Giles and Paula's Great Retirement Adventure
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It is insane to me that a depreciating asset like a boat would command a premium over its original purchase price. Maybe that's the world we live in now, but it doesn't feel right and it would most certainly give me pause even without affordability in the equation.
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The big dilemma for me is wondering how long this is all sustainable. Yes, money is cheap right now as low as interest rates are but as governments are already utilizing the most powerful tool it has to combat a declining economy, how long is this sustainable? Unfortunately, most people I know live beyond their means and are mostly at the limit of their income to debt ratios. I may have a more contrarian view of the economy than most but I just don't see the status quo lasting for more than a few years. What happens when people who bought toys (boats, planes, vacation homes) begin defaulting on these loans once the global economy goes tits up? I'd much rather weather the storm for the next few years, maintain as minimal debt load as possible and maintain a cash heavy position to wait out until people are so underwater on luxury items that they opt to simply walk away and let the banks repossess them. As the saying goes, "the time to buy is when there's blood in the streets."
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I’ve seen this with guitars — a couple of vintage ones I own were steadily creeping up in value before tanking in the midst of the 08 fallout. Then they crept back up, and pretty slowly… before going absolutely crazy over the past couple years.
I’ve thought so many times that this is unsustainable, and that there will be a financial day of reckoning of some kind. People are certainly living beyond their means — I sold a $350 guitar pedal to a guy for $900 because it was discontinued and he thought he had to have it. He said he was actually borrowing to buy it. That’ll catch up to people.
But also, people often ask way more than they actually end up getting, a very pervasive MO these days. So that could be good news for Giles.
At the end of the day, the only thing I know is that people are insane.
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I hope that you all don't mind me using this as a dumping ground for my thoughts. If you do, you can just "ignore" the thread.
I think that given the apparent state of the Nordhavn market at the moment, holding out for what we want, at a decent price before we are actually unable to climb on board, maybe a hiding to nothing….
We don't want to buy another make of large trawler at what is possibly the height of the market, 1) because when we get rid, the downside is large, 2) I don't want to own a large, second grade (to my mind) boat and hanker after a Nordhavn whenever I'm on it, so we think we will buy something smaller, and at the same time put a deposit on a new Nordhavn.
That way, we can get started, learn what we are doing and have some fun, albeit in a different way.
When we get back from LA next week, we are going to look at this little guy...
A 2008 Nordic Tug 37'
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I hope that you all don't mind me using this as a dumping ground for my thoughts.
It's nice to feel a part of the journey! That tug looks like a rad interim solution should you opt for placing the deposit on a new Nordhavn. What would be the wait time for the build out?
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What would be the wait time for the build out?
No frigging' idea, that's part of why we think that what we are doing is a good route….
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I for one enjoy the dumping of ideas in the thread, @Giles . It's fun to follow.
I second! As the saying goes, better out than in.
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Congrats for even considering this move @Giles and @Madame Buttonfly ! I dream of doing something similar but more in the overlanding vein once I decide to either take an extended break or actually shift toward retirement.
I do agree with @Clint_D that the froth out there will eventually subside soon, ideally making some interesting deals available on a number of fronts. As long as you can resist the FOMO…
If you're willing, you should run a "name that boat" contest here. No requirement to actually use any of the names and I'm sure we will generate our fair share of Boaty McBoatface type responses but I'm sure it would be entertaining.
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Allowing this bunch to pick things for you is a risky proposition. Trust me on this.
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Allowing this bunch to pick things for you is a risky proposition. Trust me on this.
Chris speaking from painful experience
Folks, thank you all for your good wishes on this planned adventure - I took a little convincing, but now having seen a couple of boats, done lots of sums and started to dream about this possible future I am fully bought in. We're having a lot of fun already just talking and scheming…
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I'm having a lot of fun listening in, and I am so excited that you are now enthusiastically "on board," Paula! Thank you for letting us see this unfold, Padmores.
It will be the adventure of a lifetime, I've no doubt.
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Awesome! I like the tug a lot.
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More than one person has commented that Nordic Tug sounds like a massage parlour….....
Well… as long as they make sure their hands are warm...
