So, okay, the counter-offer came in. It involves a 15-month string of payments (starting with a 15% down payment) which, if I remember how to use Excel properly (not assured), and using a very conservative discount rate of 1.69% (the current SIBOR) I get a net present value of SGD69,500 which equates (at today's interbank rate) to EUR32,500. Let's see how that compares to published prices for the same year and model from brokers on the web...

1994 Jeanneau Sun Odyssey 33
Location - Price (Euros)

Singapore - 32,500 (the candidate)
Greece - 64,800
Greece - 64,700
Greece - 52,900
St. Maarten - 69,000
Marseilles - 65,000
Cherbourg - 48,750

To be honest, without the vendor take-back I would be looking at an external financing option of more than 5%, which makes this even more attractive. On the down side, I need to scrub her bottom and put on a fresh coat of anti-fouling, things I do with every new woman in my life. The cost for this is probably around SGD3,000. On balance, I think it may be worth it. Stay tuned for the surveyor's report.