Boat Buying 101

Printable View

10-03-2007, 11:02 AM
warthog

Boat Buying 101

I have been looking at a new boat purchase for a while now.
Been looking at old Makos, Aquasports, and Sea Crafts. I love their old lines and looks.

So, I thought I had found THE boat. She is a 20 ft 1976 Mako with a 1995 225 Johnson. The boat will scream with this engine. She had a hydrolic jack plate from CMC, a custom canvas cover, and totally refinished teak. Plus, the engine had been re-built 100 hrs ago.

Here is the boat:
http://images.traderonline.com/img/6...89959912_3.jpg

http://images.traderonline.com/img/6...89959912_4.jpg

So, I made an offer. The guy was asking $11,990- a bit overpriced.
I offered $10,000, contingent on a full marine survey. He agreed.

I got it surveyed yesterday. Surveyor charged $400, and spent 3 hrs with me and the boat, going over every bit of the thing. I feel like I can survey boats now, he was that thorough.

While this is going on, the broker and seller start bitching about how long it is taking. Owner is getting pissy that the surveyor is tapping the hull with a non-marring ball peen hammer, and the guys in the lot are ripping on the owner, making tap tap noises every time they see him. Unreal. At one point, one of the yard mechanics asks the surveyor if he is rebuilding the boat as he goes. I tell the mechanic that it is $10,000. If he would like to blindly throw $10,000 at a piece of shit, he can gladly have the boat.

What is with people. Yoy want to sell it or not? I am going to make an informed descision. The boat looked really nice from my perspective.
From the surveyors perspective she was a bit more of a project than I wanted.

Here is what we found:
Soft spot on the starboard side- likely hit by a boat or thrown against a dock piling in rough seas. It was pretty soft, and showed signs of water inside.

Water on the transom- expected with a 1976, but not wanted. I do not want a project boat.

Wiring mess. Wiring needed a complete overhaul. Professional overhaul, not shadetree. There were exposed wires, etc. It sucked.

Supposed new gas tank was not grounded from the filler cap to the tank, or from the tank to the engine. Not a good idea.

Those were the big things. Other small stuff was expected from a 1976.

Now, you might say that when looking at old boats, you will never find one that is perfect. Right you are. Its just that this guy was asking a price that indicated a pretty high degree of perfection for that age boat.
Figuring the engine is worth about $2,000, and a new trailer would run about $2,000, he had the hull priced at $7990. Way too high.

So, the moral of the story is, it is better to lose $400 on a survey, than $10,000 on someone else's problem. It also pays to not get emotionally attached to a boat before you know what you have. I will admit to picturing myself slamming down the throttle this weekend on the way to the beach. It is only natural, as I was pretty far into the process. It is pretty much a bummer to be back at the starting line $400 lighter, but the alternative was so much worse.

Hope you learned as much as I did.

Oh, BTW- stopped at a couple of dealers on the way home. New boats are looking more and more attractive. I just hate their styling. Anyone know of a reasonably priced boat company that makes a good looking boat these days? I like the old Mako look with the wood, and I love the yachty look.

I did find these, and there is a local dealer here. They price them without power, which is nice. I have my eye on an E-tec, and would hate to buy a boat and have to swap the engine right away.

Eastern Boats:
http://www.easternboats.com/boats/

http://images.traderonline.com/img/6...81103150_1.jpg

http://images.traderonline.com/img/6...81103118_3.jpg

Anybody know anything about these boats? They look really nice, and if they can handle the seas up in NH,ME and MA, they will do fine down here. The draft is OK, 10" on the 20, and 18" on the 22. A bit deep for a 22, but I can live with it.

If you know anything about these, please post it up. Thanks.
10-03-2007, 11:17 AM
likwid

Mostly see Easterns up here as work boats.
They can take a good beating and keep going.
The extra depth is most certainly from being more New England oriented but they ride tremendously better than a Florida boat.

And that Mako needs about $2000-2500 worth of worth from what you listed.
I'd offer 4000 :D
10-03-2007, 11:41 AM
warthog

Quote:

Originally Posted by likwid

Mostly see Easterns up here as work boats.
They can take a good beating and keep going.
The extra depth is most certainly from being more New England oriented but they ride tremendously better than a Florida boat.

And that Mako needs about $2000-2500 worth of worth from what you listed.
I'd offer 4000 :D

I don't even have the patience to counter offer. The guys are obviously dumbshits trying to pull one over. I'll prolly tell the broker to call me if the seller drops his price significantly, like 6-7K. Even then, the engine is a question, after seeing what is wrong with the hull, I don't have a need to get the engine looked at.

I love that Dory look of those Easterns. They do them all custom too, so I am sure I could get some teak added in spots to make it look real nice. 10" draft on the 20 is fine down here. I believe the 22 has a much deeper V to the hull. Either way, a hydro jack plate will be added to maximize the draft numbers. Those things also come with front dodgers to give shade and for overnights.

The work boat aspect is cool. That means they can handle anything I will throw at 'em. I really like the look of those things. We'll have to see what they look like in person.
10-03-2007, 11:48 AM
likwid

They're nice boats.
The ones I know of offhand are all quahog or lobster work boats so they most certainly are taking one hell of a beating.

That mako is certainly not worth it considering you don't want to spend half your time fucking around with it. And good on ya getting a marine surveyor out to look at it. Most certainly worth the time and money.
10-03-2007, 12:02 PM
bio-smear

Quote:

Originally Posted by warthog

So, the moral of the story is, it is better to lose $400 on a survey, than $10,000 on someone else's problem. It also pays to not get emotionally attached to a boat before you know what you have.

You did well, Warthog. My experience is in the aircraft world, and it's the same exact deal: Fork over a few hundred for an annual inspection to find out exactly what you're dealing with. The things you find may give you better bargaining leverage that more than offset the cost of the annual. At the very least you lose a few hundred bucks dodging a bullet.

It took a deal just like that to teach me that lesson, because in my case I made the purchase only to find a lot of things that need to be rectified at the first annual inspection, and it cost me several thousand more dollars, and as it turns out the plane will never be the Best In Show that I thought i was buying.

You have to stick to that creedo from ^^ the quote. Nice work.
10-03-2007, 12:42 PM
ak_powder_monkey

dude get a lund
10-03-2007, 02:55 PM
warthog

Quote:

Originally Posted by ak_powder_monkey

dude get a lund

AK- I know they are popular up there, but I have yet to see one down here. Jon boats are much more common.

Bio- I can't even imagine buying a used plane. That must be a whole nother level. If the boat sinks, I know I can float for a while before the coast guard gets there. Unless you wear a parachute at all times, I will never be able to fly.