Short Term Boat Purchase - Good Idea Or Not?

[piman]

I have been on a few canal boat holidays and last summer got the use of a friends narrow boat for a little shy of a month. Loved it. I have just now got two months free from work and have suddenly got the idea to spend it on the canals. Unfortunately my friend is not lending me his boat this summer. I am having no luck hiring an affordable narrow boat for two months. The cheapest I can find is approaching £5k. Too much for me and the missus.

 

However, I do have some cash in the bank. And I have read a few people here saying you shouldn't loose money on a boat. So I was thinking. Maybe I could buy a narrowboat tomorrow, use it for the summer and then sell it at the end.

 

Yes, I'm after a cheap narrowboating summer! A boat for two people. Nothing fancy required.

 

Is this a good idea or not?!

 

If not a completely stupid idea:

• What should I look for in a boat to maintain resale value (how much to spend)?
• How buy/sell to minimise loss (considering I would look to buy very quickly)?

Any advice gratefully listened to.

 

Cheers Piman

Edited July 2, 2014 by piman

[carlt]

If size is not an issue I would buy a clean original Freeman Cruiser and, if you pick wisely and keep it clean and original, should sell for as much as you bought it for or even a bit more.

 

I can't think of any steel narrowboats that are appreciating in value but a few older ones have have bottomed out so you may not lose on those.

[b0atman]

You can also look at losing some money on the proposition as being a cheap rental.

Danger is you may not want to part with it .

[ditchcrawler]

You can also look at losing some money on the proposition as being a cheap rental.

Danger is you may not want to part with it .

Where does the MAY come into it. If you sell through a broker he will want his cut.

[piman]

Great, thanks for the quick responses.

 

I'm not looking to make any money and perfectly happy to loose some cash (to a broker) as a substitute for rental. Just trying to get a couple of months on the canal for less than the £4.8k rental cost I am being quoted.

 

Can the Freeman Cruisers go on the canals? We are keen to get on the canals.

 

Any pointers to what older steel narrowboats to look at? What sort of price?

 

I can deny myself but the danger is my missus will not want to part with it!

Edited July 2, 2014 by piman

[b0atman]

Where does the MAY come into it. If you sell through a broker he will want his cut.

The MAY comes into it that they may be happy with their purchase and decide to keep it suggest you re-read my comment.

[Guest]

 

Can the Freeman Cruisers go on the canals? We are keen to get on the canals.

 

Any pointers to what older steel narrowboats to look at? What sort of price?

 

I can deny myself but the danger is my missus will not want to part with it!

Freemans are great little boats. They are fine on canals subject to the width you go for.

 

Some will be fine on 'narrow canals' too.

 

http://www.freemancruisers.com/boats/classic/

 

Trying to get a diesel rather than petrol would be time well spent.

[system 4-50]

I'd say your main problem is time. It takes time to buy wisely and more time to sell on, and your clock has already started ticking?

[ditchcrawler]

The MAY comes into it that they may be happy with their purchase and decide to keep it suggest you re-read my comment.

You missed my point, it wasn't they MAY be happy with it, but they WILL be happy with it

[OldGoat]

Be careful with a Freeman - some of the early ones were petrol inboard or even outboard, IMHO there weren't many narrow ones made.

 

Buying a boat isn't like buying a car (where you pays your money and drive it away). Most of the lower priced boats for sale require a fair amount of work to make them usable - and apart from expense eat into the time you have left to use it.

 

 

[Paul C]

Its quite possible you'd buy a boat costing say £30,000, and then need to spend £4000 on it doing not much more than routine maintenance (which you'd need to do if you wanted to cruise extensively), then sell it for £28,000 (maybe £30k if you're lucky). So you start to see why hire boats cost what they do. Its marginal for 2 months, but it may be worth getting your own boat and doing it. Will you have 2 months free the same time next year? Or use it at other times of the year too? If so then buying the boat would be worthwhile, if you were to use it year-on-year.

[John V]

In 2009 I decided to buy a narrowbeam. boat to cruise the narrow canals, my liveaboard being too big. I thought....nice cheapy little boat go cruising for a year and then sell again following year for maybe small loss.... I had a lot of trouble selecting the boat as I heartily dislike the "pram covers" that so many cruisers have. I also dislike the fact you have to take bits down to cope with low bridges....... My priorities were

 

(1) inboard diesel

(2) conventional shaft and prop not "leg"

(3) sleeping accommodation in 2 separate cabins (my sister occasionally crews for me)

(4) GRP to minimise hull maintenance

(5) cheap

(6) look like a boat not like a bath tub

 

I found a boat early on that filled all except (1) and (5) it had a petrol engine, It needed a lot of bringing up to scratch and the owner seemed to believe it was ballasted with gold blocks ( can't think of any other reason for the price)

 

I spent a full year after that hunting unsuccessfully and then I found another boat, same model as the very first, but fitted with an almost new diesel engine and at a lower price.

It's electrics were appalling and on a test drive its performance was truly pathetic. Armed with this I secured a further discount in the price and bought it then and there

 

A week to rip out the electrics and totally rewire (an incredible two and a half black sacks of scrap cable from a 25.5' boat)

A new propeller (it still had the prop from the petrol engine, and almost unbelievably the wrong hand as well!)

 

I then had a nice little boat to do my cruise.....trouble was once you get started.....so, new engine control / switch panel, re varnished interior, new improved hot water system, venetian blinds to replace the 60's curtains, lift out and re-paint and antifoul....WHOOPS! now too late to cruise this year...lift out for the winter.

.....................I think you are probably getting the idea now......................

 

Following spring ..Trent...Fosdyke...Chesterfield (bit anyway) Sheffield & South Yorkshire etc etc .....2014 now laid up in Thames estuary for some TLC and a new safety certificate hopefully heading out next year to do some of the waterways I have missed.

 

my doesn't time fly!

good luck!

[Naughty Cal]

You are probably better of spending the £5k on the hire boat to be perfectly honest. It wont take long to lose that buying a cheap boat, tarting it up, running it for a few months, licencing it, insuring it, and then trying to sell it at the end.

[piman]

Thanks everyone for the advice.

 

£5k is probably more than I can comfortably spend. Reading here and elsewhere I was getting increasingly nervous about the idea and thankfully the decision has been taken out of my hands. My wife has arranged an alternative - we are going to stay with some old friends in Scotland.

 

Maybe next year...

 

Bye and thanks again.