care of my stuff. I considered it an insult. You ask us to help and that's the answer we get? Stick it in your Wazzu..
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In past times i would consider that an insult. You've got to think about what they can actually re-sell an 04 for. That's the old body style too. You can't sell an 04 for 20k when there bassically giving brand new ones away for 22k. I almost bought one this fall with the employee pricing deal. 22K for an 08, 4X4, extended cab, leather etc... Good thing i had second thoughts lol. Everything's lost its retail value lately.

You can drive that Chevy into the ground and it will still keep going! :thumbsup: Stay away from the blue oval.
 
I just had a dock mate say the bank is coming to get his boat after the ice thaws. It's a sad tough time.
 
I may have to end up selling my boat. I am barely staying afloat right now.
 
Sorry to hear that.

Being a custom home builder, I'm getting nervous. Ever since the demise of Lehman, its been a downward spiral. The market has completely dried up with the talk of 4% interest rates, everyone seems to be holding out for it to actually happen before getting off the fence. Good business choices over the past few years has kept me in a good position and should stay that way for at least another year but, if the market doesn't show a sign of a pick up by Mar./Apr., I'll probably list the boat just to reduce some personal expenses. I have to keep all the capital I can in my Co. or else banks won't even consider construction loans which means paying myslef the min for awhile till it turns around.

Anyone heard anything from Dave S? He hasn't been around since early Dec. I remember he was determining whether or not he would be able to keep his 260 and unfortunately, the stock market is not getting better for him. Hope he's doing OK.
SB
 
Right now is not the time to sell a boat. All those repos and desperate sellers have made boats worth a fraction of what they should be. Its sad.

Does anybody here personally know Dave S? I just emailed him to see if everything was OK.
 
Newbie said:
Sorry to hear that.

Being a custom home builder, I'm getting nervous. Ever since the demise of Lehman, its been a downward spiral. The market has completely dried up with the talk of 4% interest rates, everyone seems to be holding out for it to actually happen before getting off the fence. Good business choices over the past few years has kept me in a good position and should stay that way for at least another year but, if the market doesn't show a sign of a pick up by Mar./Apr., I'll probably list the boat just to reduce some personal expenses. I have to keep all the capital I can in my Co. or else banks won't even consider construction loans which means paying myslef the min for awhile till it turns around.

Anyone heard anything from Dave S? He hasn't been around since early Dec. I remember he was determining whether or not he would be able to keep his 260 and unfortunately, the stock market is not getting better for him. Hope he's doing OK.
SB
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I was at my cousins in GA during the holidays. He works for a builder. He was going to let go another 16 employees on Jan 5, Merry Christmas. They're sitting on 60 plus homes, alot of them normaly are $1mil+. A couple of their lower end homes (normally near $500,000) have been knocked down to around 170,000 and still no takers. Everone involved is run out of $$ to keep going, he's going to start working on the jobs but thinks he will probably only last a few more months and his job will be gone. Tough business to be in right now.
 
I have such a hard time with how fast this economy turned to crap. I own my own truck contracted to a WI based company and I'm hear to tell you everythings slow now. I think I will be ok however.
For me to be able to get into boating and afford it needed me to get one cash money. This is why my boat and the project to get her done suprises most folks. Boat is a 73 and needs a repower.
But I have always done things like that. 2 years ago I was told "If I was smart I'd buy a brand new car-truck. Now those "smart" ones and dodging the repo man. These are the folks who bought 2 new cars, and an intrest only loan on there home and under good times struggled all the while laughing at my older paid of cars and other toys while living in a modest home. Even in times of $5.00 per gal gas I still took my RV out many times last summer. Now they aren't laughing, there cryin.
I'm not saying this to rub anybodys nose in anything. Just hoping that when things get better, and they will, we all learn somthing. Dont look down on a guy who wont pony up $700 a month on a new Cadillac. My 1990 Cadillac is costing me nothing now. Thank god. Trucking is down to a crawl now.
Wish all the best.
Steve
 
I remember alot of conversations about "being upside down" on boat loans.

Given an average 20 year loan. . I suspect most everyone with a loan is upside down. But you will be pleased to know that "boat show prices" seem to be higher than last year (see other thread)
 
I haven't been on here often lately because Life has kept me quite busy since last summer. I do have to admit that the thought has occurred to me that we'll have to sell the boat this spring. I'm a part-time pastor who has depended on rehabbing and flipping houses for most of my income.... we're down to one house for sale and I'm praying desperately to find a buyer or it could take us down. As has already been mentioned multiple times on this thread, housing ain't a good place to be right now. "Offroad Dancer" is paid for and may not get as much on the market as she would have last spring, but every dollar would go right in my pocket, not paying off a boat loan.

We love our Sea Ray but if it comes to a choice of making our mortgage pmt and putting food on the table, or keeping a toy that eats fuel and expenses like only a boat can do, taking care of family comes first.
 
We are honest about things. We have kids to help through college in a few years. If my income drops and we have to load-shed the cruiser, so be it. We don't "need" 37' of cruiser, and could still do 90% of our boating with a nice $20,000 used boat like our old 280. Having said that, if we did need to sell, I'd prefer to sell after things pick up.

Interesting times. One day I think about dropping the big expense, then the next day I say, "wow, look how much the 340s have come down in price!"

PS: Good luck, Gerald.
 
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