Tom, with you and Susan just coming off your Seattle Boat Show Sunday in water visit ..this is a very interesting question ...particularly..if it is not for sale.
Is Susan attempting to figure out which is more beneficial to insure??? You or the boat?
If a boatless person is looking for a great fishing boat, about 25-30' long with both a good size cabin and a good size cockpit, .well....That makes your boat special..if they could pay cash....but that would not come into play because it is not for sale.
They could take their child/grandchildren (s) fishing for the 3 years between ages 12 & 15. Dad/Paw-Paw aint cool once kid hits 16, gets drivers license and car. So that guy needs to buy the boat pronto and share some great times together.
Say after 7 days and nights of tossing this around...the group comes up with an agreed upon not for sale...sale price of $35,000.
Tom is donating the proceeds of his boat to a charity auction because Susan will not let him buy another garage and put in their yard...he must limit himself to the two buildings he has now if he...THEY want that boat they were on Sunday. Man, if only the Super Bowl was in Seattle yesterday this year Tom... Timing is everything.
Bidding against each other starts rapidly for the 3 local guys who went to school at the same school the money is being raised for...you may get $38-$45 depending on just how much I WANT THAT SPECIAL BOAT AND I GET WHAT I WANT ...thing going on. I know none of us males have ever done that at an auction after few beers...or any of the ladies bidding on press box football tickets because it is a donation to the nursing school or that SPA package on the first night of the cruise. What a deal!
Those folks do not show up. It rains the day of the auction. Most folks from that school do not show up because they may get their car tires dirty pulling off the hardball onto the grass.
The only buyers "competing" to purchase your boat...are young guns right out of college. They can not pay cash, but no worries... they are pre-approved for a boat loan for this fund raiser. How you may ask...because Tom took the VP of the bank fishing last season and his family too has been going to this school for generations. They could more than likely borrow $18,500 to 25,000 to buy your 1985 old used cool rigged out fishing boat. The boat is one bad fishing machine!
Tom cuts a deal with the banker, the school, and the highest young bidder...and takes the $25,00 which is financed for 20 years because it too can be considered a second home mortgage. To get Tom closer to the groups "agreed upon" not for sale ...sale value..of $35,000 a quick flip of the pen and receipt book...the school gives Tom a bogus receipt for a $10,000 cash donation.
So Tom...what are yall looking at?
[/u]