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  1. #11
    Join Date
    Jul 2009
    Location
    North Bucks
    Posts
    693

    Default Re: Asset or liability

    This thread supports a point I've often made and that is an old second hand boat's minimum value is not zero but a negative figure. Unfortunately when it comes to selling you may have to 'pay someone to take it away' or scrap it.
    I'm always surprised how many very old boats appear to be abandoned in major boat yards. If I was the MD and someone wanted to store their very old boat in my yard while it was being restored I would demand 5 years rent upfront.
    Andrew

  2. #12
    Join Date
    Mar 2002
    Location
    Solent
    Posts
    3,972

    Default Re: Asset or liability

    Boats can be a financial liability, but the enjoyment is priceless.

    I would have paid millions for the extended liveaboard trips I have taken on mine.
    John Rodriguez Yachts - Cruising & Bluewater Yachts www.jryachts.com

  3. #13
    Join Date
    Jul 2014
    Location
    Sail on the Medway, Kent from Chatham Maritime Marina
    Posts
    1,828

    Default Re: Asset or liability

    Both. My yacht has a value as it can be sold for money. It is also a liabilty as it must be maintained, moored and insured.
    If my foresight was as good as my hindsight, I would be a multi-millionaire.

  4. #14
    Join Date
    Nov 2009
    Location
    Home UK Midlands / Boat Croatia
    Posts
    18,654

    Default Re: Asset or liability

    Talking about financial liability, when my boat was being lifted back in this morning after a few days in the yard, I was conscious that another 500 Euro was going up in smoke.

    My boat was next to a big mobo which was also due to go in after me and was on the hard alongside me at exactly the same time last year, so I asked the manager whether he also comes out every year and the manager replied that he was booked for the same early May slot every year. I asked how much just the lift out/in was costing him and the answer was 2,500 Euro.

    Jeez.

    Richard

  5. #15
    Join Date
    Jan 2008
    Location
    Solent
    Posts
    3,553

    Default Re: Asset or liability

    Quote Originally Posted by Bobc View Post
    I expect to give my boat away when I've finished with it, so see it as neither an asset or a liability. Just a pass-time and a holiday home.
    Quote Originally Posted by Sandy View Post
    I am not a business so it is just the boat.
    These responses are spot on.

    My boat is a thing I use and enjoy, it costs me money, it depreciates, it takes some time and effort to maintain let alone improve, but its mine, its fun, it is usually an affirming way of life cruising in the summer, sometimes its a stress, sailing in it often helps me push my way out of my comfort-zone ashore, I meet people on my cruises, I have friends in my club, I visit some beautiful places, I get apprehensive, scared even from time to time, it focusses my mind - planning passages, managing situations, finding elegant and robust solutions to its many facets and systems at a cost I can afford at any point in time.

    It is most certainly not a balance-sheet, nor is it some anodyne rental for a week... the acid-test being how many people pat and quietly thank a charter yacht for looking after them, as they do once they've snugged their own boat back on her own mooring after a day sail or a long summer cruise?
    Plan B...?

  6. #16
    Join Date
    Nov 2016
    Posts
    2,294

    Default Re: Asset or liability

    Gosh, there are some truths lurking in the above.....


  7. #17
    Join Date
    Dec 2013
    Location
    Deale, MD, USA
    Posts
    1,658

    Default Re: Asset or liability

    How many yacht yards and marinas are clogged with boats that will never sail again? Not at the high end, but at the economical end... quite a few. I've seen more than a few boats sail in that will never leave. Perhaps the new owner takes it our a few times. Then he realizes he's in over his head, that he can't actually sell it, and just stops paying the insurance, registration, and rent. He either moves or just does not return calls. And he ties up a slip for years, before the marina can get rid of it, at a cost to them.

    I imagine, as this gets worse, we will see requirements for a deposit.

  8. #18
    Join Date
    Jul 2003
    Location
    West Australia
    Posts
    11,529

    Default Re: Asset or liability

    Very likely your boat will prove to be a legacy liability. When you escape this life (pop your clogs or get a promotion) your trustee looking after your legacy may well find it a burden to sell or even to give away. However if I think of the the junk (treasures) I have stored away the same applies. Don't worry about it. See it as your revenge on the children. Just enjoy your boat while you can then sell it or give it away (or somewhere between) if you get the urge. I remain optimistic that my 2 son's will treasure the little boat I still love. ol'will

  9. #19
    Join Date
    May 2003
    Location
    SPAIN,Galicia
    Posts
    12,358

    Default Re: Asset or liability

    Quote Originally Posted by Bobc View Post
    I expect to give my boat away when I've finished with it, so see it as neither an asset or a liability. Just a pass-time and a holiday home.
    I have arranged to meet the next owner of my boat who will sign an RYA bill of sale and part with 1 euro.

  10. #20
    Join Date
    Aug 2017
    Posts
    38

    Default Re: Asset or liability

    Financially they are a liability. Even if you have an historic yacht it will eat money. But you have to balance that with the enjoyment factor, and the fact that you would be doing something else. the worst positions to be wanting to sell and not getting anywhere. I was told that it takes on average 288 days to sell a boat; that almost an entire years expenses. My boat sold 16 years ago for 7200 and last year for 6250-not a bad depreciation on the yacht itself.
    The point to remember is that they are a big commitment and if something major goes wrong and you are not prepared it can be overwhelming, which his why we often see boats on the hard with duff motors and otherwise in sound condition.

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