An expensive lesson learned.

magstang1

magstang1

Active Member
May 30, 2010
1,338
Lake St.Clair
Boat Info
1998 31 Sedan Bridge
Engines
Twin 350 Marine Power
Last fall I decided to buy another boat. Work had been up and down so we sold the last one as a precautionary measure. I looked at a few boats and decided that if the right deal came along I would purchase.

I came across this 290DA that was well below market value. It was local so I decided to take a look. The boat seemed in good condition mechanically, it just needed maintenance and canvas. As the deal progressed it kept getting more and more expensive. More issues discovered, cash the seller was supposed to bring to the table no longer offered...

It was too late. I was hooked. I was buying with emotions, not my brain. I knew it wasn't a good deal, I just couldn't admit it to myself. The survey uncovered some items I should have investigated further but I bought it anyway.

Everything is being repaired, and once I'm done this boat will be in tip top shape. In the beginning that was part of the advantage of this boat. Buy it at a discount, do the repairs and know that everything is right. Even if I paid more for a different boat there was no guarantee I wouldn't have repairs anyway. I just underestimated the cost. I also didn't plan on a few unexpected things.

In the end it's a great boat. It works really well for my family. If i could do it again I wouldn't change the type of boat I bought, I would have gone about it a different way. Maybe just purchased a different 290.

Spring is coming and people are getting anxious. I've seen a few posts lately where people are asking advice about hasty decisions. I also feel a little guilty so in some weird way I feel the need to admit my shortsightedness.

Slow down. Make a plan and stick to it. When things start escalating, walk away. If you see a red flag, investigate it. It's cheaper to spend $500 to find out you will need to spend $5000 making something right.

Be informed. Make decisions with your head, not other parts of your body.

I couldn't though...

Who ever buys this boat from me is going to get the deal of a lifetime. The receipt pile is getting pretty tall.
 
Gutsy post magstang. Not too many would admit it.

Agree w/ knot it. A list would be a handy thing to have in ones pocket during the pre inspection phase.
 
Let's just say that repair estimates are only estimates until the work is done and money has changed hands. The repair shops always find extras, and I always err on the side of caution. I'm more of a "do it all, we're already here" kind of person.
 
Stang, that really took some guts to stand up in front of all of us and admit that your emotions got in the way of your reasoning. This post should be a MANDATORY read for anyone who has the hots to buy a boat.
 
Well said Sir, some unexpected repairs for me also right out of the gate..the survey didn't find.
Let's just say for a first time boater it was a rough start, but it slowly got better...thx to all my experianced, helpful neighbors on J row.
I'll stop by soon and would love to check out the boat and hear some stories. I also have a few good ones myself about my first year on LSC.
 
Great post, just what I needed to hear. I'm in the process of buying another boat right now. Survey was today and some items are questionable. Your post has reinforced my resolve to not overlook anything and make an informed decision. Thank you :thumbsup:
 
Pack66Dad said:
Great post, just what I needed to hear. I'm in the process of buying another boat right now. Survey was today and some items are questionable. Your post has reinforced my resolve to not overlook anything and make an informed decision. Thank you :thumbsup:
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Exactly my point, what was overlooked and what do folks on the hunt need to look out for. Knowledge is power and could make the next buyer more comfortable if they knew what look for, or out for. I was very lucky, I got a great dealer, QUESTWATERRSPORTS.COM, that stood behind every aspect of their/my used boat purchase...even a year out; and a survey that was incredible and valued the boat WAY WAY above what I paid for it. Anything noted on the survey was fixed/replaced prior to closing and QUEST provided proof the work/issue was resolved or fixed professionally. Having said that, it would have been very comforting to have some knowledge of what look out for and any dangers that might be hidden if/when not readily apparent to a new boat owner. Just sayin....
 
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Only time a 'fixer upper' is any kind of a deal is when you can do all the work yourself, in reality if you double all the estimates then you will be right on target when you have someone else do the work. Just the way it is with boats..

Hopefully you can get you moneys worth of use out of it.
 
I started out in an almost identical situation which in the beginning I also found somewhat discouraging and began to think to myself that I too had made a mistake.

But over a year later I kind of look back on it as a mixed blessing in that while I did have some fairly large & unexpected expenses early on, I have learned just about everything there is to know about the sytems & mechanicals on my boat (and boats in general) and can take it out iin open water with confidence that everything below deck is installed & functioning as it should to get me back home.
 
GrandMaster said:
I started out in an almost identical situation which in the beginning I also found somewhat discouraging and began to think to myself that I too had made a mistake.

But over a year later I kind of look back on it as a mixed blessing in that while I did have some fairly large & unexpected expenses early on, I have learned just about everything there is to know about the sytems & mechanicals on my boat (and boats in general) and can take it out iin open water with confidence that everything below deck is installed & functioning as it should to get me back home.
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Good post. If you can look at your purchase analytically instead of emotionally, then there will usually be no regrets. So if you are the emotional type, find an analytical partner to work through the procurement with you. I made a list of 18 things that were not working properly on my 300DA before I bought it. I figured out I could fix most all of them myself. Some of them I knew nothing about but figured I could learn how to repair them. Then I made an offer based on what I estimated it would cost me to fix or have fixed everything. The key was the propulsion system was completely sound - nothing was needed there. A year and a half later all but 2 of the 18 are fixed and I don't care about the two remaining (sea water temp sensor and trim limit sensor). And like GrandMaster, I feel I know the boat inside and out.
 
I will echo everyone else and say great post. This is a great reminder as I am actively looking for a new boat. The one thing that I am finding is this...there are A LOT of boats to choose from right now and there is no need to rush. If I miss the perfect boat today there will be a better one tomorrow. It's hard to walk away when your heart gets involved. I fell in love with two boats so far this spring and got pretty far in the negotiations but I listened to my gut and walked from both. Hard at the time but I am glad I did in retrospect.
 
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I know several people that bought in haste, since they were boatless just before the season started, and are in over their heads. But they will not admit it to anyone bu themselves. Glad you will be able to enjoy the boat this season, stang.
 
this post has perfect timing for me
I too am boat shopping(buying)
and the admiral gets emotional about the purchase
I try not to... but admittedly it can be tough to remain detached to what seems to be the perfect deal
(which we haven't found yet but may be closer:wink:)
 
wow great post. I admire your courage. mostly in actually tallying and reviewing receipts. I know everything that has been done to the boat, but I've never ever added up the cost of parts or repairs, let alone the time and effort I've invested for fear in a rage I might start dumping a can of gasoline on the boat and throw a mazel tov cocktail at it. sadly I'm probably in deep enough it makes more financial sense to set it on fire and walk away. vs getting bled dry season after season.....errrr I mean yay spring! I can't wait to see what surprises are waiting for me this year!
 
So just a quick poll to see how other folks feel. Some say have all the survey issues resolved/repaired prior to purchase so you dont underestimate the cost (but alternatively, what if the owner has the work done on the cheap or by a non-reputable mechanic etc). Others say, have the survey done and get estimates, and reduce the purchase price by the amount of the estimates ,... then have the work done by someone you trust so you know its done right and completely (but alternatively... as all have pointed out estimates are just that). So its a double edged sword. I guess the best approach is somewhere in the middle?
 
JimFromMD said:
So just a quick poll to see how other folks feel. Some say have all the survey issues resolved/repaired prior to purchase so you dont underestimate the cost (but alternatively, what if the owner has the work done on the cheap or by a non-reputable mechanic etc). Others say, have the survey done and get estimates, and reduce the purchase price by the amount of the estimates ,... then have the work done by someone you trust so you know its done right and completely (but alternatively... as all have pointed out estimates are just that). So its a double edged sword. I guess the best approach is somewhere in the middle?
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I'd rather have control over the repairs

Having just gone through this last year I spent some money with the selling dealer that I knew that I shouldn't have and it turned out money wasted.
Make the right decision on the boat "as is" and determine if you're willing to get it in the shape that you want, not good enough in someone elses opinion.
I bought a great boat, the work that was done by the selling dealer was shoddy.
 
I would prefer to have the work done myself.

I just got a phone call from the mechanic. Both outdrives were serviced completely last year. Bellows, gimbals, trim senders, water pumps... Everything. My Starboard drive had some gear lube leaking. I noticed it a few days ago when I was at the marina. I called the mechanic to let him know I had a problem. They came, removed the drive, took it to their shop, repaired it, returned and reinstalled it. No cost to me.

Had the previous owner had the service done would I be covered under warranty? Doubtful.
 
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