THE BUYING GAME; SIZING UP SELLERS, RIGHT TIMING CRITICAL.Byline: JEREMY BAGOTT Latitude 34 A fishing platform for targeting lunker lunk·er n. Informal Something, especially a game fish, that is large for its kind. [Origin unknown.] bass. A wet-tailed time-share for weekends on the Colorado. A wind-propelled unit for family overnighters at the Channel Islands. A kayak that can be strapped atop a subcompact sub·com·pact n. An automobile smaller than a compact. Noun 1. subcompact - a car smaller than a compact car subcompact car . The right boat is out there for everyone. But boat buying can be a minefield. Many otherwise prudent buyers have been swept away by the romance of boat ownership only to find they have overpaid o·ver·pay v. o·ver·paid , o·ver·pay·ing, o·ver·pays v.tr. 1. To pay (a party) too much. 2. To pay an amount in excess of (a sum due). v.intr. To pay too much. or overbought Overbought A technical analysis term describing a situation where a security has risen to such a price, usually on high volume, that an oscillator has reached its upper bound. , purchasing vessels they can barely afford. ``Boat'' doesn't have to stand for ``break out another thousand,'' said David Goodner, an Oxnard-based yacht broker A yacht broker is a specialist agent who acts as a representative for the sale of a yacht or boat. The yacht broker is paid an agreed commission the sale price of a yacht and to this end markets the yacht for sale, fields buyer interest and act as a ‘middle man’ in the . Start small and trade up, he advises. And shop smart. The following strategies can help you formulate your approach: Make a budget: For each $5,000 of boat at a 10 percent interest rate on a 60-month loan, expect to pay $106.24 monthly. If you can afford $200 a month, don't be tempted to take out a loan that will have you paying the full amount in monthly payments. The payments will be only part of the equation, Goodner said. ``There will be equipment costs, repairs, launch fees, extra fuel, insurance, registration and incidentals associated with the boat.'' Monthly slip fees can run an additional $350; bottom cleaning and maintenance can be $100 a month on larger boats. All could keep you high and dry if a budget has not been worked out. Replace wish list with `needs' list: The savvy buyer will excise all features he or she can do without. If an outboard will suffice, rule out an inboard/outboard configuration. If you're a sailor and don't absolutely need a spinnaker, do without it. That way the shopper is in a better position to look beyond the little extras that can cloud judgment and promote an emotional purchase. A budget and needs list will work in tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem" tandem to keep your feet on the ground. Consider a used boat: There are some people who only buy boats new. These people are closely related to folks who only buy cars new, and there's nothing wrong with it. It's just expensive. ``A new boat may depreciate depreciate v. in accounting, to reduce the value of an asset each year theoretically on the basis that the assets (such as equipment, vehicles or structures) will eventually become obsolete, worn out and of little value. (See: depreciation) as much as 20 percent the moment it leaves the showroom,'' said Oxnard-based yacht broker Burton Head, who advises prospective owners to take a serious look at the used market. If you are dead-set on buying a new boat, however, there is good news: The value of a quality boat tends to stay flat for many years after the initial depreciation. Size up the seller: Parties sell used boats for a variety of reasons, but they can generally be pigeonholed into three common categories: 1. Those who have bought a vessel only to discover soon after that boating wasn't for them. This seller will likely be trying to recoup his investment as best he can and has little motivation to reduce the price or sell quickly. 2. Those who are trading up and have already made a deposit on a bigger boat, a common scenario that signals a very motivated seller and likely a craft kept in sound shape. ``You know the owner has a love for boating, since he's trading up. This means he's probably taken very good care of the boat he's selling,'' said Bart Hall, managing partner of Fred Hall
Frederick "Fred" Lee Hall (July 24 1916 - March 18 1970) was a Republican lawyer and politician who served as Lieutenant Governor of Kansas, 1951-55 and thirty-third Governor Fishing, Tackle and Boat Shows. 3. Those who must sell because of a need for ready cash, often because of a divorce or move. This, too, is generally a very motivated seller. Consider paying cash: There's nothing that drags by more slowly than the final six months on a 48-month boat loan. For a $10,000 used boat at a 10 percent annual interest rate on a 60-month loan, the interest alone will total $2,748.80 over the full term. That works out to a whopping 27 percent on the principal. Besides saving nearly $3,000 in interest payments, being able to pay cash can help knock the price down. Insist on an inventory list: All sellers of boats - from an aluminum rowboat to a million-dollar luxury yacht The term luxury yacht refers to a very expensive privately owned yacht which is professionally crewed. Also known as a super-yacht or a mega-yacht, a luxury yacht may be either a sailing or motor yacht. - should have an inventory list. It's critical because it establishes what goes with the boat and what doesn't, and that affects price. Such a list also provides a basis for the buyer to check out the vessel's systems and accessories. ``When we're showing a boat, it's not uncommon for (buyers) to do their own mini-survey, especially on sailboats. The inventory list is standard,'' said Goodner, who recommends that anyone considering a purchase also employ a certified marine surveyor  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. . Time the purchase of a new boat: ``Factories want to deliver to dealers in September, October and November,'' Hall said. ``But dealers don't really want to take them then. They would rather take delivery in January, February and March,'' in time for the summer boating season. Ideally, Hall recommends, boaters may want to buy in late August or early September to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the dealer's desire to move last year's models out of the showroom to make room for new models. For the state Department of Boating and Waterways' consumer protection guide for buying a used boat, call (888) 326-2822. State-certified broker information: California Yacht Brokers Association, (800) 875-CYBA. CAPTION(S): 3 Photos PHOTO (1--2--Color) Boats on display await prospective buyers at the Bayliner Marine Center in Burbank, top, while Gary and Sharon Anderson Sharon Scarella Anderson is an American politician and a member of the Republican Party. She is a 1956 graduate of St. Paul Central and attended the University of Minnesota. Anderson is not an attorney, but has repeatedly sought the office of Minnesota Attorney General. of Simi Valley Simi Valley (sē`mē, sĭm`ē), city (1990 pop. 100,217), Ventura co., SW Calif. in an oil, fruit, and farm region; laid out 1887, inc. 1969. examine a showroom model Saturday at Newport Boats in Oxnard. John McCoy John McCoy may refer to:
(3--Color) Company manager Craig Cartwright gives a once-over Tuesday to one of the new boats for sale at Burbank's Bayliner Marine Center. John McCoy/Daily News |
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