Purchasing Advice: Summer vs Fall | New England vs Chesapeake Bay

[antanasr]

Howdy,

I've been going and going and have arrived at a place in life where it's time to graduate from my 30' first boat to a proper cruising vessel and get this sailing life under way.

I'm currently in the Chesapeake Bay area and have started looking up and down the East Coast. Not seeing too much inventory for sale.

Am I correct in my assumption that the landscape is going to be very different in the fall, at the end of the season?

I was thinking of heading up to Newport RI next month, renting a place for 3 months and waiting for the cruisers to finish their season in the hopes of having the best chances of finding a great boat.

Does that make sense? I could also stick around in MD, but the prospect of spending some time in Newport is an attractive one, I've only visited a few times and absolutely love it there.

Any advice on how to best approach this purchasing adventure is appreciated!

[Danm1]

In general, prices in the northeast are lower by mid August into the Fall as people contemplate winter storage costs, something you will have to consider as well. I always believe you should decide your must haves in a boat, evaluate what boats that meet that criteria seem to be selling for, and set a maximum price in your mind with allowances for condition and extra equipment. I just got the eigth boat I looked at and the fourth I bid on for the price I thought was reasonable. Got outbid on three and no regrets.

[rbk]

Absolutely. The later in the season it gets the better the deals as owners who don’t want to winterize are willing to take lower offers. That said with the market the way it’s been you may end up with ‘bottom of the barrel’ options Or if it gets too late and owners have put their boats away for the season they’re more likely to pull it off the market and revisit selling in the spring. I would recommend buying late season to fall, this gives you time to take it out a few times and figure out any issues then spend the off season fixing and outfitting and be ready for spring. Nothing worse than getting a boat at he beginning of the season only to spend the entire season fixing and outfitting while everyone else is out on the water.

[Caleb_Grey]

Originally Posted by antanasr

Not seeing too much inventory for sale.

If you are not seeing too much inventory for sale, you are looking in the wrong places, or looking with the wrong checkbook.
Annapolis and Newport are the 2 most expensive places to purchase on the east coast. There will be 10-20% premium on prices there.
I agree with you on staying in Newport, its a great town and central to finding a boat from NY to Maine will make the hunt easier. Not to mention if you register the boat in RI, no sales tax for non residents if you keep the boat there for 90 days.
So buying a boat in the fall then keeping it over winter in RI is a big money saver if you can find a yard.

[ranger58sb]

Originally Posted by antanasr

I'm currently in the Chesapeake Bay area and have started looking up and down the East Coast. Not seeing too much inventory for sale.

Am I correct in my assumption that the landscape is going to be very different in the fall, at the end of the season?

I was thinking of heading up to Newport RI next month, renting a place for 3 months and waiting for the cruisers to finish their season in the hopes of having the best chances of finding a great boat.

Any advice on how to best approach this purchasing adventure is appreciated!

Our own target boats would be much different from yours, and I dunno your market...

I don't see where you're located -- other than "Chesapeake Bay" -- but we haven't found it necessary to go somewhere else for 3 months to do boat shopping. We just did our shopping online, and the whole east coast was fair game. We maybe missed a few boats that were maybe available but not well advertised -- or maybe not advertised at all -- but then again we didn't have to leap through all the hoops that might be necessary to find those...

So we bought when we found, without regard to season.

The market has been weird these last couple of years, so your "not much inventory" issue may be connected with that. We saw lots of boats already under contract the first day we saw a new listing... Reading suggests that's cooling down a bit, but I've not been following as closely over this last year.

-Chris

[Scrimshaw4]

Even if you purchase a boat in Rhode Island, if you're going to berth it in Maryland for the majority of the year (most total months) you will be required to pay Maryland sales tax for the difference between what is paid at purchase and the Maryland tax rate amount.

I think it makes no difference where you are located when the end of season selling begins as I believe most boats will be posted on the internet (Broker or FSBO). When the COVID boaters that previously flooded the market and those that have to return to the office this fall / winter realize the true costs of ownership I believe the market availability will rise and the prices will drop across the country this fall.

As previously stated, make your criteria list (must have, nice to have, definitely not to have) and budget first. Then identify (in a prioritized order) the make, model and size of the boats that meet your criteria.

With this information at hand you can begin a targeted search regardless of where you are living. JMHO

[rhubstuff]

I would suggest looking in the Great Lakes area. Lots less corrosion and wear and tear on fresh-water vessels.

[LeeV]

What kind and size of boat? Monohull, multihull (trimaran vs cat vs power cat), trawler, etc…. Your choice may also influence where and when to look.

[Kd9truck]

I listed A vessel in Oct of last year, at a number at the top of the comps as I had spent 4 years of a slow controlled refit. Over the winter I built a new dodger and Bimini and restored the teak in the cockpit and transom, really the last bit of work needed to be done, I was selling the boat with these new Consumables. A week after the boat hit the water I received a full price offer and I turned it down and took it off the market. The couple who bid on my vessel would have been sailing my boat if they made that offer the month before. Don’t let an owner get back on his boat in the water.

Imho you have the best chance of getting a good vessel at a decent price without being out bid and still having time to “shop” other comparable boats is in the dead of winter (I have bought and sold 3 boats at this time, but you ve got to know what you want, know what it looks like, and then be ready to pull the trigger. The couple that “shopped” boats all winter ended up with the leftovers in June.
Don’t be that couple. If you see a well maintained vessel and it checks most of your must have boxes ……don’t hold out for a boat that might be better, make an offer.

[LeeV]

Originally Posted by Kd9truck

…………snip……. Don’t be that couple. If you see a well maintained vessel and it checks most of your must have boxes ……don’t hold out for a boat that might be better, make an offer.

Ja, ja und ja - what he said! 🤣

[Orion Jim]

If you really want to spend some time in Newport, do so. There are dozens of boatyards to scout and you may find something which ticks all your boxes which is not yet listed or the listing has expired. It’s a simple matter to contact the owner and see if they have an interest in selling. You can surf the web and check with boat brokers at the same time. Many will know of someone with the model you desire who may be motivated to sell if approached.