Seawind Build Slot Deposit - What am I missing?

[sailjumanji]

Originally Posted by jbinbi

Was told by the dealer that with the current backlog, your slot will pretty much get picked up by someone down the waiting list. So your second deposit is PROBABLY refundable. This is not via seawind, but by the person who takes your slot. Further deposits are as well though the more customized your boat is, the less the chance someone wants it that way. No guarantee of this of course, but given how far their backlog is, I know I would jump at the chance to move up in queue.

I'll call BS on this one. Like I said, I know an owner that got a good deal on a 1260 under construction, because the original buyer pulled out in the process. He had to live with that buyer's option choices - which some were not his preference - but it was financially worth it to him. Someone else on this thread also said he lost his deposit, after he pulled out because he purchased another boat.

Think about what you are saying. If someone pulls out, you are going to have access to others in line to see if they want to buy your slot? Who is going to make that happen? You think Seawind is going to start sharing buyer info for you to call them? Do you think Seawind or the dealer is going to be making calls? And then negotiating for you? In the meantime, your boat is taking up space in the build line?

You are right, in that others will jump at the chance to move up in the queue. But your investment to-date will be toast. You need to proceed with that understanding.

Oh, and there are no second and third "deposits". These are actually referred to in the contract as payments, due on specific milestones of completion. It might be semantics, but what I am getting to is that nothing in the contract implies any subsequent payments to be refundable.

Unless things have changed significantly since our boat was built in 2018? At which time it was a bit of a buyers market. Don't get me wrong - everything went very smooth for us, and I'm happy with the boat (our second Seawind). But I went into this knowing that nothing was refundable, after we signed.

[slowNlow]

I suspect your deposit is dust if you pull out. If they give one back could they be forced to do so for anyone who dropped? Feel like that could get sticky.

I put a deposit down on another brand cat, hull 17 set for delivery in the fall of 2023. If I back out it's vapor. We do have an owners forum and after the deposit is received, access is granted. And there has been a bit of bidding/haggling for earlier spots ;-)

[Rjstutch]

Also remember the AUD$ to USD$ exchange rate is low at the moment with the AUD$ down by 7.5% from a month ago. Something to consider.....!

Also it is my understanding that the Seawind deposits are refundable but once they announce the start of your build they are not, as are any progress payments! That is why you get a discounted boat if you take over a build once the hull build has been started!

[sailjumanji]

Originally Posted by Rjstutch

Also remember the AUD$ to USD$ exchange rate is low at the moment with the AUD$ down by 7.5% from a month ago. Something to consider.....!

Also it is my understanding that the Seawind deposits are refundable but once they announce the start of your build they are not, as are any progress payments! That is why you get a discounted boat if you take over a build once the hull build has been started!

Deposits are NOT refundable. Thats what my agreement said, and as well someone already posted his personal experience of forfeiting his deposit when he purchased another manufacturers used model prior to layup starting on his Seawind.

And boats are priced in USD. Unless your funds are in AUD, the exchange rate won't matter.

[ixnax]

Unless your deposit agreement is specifically non-transferable and/or the inherent access to the intellectual property rights are specifically non-assignable then you very likely have a fungible agreement.

[Sand crab]

There's a build slot available on an almost completed 1160. Contact Sailaway.

[Glenn C]

As I recall for our Lightwave build, there was a AUS 10 K to reserve the build slot, fully refundable, and then monthly payments through the build aligned to milestones. e postponed our build, and received our 10k back no problem. great folks to work with

[jbinbi]

Originally Posted by Sand crab

There's a build slot available on an almost completed 1160. Contact Sailaway.

This is for a lite only version for those interested.

[Sand crab]

There's a November 2023 1260 build slot open. Otherwise they are booked for 42 months. Contact Wright Yachts in Seattle. He's also a member here.

[poiu]

Originally Posted by Sand crab

There's a November 2023 1260 build slot open. Otherwise they are booked for 42 months. Contact Wright Yachts in Seattle. He's also a member here.

Latest I heard is 52 months. 4 years and 4 months and prices increasing because of the demand. Furgedaboutit. It's not just them. All the performance cat makers and in general boat builders are enjoying a massive boom. Sanlorenzo motor yachts have got the longest leadtimes ever, I heard a few weeks ago. Superyachts in general are doing especially well.

[Statistical]

How is it an inflation hedge? Having idle cash tied up not being proactive means it is affected by inflation.

Are they guaranteeing you a 2022 price for a 2024 boat? From what you posted it looks like the deposit only guarantees a slot not lock in a price.

[Sand crab]

I'm pretty sure it locks the price on the basic boat but you can add or subtract options up to sometime in the build. It all looks reasonable. A small deposit to hold the slot then a progress payment next June when construction starts then 3 more progress payments. I think Jumanji described similar terms.

[redneckrob]

Keep in mind that an "inflation hedge" of this type is only as good as the company remains solvent. It's a pretty good bet that Seawind hasn't hedged their basic material and labor costs for the next several years. So if inflation is bad over that period, which is when you care about an "inflation hedge" they'll simply go out of business because they'll be selling boats for less than it costs them to make them. And you not only won't realize your hedge but you'll also probably lose most or all or your deposit. Or there is little inflation and it's therefore a moot point. Either way this whole concept of an "inflation hedge" is really an illusion.

[Cariad4741]

Build slots now into 2027 for 1260

[thinwater]

Bizarre. How could I be certain of what I wanted 4 1/2 years out? Really, assuming any length of ownership, I'm guessing what I will want 10-12 years from now. Heck, I've never owned a boat longer than 12 years.



If I want to sail that badly, I want to sail now, or at least soon. Too weird.