Negotiation - how much to offer?

[madsmith]

Hi Guys,

My apologies if this has been discussed at length, I did a quick search and most comments were about new boats.

I'm looking at a 2003 that's just under $30k. It's my first boat, and have no idea what to offer them. Assuming the survey comes back without any major issues.. Should I go down 15%, 10%, 5% ?

Thanks for the help!

Cheers,
Matt

 

[reelserious]

You will probably get more helpful input if you at least give us the model, not to mention what power, how many hours, and the overall condition, etc. If you are just looking for info on the negotiating tactics of low-balling, you could probably get that info on most any site.

Best of luck with your purchase either way.

 

[MA208]

Location plays a big role as well. In the northeast Grady's are very popular and certainly will be at a premium compared to somewhere inland with no big water. From my looking, it appears cabin boats are less popular in the south (and Grady stopped making a lot of them), but we love them up here in New England. The price is what the market will bear. If someone else will pay 30k, that's what it's worth.

 

[cool change]

hi If this is ur first boat, maybe you may want to start with a vessel alittle less expensive .. Iam saying this in a good way. many people get into boating because it sounds like a good idea, and then they realize there is more to it than what they thought.. A boat takes alot of time maintance and money. If u bye the wrong boat ,u could go for ur lungs in costly repairs. just be prepared and set money aside for repaires and general maint.. I am a farely new boater myself . I started with a moderate price range 16k just in case i did not like it, so far im loving it, and the people on this site are awesome..

 

[G8RDave]

Sometimes the price the seller is asking is actually a fair price. I recently sold my 228 to a fellow member. I set my price at what I considered to be fair to both parties. He had concerns about the potential corrosion in the exhaust, so I reduced the price by the amount required to repair the exhaust (his concern was understandable). There were no other negotiations.

You'll need to tell us the specifics of the boat in order to get any substantial feedback.

 

[madsmith]

You will probably get more helpful input if you at least give us the model, not to mention what power, how many hours, and the overall condition, etc. If you are just looking for info on the negotiating tactics of low-balling, you could probably get that info on most any site.

Best of luck with your purchase either way.

I'm not sure why you assume I'm trying to low ball them. The seller explicitly said "when we agree on a price." My whole purpose in posting this was so I didn't giving an insulting offer. But thanks anyway.

 

[madsmith]

Sometimes the price the seller is asking is actually a fair price. I recently sold my 228 to a fellow member. I set my price at what I considered to be fair to both parties. He had concerns about the potential corrosion in the exhaust, so I reduced the price by the amount required to repair the exhaust (his concern was understandable). There were no other negotiations.

You'll need to tell us the specifics of the boat in order to get any substantial feedback.

Ok. It's a 2003 225 Tournament with about 600 hrs on a Yamaha 225 (without the exhaust issue), with a trailer. New England, asking $29.5K

Thanks!

 

[G8RDave]

My first question is, how do you know it doesn't have the exhaust issue? Has it been checked recently? Aside from that, the price doesn't seem out of line. There might be some wiggle room though.

 

[seasick]

There is no right answer to this question. You can research what others are asking for the same vessel but you have to not only price in condition and usage but all options and conditions. For example some electronics have no value and others may have significant value. Old canvas and plastic can be expensive to replace as is also the case for upholstery and cushions. Trailers if included are a completely different variable too.
Boats sold through brokers almost always can be negotiated. Unless you have some proof that a boat is grossly overpriced, don't low-ball. An agreed to priceoffer will often be 10% or less off of asking through a broker.
The time of year and location make a difference too. Right now is just about the worst time to buy especially in the northeast when owners have probably already committed to summer dockage fees.The end of the season is the better time so adjust your expectations on offers accordingly. Folks will figure in the savings on winterization and storage into their asking price
My advice is to look as a few similar boats to get an idea of what you get for the asking price. Then work backwards and compare the bang for the buck. Don't assume that boats for sale by owner are less expensive. Often they aren't since sellers may tend to think that all that money they sunk into their boat should increase its value by a similar amount or they have an unrealistic emotional connection to the vessel. Just because a seller just replaced the windlass at a cost of $2,000 doesn't raise the value very much if at all. On the other hand a broken windlass would lower the value.
My final comment and one that I often make on this topic: If a boat looks clean and looks like it has been treated well, the owner probably also took care of the mechanicals. If the boat looks like crap, you can be pretty sure that maintenance of the systems wasn't high on the seller's priority list.

 

[TonyD]

hi If this is ur first boat, maybe you may want to start with a vessel alittle less expensive .. Iam saying this in a good way. many people get into boating because it sounds like a good idea, and then they realize there is more to it than what they thought.. A boat takes alot of time maintance and money. If u bye the wrong boat ,u could go for ur lungs in costly repairs. just be prepared and set money aside for repaires and general maint.. I am a farely new boater myself . I started with a moderate price range 16k just in case i did not like it, so far im loving it, and the people on this site are awesome..

I bought my 1st boat for $800 with a trailer. Although it was a 14' aluminum Starcraft. Then I moved up to my 89' Grady Tournament that I bought from Somers Point, NJ for my 2nd boat and have had her for about 13 years now and still putting work into her.

Tony D.

 

[madsmith]

My first question is, how do you know it doesn't have the exhaust issue? Has it been checked recently? Aside from that, the price doesn't seem out of line. There might be some wiggle room though.

Thanks!

 

[madsmith]

There is no right answer to this question. You can research what others are asking for the same vessel but you have to not only price in condition and usage but all options and conditions. For example some electronics have no value and others may have significant value. Old canvas and plastic can be expensive to replace as is also the case for upholstery and cushions. Trailers if included are a completely different variable too.
Boats sold through brokers almost always can be negotiated. Unless you have some proof that a boat is grossly overpriced, don't low-ball. An agreed to priceoffer will often be 10% or less off of asking through a broker.
The time of year and location make a difference too. Right now is just about the worst time to buy especially in the northeast when owners have probably already committed to summer dockage fees.The end of the season is the better time so adjust your expectations on offers accordingly. Folks will figure in the savings on winterization and storage into their asking price
My advice is to look as a few similar boats to get an idea of what you get for the asking price. Then work backwards and compare the bang for the buck. Don't assume that boats for sale by owner are less expensive. Often they aren't since sellers may tend to think that all that money they sunk into their boat should increase its value by a similar amount or they have an unrealistic emotional connection to the vessel. Just because a seller just replaced the windlass at a cost of $2,000 doesn't raise the value very much if at all. On the other hand a broken windlass would lower the value.
My final comment and one that I often make on this topic: If a boat looks clean and looks like it has been treated well, the owner probably also took care of the mechanicals. If the boat looks like crap, you can be pretty sure that maintenance of the systems wasn't high on the seller's priority list.

Great info, thanks!

 

[MA208]

A quick search on boat trader and there are 2 2005's in New England asking $29,000. So you're not that far off, but it gives you a starting point. If the 2003 has a hard top you're not far off. Otherwise you've got some wiggle room.

 

[trackah]

I don't know why but this post reminded me of this scene

Enjoy.....

https://www.youtube.com/watch?v=urcsxzXAUeA

 

[Ky Grady]

Sometimes the price the seller is asking is actually a fair price. I recently sold my 228 to a fellow member. I set my price at what I considered to be fair to both parties. He had concerns about the potential corrosion in the exhaust, so I reduced the price by the amount required to repair the exhaust (his concern was understandable). There were no other negotiations.

I'm that guy!!! I had researched the prices before hand so I knew going in where I should be pricewise. I did discuss with David my concerns about the exhaust and had gotten a quote on fixing it from my trusted Yamaha mechanic. He adjusted his price accordingly and the deal was done. Very simple and painless. He knew at some point he'd have to do the work or I would, so he went with me doing it.

It goes to Yamaha guys on Monday, so I'm curious as to the condition It'll be in.

I've also blown it apart and going through it replacing and cleaning from a life in saltwater. I also knew this going in. The bones were solid, just needed a detail done to her.

Be aware of your prices, do research, don't just go on a whim. Be prepared for anything and if you're handy and don't mind the work, you'll have a vision on how it will look in the end.

 

[Home Team]

hi If this is ur first boat, maybe you may want to start with a vessel alittle less expensive .. Iam saying this in a good way. many people get into boating because it sounds like a good idea, and then they realize there is more to it than what they thought.. A boat takes alot of time maintance and money. If u bye the wrong boat ,u could go for ur lungs in costly repairs. just be prepared and set money aside for repaires and general maint.. I am a farely new boater myself . I started with a moderate price range 16k just in case i did not like it, so far im loving it, and the people on this site are awesome..

Some of the best advice I was ever given was when I was 19 years old and my Dad asked, "Son, how much money have you saved for your first boat?" I said ,"$10,000." He then responded,"that means you can afford a $5,000 boat." Of course I spent 10k on that Whaler and while it turned out to be a great boat, I soon realized what he meant.

 

[L.R.]

hi If this is ur first boat, maybe you may want to start with a vessel alittle less expensive .. Iam saying this in a good way. many people get into boating because it sounds like a good idea, and then they realize there is more to it than what they thought.. A boat takes alot of time maintance and money. If u bye the wrong boat ,u could go for ur lungs in costly repairs. just be prepared and set money aside for repaires and general maint.. I am a farely new boater myself . I started with a moderate price range 16k just in case i did not like it, so far im loving it, and the people on this site are awesome..

Some of the best advice I was ever given was when I was 19 years old and my Dad asked, "Son, how much money have you saved for your first boat?" I said ,"$10,000." He then responded,"that means you can afford a $5,000 boat." Of course I spent 10k on that Whaler and while it turned out to be a great boat, I soon realized what he meant.

He was a Smart Guy!!! Now days it's alot more!! LOL..

 

[G8RDave]

Be aware of your prices, do research, don't just go on a whim. Be prepared for anything and if you're handy and don't mind the work, you'll have a vision on how it will look in the end.

Like John says, do your research. See what your specific model is going for. Not just in your area, but nationwide. You might find the perfect deal in Utah that will make it worth you traveling out there to buy it. Once you have the ball park price in mind, contact the seller and ask every question you can think of. If you can't go see the boat in person easily, ask for pictures. Lots of them. John and I texted almost every day for 4 months. It took four months because he wanted to sell his crazy fast race car first, and I promised my kids I wouldn't sell the boat before their Spring Break. The timing worked out perfectly. Granted, I am an odd seller. I told him about every defect I could think of in addition to all of the good stuff. The guy I bought it from (out in Katy, TX) did the same for me before I made the trip out there and it made all of the difference. Plus, John could look at all of my posts here and on THT to see any issues that I had with the boat. You probably won't have that luxury. Assume the seller is trying to sell you sunshine and roses. Trust, but verify.

 

[Ky Grady]

Be aware of your prices, do research, don't just go on a whim. Be prepared for anything and if you're handy and don't mind the work, you'll have a vision on how it will look in the end.

Like John says, do your research. See what your specific model is going for. Not just in your area, but nationwide. You might find the perfect deal in Utah that will make it worth you traveling out there to buy it. Once you have the ball park price in mind, contact the seller and ask every question you can think of. If you can't go see the boat in person easily, ask for pictures. Lots of them. John and I texted almost every day for 4 months. It took four months because he wanted to sell his crazy fast race car first, and I promised my kids I wouldn't sell the boat before their Spring Break. The timing worked out perfectly. Granted, I am an odd seller. I told him about every defect I could think of in addition to all of the good stuff. The guy I bought it from (out in Katy, TX) did the same for me before I made the trip out there and it made all of the difference. Plus, John could look at all of my posts here and on THT to see any issues that I had with the boat. You probably won't have that luxury. Assume the seller is trying to sell you sunshine and roses. Trust, but verify.

What David has said is straight up. My experience with the purchase was an exception, not the norm.

Good luck on your hunt.

 

[madsmith]

Hi All,

I found a different Grady in FL and met the seller when I was there last week. Very nice boat, well taken care of with service records etc. I asked if there was wiggle room on the price and he said of course. So, I offered 5% less than asking and he accepted. I think we both got a fair deal. It has been an extremely pleasant experience and I'm super pleased about the boat and about buying from a great guy who really loves his boat. I'm having a survey done Friday and after that I'm a Grady owner! I'm vey excited.

Thanks for your advice!

Matt