I have spoken to a few brokers and some have said that normally they don't deal in the low end of the market (discussing 30-40K price range). I can see why. 27 showings is a lot of legwork for a 3K commission and that doesn't include all the other work needed to close the deal.A broker told me that the minimum (around here it's 3K) is necessary "otherwise the salesmen will never show the boat."
I took it as an insight into the brokerage business model. One salesman said he had shown the boat I was looking at 27 times.
________________________________________Another factor is the lack of available bank loans for older boats such as ours. They don't qualify as collateral, so that restricts to a credit union or other personal loan source, or cash.
Financing therefore limits the market for 30-year-old boats priced above pocket money. The competition becomes newish boats that qualify for XX money down and monthly payments. They're just easier to sell.
One broker friend says that above $50K we should all offer to take back a note and become the "bank" ourselves. He claims there is little risk for a boat that is going to remain local (don't do it is the boat is moving 500 miles away). Failure to make the payments means you get your boat back and pocket the "rent." A simple repo clause puts you in command, you change the locks or move the boat, and Judge Judy is on your side.
The choice I had to make was either to buy and old boat and finance it completely myself or buy a "newer" boat and acquire a loan. For that latter, it seemed like such a headache after my last mortgage (even as a qualified buyer) that I don't really want to do all the paperwork again... One thing we can be assured of is that an old boat will have depreciated. After getting a few quotes from my insurance agent, I was quite relieved with the insurance cost as well - even with increased liability.Another factor is the lack of available bank loans for older boats such as ours. They don't qualify as collateral, so that restricts to a credit union or other personal loan source, or cash.