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Old 01-25-2016, 12:59 PM   #1
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Make sense to buy a boat with damage?

We are in the market for a 50+ foot trawler. One of the boats is a 55' Nordhavn that was run up on a reef in the south Pacific 3 years ago. The repairs seem to have been done well, but I am concerned that we will have a helluva time selling this boat when we are through with it (planning to sell after an 18 month trip with the family).

Anyone have any counsel when evaluating the purchase of a boat that has damage history? Is there anything that can be done to mitigate the "sell side" risk?

I have heard horror stories about some owner's inability to sell a boat with damage history- at almost ANY price.

I think the boat in question could be purchased at a "discount" but how in the heck done one determine the appropriate discount?

Many thanks
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Old 01-25-2016, 01:15 PM   #2
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If you really think it will be an issue, then make your offer based on how it will affect your resale. A knowledgeable broker would be your best source of information on this.

With that said, I think if the right buyer comes a long and understands what he is getting then it should not be an issue. It sounds like you are the "right buyer" in this case. In the end, it is the burden of the seller to prove that the repairs make the boat as good as it should be. If YOU believe that and have hard data to back it up(ie survey), then maybe it will be a good buy for you. If it were me, I don't think I would be scared off if I liked that boat and I know the repairs were done properly.
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Old 01-25-2016, 03:19 PM   #3
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A boat of that value should have detailed photographic records of the damage and repairs. Including surveyor reports used to satisfy insurance co. They may also have consulted with the boats original mfr. If you can get these records, that would go a long way toward resolving your concerns, which are valid. Records can be submitted to a naval architect of your hire.

But if the repair is done correctly, it truly can be as good as new. Of course that depends on what the damage was.

Ask for the records, see what you get.
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Old 01-25-2016, 03:26 PM   #4
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If a boat that was damaged and repaired is worth less than one that was not damaged, then having an insurance company pay for the repairs doesn't make the owner "whole".


It all depends on how well the repairs were done.
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Old 01-25-2016, 03:27 PM   #5
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Well... YOU are willing to buy it. Why wouldn't the next guy? :-)
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Old 01-25-2016, 03:40 PM   #6
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Since you are in SoCal, have you consulted with Nordhavn about this boat? That would be the first thing I'd do.
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Old 01-25-2016, 03:53 PM   #7
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Quote:
I have heard horror stories about some owner's inability to sell a boat with damage history- at almost ANY price.

I think the boat in question could be purchased at a "discount" but how in the heck done one determine the appropriate discount?
I think you answered your own question. Low, low, low ball on the offer, and expect the same on the round trip.

That said, because of your short time window you may not want to deal with any of it. If you were to keep the boat for 10 years the damage would be ancient history upon resale.

Yes, on a boat this caliber there should be records, LOTS of records.



Quote:
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If a boat that was damaged and repaired is worth less than one that was not damaged, then having an insurance company pay for the repairs doesn't make the owner "whole".


It all depends on how well the repairs were done.
Not speaking for the boat business. Wifey had a fender bender, nothing too bad, and, not her fault. It was fixed and paid for. Someone, PD, body shop, insurance who knows filed a poorly worded CarFax.

When I went to trade it in they offered me 15% less because of it.

No, insurance does not make you "whole"..... far from it.
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Old 01-25-2016, 04:14 PM   #8
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Yep- there are lots of records and photos- and I would definitely expect to pay a discounted amount for the boat- but the question is, how much of a discount?

If I were to own the boat for 10 years I would be much less concerned with the damage history- it is the short window that scares me.

Thanks for the thoughtful responses.
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Old 01-25-2016, 04:20 PM   #9
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Originally Posted by Ski in NC View Post
A boat of that value should have detailed photographic records of the damage and repairs. Including surveyor reports used to satisfy insurance

But if the repair is done correctly, it truly can be as good as new. Of course that depends on what the damage was.

Ask for the records, see what you get.
Ski is correct. As further suggested talk to Nordhavn. I'd wager they were involved in repairing vessel to as new condition. What was the damage, was it holed with sea water entry?
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Old 01-25-2016, 04:20 PM   #10
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What was the damage? Was hull holed? Was any of the boat flooded?
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Old 01-25-2016, 04:42 PM   #11
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Boat hit a reef, laid over on its port, and sustained damage to hull, stabilizers (replaced) propeller and had some limited water entry.

Several hundred thousand dollar repair
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Old 01-25-2016, 06:52 PM   #12
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Surely the longer the boat operates without issues post repair the more the repairs are validated as successful.
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Old 01-25-2016, 07:23 PM   #13
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Not knowing the nature of the damage or the repairs, I'll just ballpark what I'd want. I'd want a 10 to 20% discount. All depends on the type damage and the repairs. Obviously all subject to survey. With certain damage I might want stability testing. And with certain damage, I'd run away, but I'm assuming you're not talking anything like that. One easy way to look at it is to look for a discount equal to the damage, insurance payment and repair cost. So, if insurance and deductible totaled $125,000 of repair cost, that's very close to the discount I'd want. It's a quick way to reflect the level of damage in the level of discount. If the damage was $50k, then I'd probably still want $100k discount.

As to resale, it will eliminate some buyers. However, you will be able to market it for less and that can attract the right buyer.

Did the broker disclose this to you or you find out another way? I ask since all the listed for sale 55's have such glowing ads of what they've done and no mention of any accident.
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Old 01-25-2016, 08:37 PM   #14
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The pivotal point for me would be who did the repairs. How much effort was made to find hidden damage.
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Old 01-25-2016, 09:16 PM   #15
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18 months. Resale. Find a different boat.
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Old 01-25-2016, 10:58 PM   #16
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Quote:
Originally Posted by BruceK View Post
Surely the longer the boat operates without issues post repair the more the repairs are validated as successful.
that is a great analogy.

There is a nordhavn 46 for sale that was dropped then extensive repairs were done.. it is about 50% of normal sales price.

With a proper survey, I wouldn't hesitate to look and possibly buy the 55 you are referring to as long as it was discounted.

If it was submerged .. that would be a different story.
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Old 01-25-2016, 11:34 PM   #17
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Thanks Hollywood- what does "dropped" mean?
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Old 01-25-2016, 11:59 PM   #18
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Crane lift or other failure. Boat falls to hard surface.
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Old 01-26-2016, 12:03 AM   #19
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Purchase a nice moisture meter designed for FRP and do a preliminary inspection yourself. It was much cheaper for me. I learned after paying for two haul outs and two surveys to only find out the hulls wer satuated inside previous repairs. Thankfully the third haul out had no surprises.
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Old 01-26-2016, 02:48 AM   #20
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Quote:
Originally Posted by bigpoppop View Post
Anyone have any counsel when evaluating the purchase of a boat that has damage history? Is there anything that can be done to mitigate the "sell side" risk?
I have heard horror stories about some owner's inability to sell a boat with damage history- at almost ANY price.
I think the boat in question could be purchased at a "discount" but how in the heck done one determine the appropriate discount?
Many thanks
Well, for a start, there is damage, and there is damage. However fibreglass is quite easy to repair back to better than new even, if done properly.

After all, if the crew of Vestas Wind, a Volvo Ocean race yacht that had an argument with a coral reef, and lost - basically wrecked - yet was repaired and finished the final couple of legs of the race, even winning one, then what more can you say..?

https://www.google.com.au/search?cli...tas+wind+crash

http://www.volvooceanrace.com/en/new...the-rocks.html

The Nordy in question is a great vessel. If well repaired, (with evidence in reports and pics), and it does not sound as if it was too badly damaged, then if you get it at a decent discount, say 20% less than same vessel not damaged, you'd have a very good boat. 'Horror stories' can sometimes be like ghost stories - they grow with the telling...
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