Would you purchase a salvage boat?

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Dragon

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Mar 25, 2009
32
Hunter 38 Belleville
I am considering buying a salvage boat that has been fixed by the owner; described as "better than new" by the broker. It looks fine and is about $15K under the price of other similar $100K boats. Besides the usual survey is there anything else I should consider?...or move on?
 
Jun 2, 2004
5,802
Hunter 37-cutter, '79 41 23' 30"N 82 33' 20"W--------Huron, OH
A $15K discount does not seem like enough as a percentage. I suppose it is possible that the boat is as good as any others in that class. I would sure want to know the original damage so I could concentrate the survey on that area.
 
Jun 30, 2004
446
Hunter 340 St Andrews Bay
I think some insurance companies refuse to insure boats that were previously "totalled". Before you buy, you may want to make sure you can get insurance and if so, what hoops (out of water survey, extra inspections) you have to go through to get it insured.
 

Dragon

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Mar 25, 2009
32
Hunter 38 Belleville
As advised by the broker; The hull was breached in the stbd quarter. The stbd gunwhale was also damaged. The keel sump was reinforced with many layers of fiberglass. The stringers were glassed to the hull as opposed to being glued like out of the factory
 
Dec 2, 1999
15,184
Hunter Vision-36 Rio Vista, CA.
I do not think that they register boats as salvage like they do automobiles (and not all states do this either).

I agree with Ed about the price. You can usually negotiate at least 10% off a boat that has NOT had this type of damage. There are new boats with keel problems, I do not think I would want to deal with something that the "Owner" fixed better than new.

I am thinking you should be looking at 40-60% off of that $100k price. The owner probably got the full value of the boat from the insurance company once and is now trying to double down as someone elses expense.

So, if it were me (and it is not) I would move on.
 
May 28, 2009
764
Hunter 376 Pensacola, FL
Thanks for your responses...got some thinkin' to do!
For what it's worth, the only reason we were able to realize our lifelong dream of owning a yacht (at least now and not in another 10 years) is because we were able to pick up on a 1996 336 that was impaled by a dock piling by Hurricane Opal in 1995 when less than one month old, and then thrown hard aground by Hurricane Ivan in 2004 with damage to the keel and foot. The previous owner got the boat at a salvage price in 1995 and repaired it, and then received an insurance settlement in 2004 and repaired the boat again. It all comes down to two things in my opinion - has the boat been flooded? And what are the quality of the repairs? In our case, she never took seawater inside as revealed by an inspection of the woodwork, locker interiors, and engine. And as for the quality of the repairs, the surveyor pretty much summed it up when he said "if you hadn't told me it was damamged and repaired, I'd have never known." Plus it's been 15 years since the first fix, and over five years since the second, so if the repair were poor quality, something would have most likely happened by now. Bottom line is we got the boat for about 40% of the market value in sail away condition and only showing average wear and tear. We're very happy!
 
Apr 15, 2009
302
C&C 30 Annapolis
resale

Short answer....no, not unless you get a hell of a deal (and by hell of a deal I'm not talking 15K) and the repairs were expertly done. A very good survey is essential. Keep in mind, unless this will be your last boat ever, at some point you're going to have to sell this boat as a salvaged vessel. Just saying, you'll need to buy it cheap since at some point you'll have to sell it cheap.
 

Dragon

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Mar 25, 2009
32
Hunter 38 Belleville
Thanks again for your opinions. I'm looking elsewhere for a boat.
 
Jul 1, 2004
567
Hunter 40 St. Petersburg
Oh come on,

a PO can easily do more than $15K in damages, er, repairs.

The other posters are right on the money. I know I'm late to the party here, but, in my experience the words previous owner and repairs or upgrades in the same sentence means that you should put the phone down immediately.
 
May 13, 2010
29
hunter 25 Brunswick me
a PO can easily do more than $15K in damages, er, repairs.

The other posters are right on the money. I know I'm late to the party here, but, in my experience the words previous owner and repairs or upgrades in the same sentence means that you should put the phone down immediately.
okay what type of boat, and have you even looked at what your getting.
rigging is the most important thing. its not cheap to replace.
i just bought a hunter 25, and i am lucky i just have some minor stuff.
going on.clevis pins, and bottom paint, and some interior stuff!!
 
Jul 1, 2004
567
Hunter 40 St. Petersburg
au contraire dude,

All that rigging money would be wasted if you put it on a hull that's been, say, oh I don't know, maybe holed and 'fixed' by a would-be genius.

Don't even get me started on diesels . . .

I'm just sayin'
 
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