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Want a Boat? Now's the Time To Buy

4/16/2008 10:43:00 AM
I was in Hong Kong on business last year sitting on a little fisherman's boat taking a tour around the Harbor with my boss and a business associate from HK. My boss (who's an avid boat guy) made a comment basically asking why all the boats in the marina were cheap/crappy boats.

Our business associate replied that during the recession in HK during the late 90's and early 2000 everyone was forced to sell their luxury boats and now that the economy is just now recovering they've all decided to buy cheap ones instead because they lost a lot of $ when they had to sell the first time.

Guess what? Now it's happening to us. There was a Globe article earlier this week about how everyone is getting rid of their boats because they can't afford them anymore.

But for Eldoueihi and many other Massachusetts boaters this spring, that dream is on hold, that promise, no more. With gas prices soaring, the economy sputtering, and consumer confidence taking on water like a listing ship, boaters - especially middle-class boaters - are looking to unload their vessels in surprising numbers.

His family, McCarthy said, is considering taking a $68,000 offer on his father's boat, even though that's about half the original asking price. "We're going to have to," he said. "Because with what we think is going to happen to fuel and the economy, it could get worse. And we'd hate to have it sell for $40,000."

Click (here) to read the Globe article.

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