When to say when?

A

armyeng1

New Member
Jul 22, 2009
27
Cancun Mexico
Boat Info
1995 Sea Ray 630 Sunsport
Engines
CAT 3412 Turbo
Hello all, I am really struggling on what to do with my Sea Ray 300 Weekender 1985. I like the boat and the hull, but I bought it from Florida and I know that the engines where submerged because they where a total loss.

I have paid 4000.00US for the boat and 2200.00US to have it shipped to Windsor, Ontario. So thus far I have 6200.00US plus 800.00US to redo the interior and some small parts. I need two good used drop ins which I can get for about 3000.00US each.

My question is what is the boat worth once running and should I cut my losses and sell as is or is it worth fixing? Would I be able to get a boat of this type for anywhere near the price I am going to pay? "Stumped in Windsor"
 
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Does that say $62,000 for interior......
Once it's all done- and it looks like you're going for broke- will it essentially be good to go for another 10 years?
If you could get a new one for the same or less than the money refurbishing then i say get rid of it. Unless you like that kind of restoration project- and some do!:grin:
I doubt that even with everything re-done you could get more than ~40K simply because of the age of the boat.
Others will chime in- just my opinion.
 
No, its 6,200.00US total plus 800.00 for the interior and some small parts. I now need to drop in two good used engines for about another 2500.00-3000.00 each.
 
If you really like the look/ design and functionality of the boat and can (nobody wants to) part with the money- I say finish it up- Right now I doubt you could even sell it for the cost of what's already invested.
 
I'm guessing the boat was submerged in saltwater since it came from Florida? I'd add the cost of rewiring everything below the submerged water line if they can find it. Saltwater will corrode all the wires and eventually they will start shorting out. We looked at a 290 DA that had been partially (partially/totally? Does it matter?)submerged in FRESH water. It was in GREAT shape, but there were a few things that didn't work, like windshield wipers, some of the interior and exterior lights, tach and a host of other small items. If you don't mind those kinds of gremlins, then by all means leave the wiring. If it's cause for concern, ask what it will cost to rewire everything. That will be your biggest cost! We know the guy that picked up the 290 DA. He's had continuous problems with it. Last time he was running on one engine because the port quit and wouldn't fire. I haven't seen him since. He's owned it for 3 years and I asked him how it was running since it had been sunk. His face went white and he said that explains a lot of things.

I'd say the cost of the engines is on the low side. What is the labor cost? Probably about the same about again?
 
My concern would be the wiring and resultant gremlins already mentioned and the possibility of persistent mold problems. If you only have $800 into the cabin refurb that probably means you didn't completely gut the interior down to the glass, including removing all of the original padding on sides and overhead. Or, if the $800 represents just material cost, and you did completely gut the interior yourself, have you gone through every conceivable space and runway where water could collect? Chances are that you will not get 100% of the moisture out of the boat, and if you don't get it all out you risk problems with mold, which are not fun in any boat let alone a small cabin. I know because I had mold problems in my 270 and could never get it completely out of the cushions. I am now a freak about moisture control on my 320.

A boat is never an investment, they're mostly sunk costs (no pun intended) so it's really a matter of how much you like the boat and how much quirkiness you're willing to live with given that the boat sank in salt water.

If it works out that you can have a dependable boat that you know a lot about because you've invested the sweat equity to bring it back to life, than spending $15,000 or less to get there is pretty short money for the enjoyment you'll have and memories you'll make. If you like working on boats, than maybe this is a good project for you to continue with. If it seems overwhelming, than perhaps you should sell it now for whatever you can and chalk it up to a learning experience that didn't break the bank.

Good luck and keep your eyes open. Please let us know what you decide and keep us posted if you proceed; especially on the engine and wiring issues.

Jeff
 
At the Seattle Boat Show in September there was a new 29 foot SeaRay Express with a generator for 99,000. I would expect in todays market you will get 15 maybe 20 for an 85 all fixed up. I sold a 1982 28 footer with upper and lower helm 2 years ago for 12,000 I paid 25,000 spent 20,000 fixing it up but after 6 years it was too small for us. I was told I could have got 15 to 18 if I waited. If you like the boat and plan on keeping it what ever you spend is not an investment but a way to have fun.
 
Check on Yachtworld to see what other similar vintage boats are selling for.
 
Looking at boatcan.com where the asking price of a boat like yours is approx. 27,000 one could expect to negotiate 20-24000 as a sale price.:grin:

I would really have to think that quotes for work not yet done may end up being higher than stated once the work is finished. Your anticipated 15000 or so of total repairs have a nasty habbit of ending up over 20000 once all the smoke clears! :wow:

I'd suggest to try and cut your losses and ditch the Florida boat then try to beat someone else down on their price for a clean unit!:huh:
 
In my opinion, and a lot of others for that matter a sunk boat will always be a sunk boat. After all, theres a reason the insurance company deemed it a total loss right? Probably because in order to sort everything out to make it like new again would cost a lot more than what the boat would be worth.

Look on yachtworld at other boats for sale and immediately take 50-70% off just because the boat has sank. Sorry for the brutal reality but I really don't like seeing people get in over their heads on things like this.

The way things are today, you could probably do some searching and low balling and get a very nice 300 Sundancer that probably needs some updating for around 15K all while saving yourself the time and grief of continuously fixing the problems that came from the sinking.

Sorry to be blunt, but you asked lol!
 
Carver370 said:
In my opinion, and a lot of others for that matter a sunk boat will always be a sunk boat.
Click to expand...

Gotta agree with that.

My boat is younger and has had minor (really annoying) wiring corrosion issues, and I KNOW the boat has not been sunk!
 
when you say sunk.how far under did it go.That would change alot of things.As far as the boat.I have an 88 30 weekender and are very happy with it.These are great boats.I would say if you can get it together for less then 15K and make it reliable,you will be doing OK
 
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