Find out what the boat is worth.

[Donny Boy]

Guys & Girls,

Does anyone do, or does anyone know, where I can get a valuation done on my boat, in writing, on the Southside of Brizzy, so as I may insure it for the right amount ???

:-/:o
I took it to one place today, who took one look at it, spent 5 minutes with it, gave me the impression that he didn't really want to be there...
........said " Ya got 60 bucks on ya ? ...........Here ya go..........."
and gave me a value nowhere near what I was expecting......:-[

Now, I know that owners can have an inflated opinion of the worth of their Boat, & I've research this for bloody ages with Boatpoint, numerous Yards, E-Bay, Trading Post etc., and formed a (I thought) realistic opinion of what I thought the thing was worth.......
.......... and BANG !!..............didn't that go out the window. :o:o

Every yard I've been to has indicated that the thing is worth $20K...all day...
& twice on Sunday...

It's an old Crestrida Half Cabin, BUT has been COMPLETELY done up.

Except for the Hull & Motor ( which was pulled down & re-done...$ 2000) ..........everything else is new !!!

I know that sale price is not necessarily insured price but still.................

Very confused at the moment.....& needing a second opinion.:-/

Have a full list of what's been done.......all receipts .....the lot.....

[FNQCairns]

Donny boy, what would it cost to replace..as per all your receipts? and what price have you seen equivalent rigs for sale? and what engine?

cheers fnq

[TJ Bear]

At the moment secondhand boat prices a falling like a rock so if it was worth 20k 12 months ago its probably work 15k now. There is a big difference between what people are asking for second hand boats and what they have to drop them to to sell them. Seen a good condition Blackfin 26 centre cab the other day with a 220hp Volvo stern drive that was advertised on boatpoint for 56k owner went bankrupt and the boat was sold for 27k, lots and lots of boats going through the auctions real cheap at the moment to.

[finga]

A valuation to sell is always a different kettle of fish for replacement valuation or for insurance purposes.

And yes, the market for big boats is falling rapidly but I reckon the market for boats like Donny's remains fairly constant (if not rising fractionally) as more and more people are wanting to off load the mother ship and downsize to something Donny's size or slightly bigger or smaller.
Just my opinion :)

[Donny Boy]

Donny boy, what would it cost to replace..as per all your receipts? and what price have you seen equivalent rigs for sale? and what engine?

cheers fnq

Mate,

Replacement cost, as per receipts, is $ 19276.10.

Seen equivalent rigs for $ 23- 26, seen some older than mine & nowhere near as tidy for $23-24 K.
Motor is a Johnson V4 OMC 140 around same age as boat, so around 1986-89,
but had only done 200 hrs when I got it.
The whole thing sat in a shed for 17 years, until the trailer rusted out under it.
Trailer is a Sealink Drive on 2002

[Donny Boy]

Just so everyone knows. Here's the guts of it.

Crestrider 18 ft Half Cabin. See Avatar. Canopy not on.


1986-89 Johnson 140 OMC 2 Stroke only 230 hrs genuine, and completely overhauled.

New linkages and throttle control.
New Steering Cable & Helm.

1 x Sand, 1 x Reef anchors.

Life jackets x 4.
2 x Oars.

New Battery isolator.
2 New Batteries. March 09.

New Bilge pump.


New Anchor Light
New LED Nav Lights
New 12v acc plug.
AM / FM / CD Player with new waterproof housing.

New Paint.
New Canopy.

New Tinted screens & windows.

New Marine Speakers.
New Instrumentation.
New Lowrance x 515 Sounder.
New Lowrance 5300 GPS Chartplotter.
New Axis 27mhz Marine Radio with new fold down aerial.
New Upholstery & Trim throughout.
New Bedding.
New Marine Carpet.
New Fire Extinguisher.

New Transom & new floor & fibreglassing Jan 08.

Drive on Trailer. Sealink 2002

67ltr fuel tank.
2 x spare 25 litre Fuel Tanks.

6 x Rodholders.

[dnej]

Don,
If you have all the information at your finger tips, that is the broken down cost to replace what you have,then simply call NRMA,and tell them what you want to insure each item for.
I was the same, with my boat,untill I called them, but make sure you have all the details when you call.
Trailer, boat, motor, instruments,etc, individually
David

[bennyboy]

Please don't take this the wrong way but you have to be realistic.
Motor is 20 years old, value, less than $1000.
Trailer depending on condition probably about the same $1000
Hull if in very good condition with the electronics you have in there maybe $5000 if your lucky.

Most boats do not become collectors items as they get older even if they are in excellent condition.

A marine dealer on an insurance assessment has to state what he thinks the boat is worth. Which is what it would sell for. For a over 20 year old rig you can't ask for much.

It looks like a very nice rig, be careful with it, enjoy it, and make sure you lock it up.

[BaitThrower]

Kinda agree with bennyboy, especially re the motor... Older motors dont seem to hold value, een if they aren't used much... It's a mindset thing... Old=unreliable in many buyer's eyes, even though that is not always true...

But yes, don't expect to get back every penny you have invested in it... if you have put 20k into it, expect 25-30% less on sale.
The nature of the market, and right now the market is volatile, and not a sellers market given the large number of boats currently for sale.

Insure it for your receipts value however, provided the insurer provides "agreed value" insurance.

[Smithy]

I'd go to John Crawford Marine and get a valuation done there. They are pretty much a specialist secondhand dealer and southside as well. Most yards offering Club Marine insurance also seem to be valuers for Club Marine. Unfortunately you are not going to be approaching anywhere near $20K with that motor on it, probably not even approaching $15K. See how you go and let us all know.

[Noelm]

a lot of what has been said here is very wise indeed, something is only worth what someone will pay for it! you can ask what you like, it can be in new condition, but if no one wants to buy it, then your stuck with it, unless you price it according to market demand.

[FNQCairns]

Donny I would be happy with that, i am in the same boat, the only way to come out close is to do the entire boat yourself, retail prices are a killer but in theory you have done well with receipts equalling the estimated value. I spent I think 25k total making my boat up, old motor, new everything else...the same hull all new sells for 45k today, nothing it can do mine cannot just as well although I may work to get 22k for it on the open market but it makes for very cheap boating over long periods of time which is the mana IMO.

I think be happy, if we have another overheated economy in 7 years you might even see it appreciating in value same as lot's of boat did 6 years ago.

cheers fnq

[Donny Boy]

a lot of what has been said here is very wise indeed, something is only worth what someone will pay for it! you can ask what you like, it can be in new condition, but if no one wants to buy it, then your stuck with it, unless you price it according to market demand.

Quite true.........although I'm not selling the thing.

This is purely & simply to get a realistic valuation, based on prices of similar rigs ( with nowhere near as much done, i might add !!!) seen around the traps over the last 12-24 months.

I understand that Insured price may not be Retail or even Private price.

Dnej says " Insure everything as per receipt / replacement cost "...and that's great, if it can be done. Thanks Dave.;)

I just don't want to insure the thing for $20K to have it come off the trailer, or burn, sink or get knocked off .... & hear some clown say.....
"It's only worth $6k-$11k cause it's an old boat, & that's the market value ! "
:o:o

Hang on....... here's a complete list, & receipts, & Photos of what was done to
the Boat prior to the incident taking place......
It's not your average & doesn't present as your average, boat for it's age.......
and that's my whole point..

Understand this.........I'm not making myself out to be a Gun Boat Renovator....
never done it before...probably never will again.

So, the short of it is...........was doing the reno to it any bloody use at all ???
Apart from making it float...did it achieve anything...........??
Is the thing worth $6K ? The reno made it $ 11K ?
5K is a small return for a 13K outlay...but I guess that's Boating and I understand that I won't get it back.
It was done more to see if it could be done I guess. Labor of love ,maybe.

If I can see a Tub in a yard for $ 24k that you wouldn't keep a dog in...older than mine...less HP.... The only thing that's new is the price tag......................... I must assume that it's .............
a. Overpriced to the Shithouse:o
b. A better rig than mine is......better than twice as good ...:o WTF ???
c. All of the above.:o:o Really....WTF ????

If you beat the price down by 50%, it's still worth more than mine. (??)
That's one hell of a markup ...or a very unrealistic price by either yard or owner.

Very confusing............
..........but still, to get back to it...... a realistic value is all I want to find out.
At the end of the day $11 Grand might be very realistic.....& I might not be...

As smithy says
"Unfortunately you are not going to be approaching anywhere near $20K with that motor on it, probably not even approaching $15K........."

So, in spite of the fact that I spent 2 grand on the motor, & it goes like Shit off a shanghai, & everyone telling me these motors are, quote, "Bulletproof" I'm reading a newer motor will obviously bump up the value....
more $....what does it do to the value I wonder.

Isn't hindsight a wonderful thing. :P

Maybe I should :rifle: the old motor and find out if it is Bulletproof!!!;D

Nah........... maybe I'm just :wut:

Well, I've had my go on the soapbox. Gunna ring Crawford Marine now.

Thanks for all comments so far...keep em coming

[FNQCairns]

With your motor you have one that equals all of the modern engines for performance and beats them hands down for reliability and cost effectiveness over it's lifetime on a typical rec boat. The TRUE 20-30% fuel increase used almost never even equals just a new engines interest payment.

What are you going to do pay 15k for a brand new outboard to get an 8k better valuation:( new engines are often a mugs game at least until all other avenues are closed.

cheers fnq

[Donny Boy]

With your motor you have one that equals all of the modern engines for performance and beats them hands down for reliability and cost effectiveness over it's lifetime on a typical rec boat.

cheers fnq


So I thought FNQ,

......... but now there seems to be a different tune playing out there...........:-/

Motor is not so much " Bulletproof ".......

More like" Bullshit " according to dealers now. :'(

[Donny Boy]

Give me strength....!!!!

1 bloke now tells me the Motor is only good for wrecking...then I find this in the Trading Post.

JOHNSON 1988 90HP, OUTBOARD MOTORS x2. 25in shafts. 450 hours each. Controls(binnicales) cables & new props. New VRO's. Both Just had major service 20 hours ago, As new condition. $6,200 neg the pair or will sell seperately.

[wilcara]

Don, what are the dealers quoting? That will probably be a laugh.

Have you considered ASKING the insurance co? I'm thinking that you might tell them (say) $20k and when you calim after it gets knocked off that it's only worth $10k???? Does the boat insurance business work that way???

Don't take it to heart what the guys are saying about the motor etc.... it probably is a great motor. I have an old Saab which has done less miles that my wife's newish Honda Accord, but its still an old Saab.

[wilcara]

If you buy something worth $10k, but pay $6k for it, then spend $10k on it, it is still only worth $10k or maybe a little more to someone who appreciates what you have done, say $12k to the right buyer. You have still lost $4k if you sell.

Same as if you buy it brand new from the dealer for that $16k and take it outside to sell, you will be lucky to get $12k because anybody who wants a new one will buy a new one from a dealer and not you.

What you have achieved by doing what you have done is:

1. To own a virtually new boat in every respect that only cost a fraction of new price.

2. You have beaten depreciation if you hang on to it.

3. Like shares, you only lose if you sell.


If you spent $20k on it with receipts then that is what it cost so that is what it is worth for insurance purposes, as long as the insurance company accepts this and does not claim that it is overvalued. You need to check with them.

Having said that I have to agree with the others that if you sell it, you aren't going to see anything like that.

[Camhawk88]

deleted old post

[hooknpull]

Why don't you just go agreed value???