What should I do with my boat

K

Keri

New Member
Jun 3, 2009
2
HI everyone! I am new to the forum, but have a question.

I have a 1988 30' Sea Ray Weekender. Apparently, while we had the boat up for sale the seal around the forward hatch has failed. I had 2 boat surveyor's come out and annualize the damage. This obviously had been going on for awhile, I just didn't realize it. So long, long story short "the bedding compound on the deck fittings and th forward hatch gasket failed as a result of age related deterioration. This allowed water to seep into the coring, resulting in delamination of the cabin top and both side decks."

So basically the insurance co. gave me $1,200 to deep clean the boat and left me with a $12,000. bill. :smt089 I owe approx. 24,000. on the boat. The rest of the boat is in top notch condition 2 inboard engins with LOW milage.

My basic question is this. Do I fix the boat and hope to make enough to pay the boat off? Do I scrap the boat and take a $24,000. hit:wow: Any suggestions??? I am at a loss right now. Thanks for any help in advance!!
 
IMHO - I don't think you are going to get anywhere close to 24K for a 1988 boat even in Bristol shape.
 
I can't comment on the value of putting it back together, but as a parts boat it could bring a lot more money than the whole. Sell off the engines and start stripping her down piece by piece. May be worth a gander.
 
Not sure I understand. Will it cost $12,000 to clean/fix the boat on top of $24,000 you owe on the note?
 
ChuckW said:
I can't comment on the value of putting it back together, but as a parts boat it could bring a lot more money than the whole. Sell off the engines and start stripping her down piece by piece. May be worth a gander.
Click to expand...

I will have to look into that.

MExcelsior said:
Not sure I understand. Will it cost $12,000 to clean/fix the boat on top of $24,000 you owe on the note?
Click to expand...


Yep that is the dirty, ugly bottom line.

I would like to at least pay off the boat (of course) however I can do that. I hate to sink more money into it, if I can't recover it. Like ChuckW said.

I don't know. I just want to do the least (at this point) to get the greatest return and pay off the note.

Sad lil story huh!!! :smt101
 
My friend, you are in a bind on this one. Based on very cursory research, Your boat is worth $16-$17K, depending on if it has diesels or gas engines. And that's assuming it is in good shape. The boat is old enough that there may not be many out there that would want/need the model-specific parts but the generic stuff may be of value (engines). You may get $500/ea for the engines after the cost of removing them and cost of selling. No one is going to spend $12K to fix this boat. It also sucks that you are upside down on the note but that is irrelevant to the issue of what to do (financing it the way you did was your decision and perhaps not the best one at that?). I think I would first try a firesale and see if someone jumps at it for $8K sale price? At least you'll get rid of the headache and move onto something else. Might also want to shop around and see if someone can take the repairs as a side job over the course of a year or two, helping to reduce the cost to you.. Others may say to stop paying on the note and have it repo'd but that usually ends-up in more headaches later!
Good luck...
 
Is it still seaworthy? Forgive my complete ignorance, but I mean...doesn't sound like its going to get better on its own, but it isn't sinking anytime soon so is there some time to chew on options?
 
Are you certain the limit of liability for the damage to the insurance company has been fairly adjusted? You may want to rethink their position and perhaps hire a private adjuster.

Secondly, Are you certain that there is no less expensive approaches including a different yard to undertake credible repairs?

Thirdly, can you pay off the note and scrap the boat? If not don't go down the "Part Off" method as the note holder has a lien on that boat and its parts.

Undertaking a credible repair maybe your only rational option given the size of the note.
 
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I would not recommend spending $12,000 to repair this boat. I’m not sure it will sell for $12,000 after the repairs are completed.

Here is just one example of a 88 30’ weekender. Asking price is $15,000. http://www.yachttraderonline.com/listing/1988-SEA-RAY-Weekender-86294198

So let’s be reasonable. If repaired properly it’s not reasonable to expect this boat to sell for $24,000. You may get lucky but I would not count on it.

Likely you are looking at a ‘short sale’ meaning your sale price will be less than your loan value. Do you have $24,000? How are you set financially? How much can you come up with? You may need to give this to a broker, get what you can and come up with the difference.

I would talk to the company that you have the loan with and see if they will allow a short sale on the boat. As is, your boats present value is well below the $24,000 loan value.

Sorry for your situation.
 
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Use it until it is no longer seaworthy.

Then chalk it up to a "very expensive vacation" you went on once it has sunk.
 
If the hull sides are delaminating I would not feel comfortable taking the boat out and getting into any rough waters. You say the 'side decks' are delaminated...not sure where that is on your boat and how structurally sound your vessel is, but I wouldn't trust anything other than 100% with regard to my family and safety of the hull/boat.

IS IT SAFE TO USE THIS BOAT?

I would definately not spend $12 large to get it fixed, regardless. Throwing good money after bad at this point.
 
Where are you located? My aunt was in the same boat ( no pun intended ) She donated it and took a tax break. John G
 
OK, so you don't want the $12,000 fix. How about for starters stop the leak by rebedding the hatch.

Can you use the boat without falling through the soft spot? How large is the affected area?

A cheaper fix would be to pull down the headliner and attack the problem from the inside, grinding down to the top layer of gelcoat then re-glassing. I'm sure somebody here has experience with that proposition.
 
Besides my 2002 320 Sundancer, I also have a 1988 300 Weekender. The engines have some where around 2000 hours on them and still running strong. When I first started looking for my 320 I thought I would be able to trade it in. Two dealers offered me $10,000 but I found out it was cheaper to keep the 300 and buy a 320 out right. If I traded the 300 it would have cost me more money than purchasing without a trade. Right now my marina guy is brokering the 300 and asking $14,500. Being totally honest, I would be happy with $8,000-$9000. Boat is in fair condition, needs canvas, and seat work. If it doesn't sell I will probably donate it to charity. Hopefully, one or the other will become a reality.
 
Keri,
Following are your choices:
#1, Hold on and use boat if usable. (Attempt repairs yourself)... This could lead to long-term stress paying on a boat that potentially can't hit the water.
#2, Fix boat and use (owing $36,000) - I don't recommend this one
#3, Sell boat outright as-is for as much as you can get.
#4, Sell parts/components separately
#5, Trade it in for new boat

No matter what, you are upside down on this boat and owing on a "broken" product. You can attempt to present this to yourself in a number of creative ways, but the end result is you are ultimately going to pay for being "upside down". Just try to determine how to get the most for your boat.

Except for #1, you will have to pay up front a large check.

Are you wanting to continue boating, possibly long term with a new boat? If so, you could attempt to leverage as much out of a trade-in as possible. (Remember, you will be financing your shortfall, possibly even writing a good sized check, and you will probably not get as much out of a dealer than you would a direct sale.) Potentially, with the depreciation on a new boat, you will probably at least double your $12-14,000 upside down situation. Although you will be in a new boat. : )

Please let us know what you decide.
 
Well, here's my take...
I have an '85, 390EC. Same balsa cored cabin top (I found that by pulling the trims off the inside around the hatches it left just enough room to "peek" up inside, all the way around the hatches to be sure no moisture was leaking in).

No question the boat's not worth putting 12K into under most circumstances. However, I do question the $12K repair bill. It really depends on the extent of the moisture intrusion.
I assume they used a moisture meter- and you should have a corresponding diagram of the relative moisture readings.

Can you post a copy of the surveyors report?

Is the $12K figure the surveyor's estimate, or have you gotten estimates from fiberglass repair shops?

I'm just saying I think you may need to look into this a bit further before making a decision. $12,000. buys a lot of fiberglass work.
 
gerryb said:
If the hull sides are delaminating I would not feel comfortable taking the boat out and getting into any rough waters. You say the 'side decks' are delaminated...not sure where that is on your boat and how structurally sound your vessel is, but I wouldn't trust anything other than 100% with regard to my family and safety of the hull/boat.

IS IT SAFE TO USE THIS BOAT?

I would definately not spend $12 large to get it fixed, regardless. Throwing good money after bad at this point.
Click to expand...

I have an 89 300 Sundancer, same basic boat foreward of the windshield. By sidedecks, he is referring to the walkways that lead foreward from the cockpit to the bow, where the railings are attached. The hulls on these boats are solid fiberglass, no coring in the hull. The side decks on my boat are glassed over plywood, they should'nt be that hard to repair from inside, once the headliner is removed. The glass on my sidedecks is over 1/4" thick without the coring. I would guess the deck glass is at least that thick also. I cannot imagine the ENTIRE foredeck coring being bad. I can see the hatch areas and the rail stantions but the damage should not extend that far from the points of water ingress.
I cannot recommend spending $12k on this boat in light of the note you have on her. Also as somebody mentioned, the lein holder won't be happy if you part the boat.

I'd get some estimates from some glass shops and also see if this is something you could tackle yourself. It will be a messy big job but its possible. You can buy alot of marine plywood and fiberglass/epoxy for $1,000.

Good luck and keep us updated on what you decide. Don't hesitate to ask for help/ideas if you decide on the DIY repair.
 
I'd love to see the breakdown on the $12,000 bill. That's a whole lot of work! Worst case, you cut the top, turn it into an open bow and put a tent over it! Tell us more, where do you live, are there any boat trade schools or fiberglass schools that might need a subject? There are ways to lesson the expense if you are creative!
 
Keri,
Sorry to hear of your problem its a tough position to be in. You might want to come at this from a different perspective and you may want to rethink selling the boat. We don't know you reasons for selling so its hard to judge; but if it is to get out of boating then sell short and take the hit, if not then look at it this way.
If you sell short you lose $10-$12K (at least) and have no boat. If you fix it you are out of pocket $12K now and in effect you have a $36000 boat ------but if it is in truly great shape and you want to continue boating that may not be a bad option. You have to forget "sunk costs" and go from where you are now. Any option is a bad deal financially so look at the non-financial aspects.
I agree with other that the repair cost seems too high. If there are any design or trade schools in the area it might be an interesting project for them. You could end up with a new design concept! Look hard at other option to reduce the repair costs.
Best of luck.
Pxhil
 
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