Help: Late 70's GB42CL

[Eli27]

I need help in boat value.

Its a single engine with bow thruster(lets just say they work ok)

still has teak decks, the whole rear deck is soft.

electronics from early 80's

Fuel tanks have been replaced

rear windows leaking

pretty much water system is shot. Tanks might be ok (replaced)

Heads are inoperable. Manuals

Aft hatch assembly gone!! dont ask

Salon floor-30% of parqay is missing and some of sub floor a bit soft

Salon dash formica all coming up

Electrical seems all original

THE PROS

The hull exterior is MINT from the gunwals down to keel

The generator is new (7yrs ago-boat was on the hard for that time)

Shaft bushings and rudder bushings tight



By the way, not that it matters, there are 0 extras of anything and will probably need most cushions replaced

So my question is, What would be a reasonable offer? Im seeing these go for 76k to 140k and in good condition. This one needs "some" help.

Thanks

Eli

 

[hmason]

Based on your description, I would run, don't walk away from this one. The amount you will spend fixing it would be better spent on a better boat. Just think of the hidden problems yet to be discovered.

 

[Portage_Bay]

Start with the lower price you mention. $76K. Subtract for new electronics. Unless you can DIY add a couple thousand for Installation. Subtract for all the repairs. That soft deck could be very expensive. When you've done the math you'll be close to $0.00. Unless you enjoy big projects and love DIY this boat will turn out to be very expensive.

 

[Comodave]

I would pass on this one. You can easily spend way more than buying one in good condition.

 

[Grupet]

The other side

While I completely agree with what's posted above, I think there's another side as well. I purchased a project 42 GB with questionable tanks and decks last fall, so I'm biased.

If the funds to purchase a solid example today are not in your budget, if you have the time, skills, and resources to take on a project, if you enjoy the process, and if your budget will accommodate the project, then it could be viable.

As suggested earlier, put your best guess on cost of the big projects, double that number, and subtract the total from the fair value of a good example. Then see how much less than that the seller will accept. There aren't too many folks ready, willing, and able to take on a project of that scale.

I've been pleased with the original build quality of the GB so far and looking fotesrd

 

[CharlieO.]

I bought a boat that a lot of people here would have walked away from. Pretty bare bones and needing some love. But we are out here boating now, had to start somewhere, sure we could have just saved up for a few years for a nicer vessel, but we wouldn't be boating now and the next few years are not a promise.

With that being said I also would not have bought a boat that I would have to work on in the yard for a couple years before being able to use either.

We enjoy the boat all summer and pick some projects to do over the winter haulout.

This is one of those things that the value is totally dependent on the buyer. What are you willing to pay knowing all the work ahead of you?

 

[mvweebles]

What happened to this boat? Parquet missing (BTW - teak parquet flooring is incredibly difficult to source these days)? Dash formica curling? Sounds like extraordinarily poor condition.

To give some idea, the upholstery and foam alone on a 42-foot trawler could easily cost $10k. Flybridge enclosure would be another $5k if there is a reusable frame. Neither of these would add much value. Just bring the boat to sellable standards.

Seller is facing a long slog to unload the boat carrying a monthly nut of some sort. Without seeing at least pictures, "free" sounds like a good starting point. This boat - especially as a single engine - will have a difficult time selling. A final word of caution: unless you come close to completing the restoration, you will be faced with a similar situation in a couple years time. Despite sinking thousands into a partial refir and holding costs, the boat may be worth no more than your acquisition costs (which may be $0).

Good luck. Please issue updates -

Peter

 

[Blissboat]

Without seeing at least pictures, "free" sounds like a good starting point. This boat - especially as a single engine - will have a difficult time selling. A final word of caution: unless you come close to completing the restoration, you will be faced with a similar situation in a couple years time. Despite sinking thousands into a partial refir and holding costs, the boat may be worth no more than your acquisition costs (which may be $0).

My opinion as well. Sounds like this once fine boat has undergone extended periods of neglect, which is sad. The OP would be doing the seller a favor by taking the boat off his hands, thereby stopping the hemorrhaging - or at least relocating the hemorrhage to a different bank account.

GB 42s with singles are rare. I'm curious as to what year and which engine.

 

[Aurora53]

Sounds like negative value to me. There are going to be many more issues that will be discovered once work begins. Expensive time consuming thing. What every you think a refit budget would be triple it and do the same for the time frame.
Find a well cared for boat with that has been updated, you will spend more up front but save money in the long run.
Do you want a huge project or to go boating?
Life is short.

 

[sunchaser]

Eli
If:

You have an indoor shed
You have very good mechanical skills
You have very good joinery skills
You have very good electrical skills
You have a patient significant other
You have a spare $150-200K sitting around
You have no other life interests for the next 3 years

Go for it

 

[twistedtree]

The boat is good shape is worth less that it will take to put it in good shape. If you are SPECIFICALLY looking for a big project and can and will do 95% of the work yourself, then I would offer to relieve the current owner of the burden, I.e. buy the boat for $1.

If any of the above is not true, then you will be much better off waiting for a boat that is in serviceable condition. And even with such a boat, every $ spent to improve it will increase its value by $0. It’s just the nature of the beast.

 

[Pete Meisinger]

You don't mention the condition of the engines, not really a factor anyway.

If it is a wooden hull the value is $0.

If it is fiberglass the value is near $0.

pete

 

[GrandWood]

Wrong thread

 

[Eli27]

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[Max Simmons]

I do like a challenge and especially fixing stuff up, but free would probably be too much.

 

[Eli27]

Ill get more pics. The salon pics are actually good. I didnt get a pic of the helm and dashboard,, all the formica is coming up and the floor where you would steer from is missing the parqay from the door to the stove to the forward steps.

 

[STB]

Regardless of the business case, I've regularly seen similar project boats sell for between $10k and $20k. My last boat was a 1977 42 Californian bought for $15k.

By the time I was done with it, I probably had $130k into it and didn't sell it for anywhere near that. But, I did learn a ton, it was exactly the way I wanted it, and it is still cruising and fishing the California waters 2 owners and years later. I sold it only because I moved.

If I'd done all of that work on a more expensive boat, I'd have been deeper in the hole.

If Is bought a good boat the way I wanted it, I'd have been $40k ahead.

What I learned on that boat allowed me to have far fewer and much smaller surprises on my current boat. I likely wouldn't have done things the same way with 20-20 hindsight. But, thst just means I learned some things.

A Grand Banks, if fiberglass, has a lot of value and a significant market. If one wants the project, $15k for it would be better than $0 for brandX. It'll be worth way more than that more at the end.

One just needs the project buyer, not the cruising buyer. I think.

 

[Eli27]

Regardless of the happiness case, I've regularly seen similar project boats sell for between $10k and $20k. My last boat was a 1977 42 Californian bought for $15k.

y the time I was done with it, I probably had $130k into it and didn't sell it for anywhere near that. But, I did learn a ton, it was exactly the way I wanted it, and nit is still cruising and fishing the California waters 2 owners and years later. I sold it only because I moved.

If I'd done all of that work on a more expensive boat, I'd have been deeper in the hole.

If Is bought a good boat the way I wanted it, I'd have been $40k ahead.

What I learned on that boat allowed me to have far fewer and much smaller surprises on my current boat. I likely wouldn't have done things the same way with 20-20 hindsight. But, thst just means I learned some things.

A Grand Banks, if fiberglass, has a lot of value and a significant market. If one wants the project, $15k for it would be better than $0 for brandX. It'll be worth way more than that more at the end.

One just needs the project buyer, not the cruising buyer. I think.

This is exactly what my thought was. Its owned by the marina but the owner barely used it when he acquired it. He let it sit for 7 years with shrink wrap.

Im at the point where when we do the sea trial, and of course the sea trial has to be ok, Im going to offer him 20k but he gives me 1 haul out and a slip till the end of the season.

I know im gonna spend about 20k just to get it to the point to safely take it back home to RI.

Considering the state of the boat i think its a very fair offer.

Fingers crossed

 

[STB]

This is exactly what my thought was. Its owned by the marina but the owner barely used it when he acquired it. He let it sit for 7 years with shrink wrap.

Im at the point where when we do the sea trial, and of course the sea trial has to be ok, Im going to offer him 20k but he gives me 1 haul out and a slip till the end of the season.

I know im gonna spend about 20k just to get it to the point to safely take it back home to RI.

Considering the state of the boat i think its a very fair offer.

Fingers crossed

When I bought that Californian, there was no sea trialing it. The exhaust was fully rotted out, coolers had leaks, and there was a rat's nest in one of thebremaoning segments of exhaust pipes.

It had a solid hull, house, decks, and flybridge, which were only in need of tons of TLC. The motors seemed needy but fundamentally solid, and everything else was in need of rebuild, replace, or significant rehabilitation.

If you can actually sea trial it in any meaningful way, you'll know more about it than for many project boats, which is a good thing.

 

[Eli27]

When I bought that Californian, there was no sea trialing it. The exhaust was fully rotted out, coolers had leaks, and there was a rat's nest in one of thebremaoning segments of exhaust pipes.

It had a solid hull, house, decks, and flybridge, which were only in need of tons of TLC. The motors seemed needy but fundamentally solid, and everything else was in need of rebuild, replace, or significant rehabilitation.

If you can actually sea trial it in any meaningful way, you'll know more about it than for many project boats, which is a good thing.

Im hoping we get close to 1 hr sea time on it. We are using a diesel can as a fuel tank. We shall see what happens.

 

[hmason]

I hope you have significant free cash. And, if you do, buy a different boat. Pretty much every poster is urging you not to buy this boat. Why post the question if your mind is already have made up? You will spend years and a ton of money to rehab this boat. Fuel from a can? You've got to be kidding. BTW, I was a GB owner for 25 years.

 

[Eli27]

I hope you have significant free cash. And, if you do, buy a different boat. Pretty much every poster is urging you not to buy this boat. Why post the question if your mind is already have made up? You will spend years and a ton of money to rehab this boat. Fuel from a can? You've got to be kidding. BTW, I was a GB owner for 25 years.

I have ability. But the reality is I am not as good or as smart as you. Especially when I have to use "fuel from a can". It seems we both realize I am a STOOPID.

 

[Blissboat]

A Grand Banks, if fiberglass, has a lot of value and a significant market. If one wants the project, $15k for it would be better than $0 for brandX.

Now that I agree with.

 

[Blissboat]

Im going to offer him 20k but he gives me 1 haul out and a slip till the end of the season.

I know im gonna spend about 20k just to get it to the point to safely take it back home to RI.

Considering the state of the boat i think its a very fair offer.

Fingers crossed

That is indeed a very fair offer. I might make such an offer, and be scared to death he'd accept it!

You might start at $10K, and hold out for an over-the winter space up on the hard, and a free splash next spring, so that you can chip away at various projects during the winter months ahead.

In any case, I get the appeal of this boat, so I'm one who is wishing you luck.

 

[STB]

Im hoping we get close to 1 hr sea time on it. We are using a diesel can as a fuel tank. We shall see what happens.

If you are buying a project boat, just make sure you want a project not a bargain. I've thoroughly enjoyed my projects, but I could have gotten on the water faster and for less money buying well-maintained boats active in at least the ways I intended to use them.

 

[Portage_Bay]

If you are buying a project boat, just make sure you want a project not a bargain. I've thoroughly enjoyed my projects, but I could have gotten on the water faster and for less money buying well-maintained boats active in at least the ways I intended to use them.

Many myself included have advised against buying this boat. Some have said go for it. This advice in bold is the best.

 

[Eli27]

That is indeed a very fair offer. I might make such an offer, and be scared to death he'd accept it!

You might start at $10K, and hold out for an over-the winter space up on the hard, and a free splash next spring, so that you can chip away at various projects during the winter months ahead.

In any case, I get the appeal of this boat, so I'm one who is wishing you luck.

lol, Yeah i was thinking so im not disrespectful i would make an offer that wouldnt be to bad and then i started thinking,,,,, if he said "ya know thats a real low ball offer,,, but ill take it".

Im actually even 50/50 on taking the sea trial now because of the condition of the boat. Seriously, whats an extra 20k on a rebuild engine on 42 GB.

We are suppose to go monday morning but i may call him tomorrow and let him know so i dont waste his time. I did throw a few hundred bucks his way for putting the boat in the water and the sea trial. That was so he knows i was very serious about the boat. BUT,,,, im pretty sure he hasnt seen the inside of the boat in a few yrs. His memory on the boat is a bit different than what it is today.

The other side of me says wait till he gets on the boat and let the boat tell him whats going on.

Just out of curiosity, anyone ever do a teak removal and glass over job on one of these? Im just looking for average amount on materials. My number is is 10k. This would be the glass, resins, marine ply, and other nicknacks. And yes, im doing the labor.

The saving grace on the job is 90% of the teak fasteners are exposed. One full day and i can have the teak off the boat.

 

[Eli27]

If you are buying a project boat, just make sure you want a project not a bargain. I've thoroughly enjoyed my projects, but I could have gotten on the water faster and for less money buying well-maintained boats active in at least the ways I intended to use them.

Oh yes, this is NOT a bargain boat in anyway. Whether i pay 0 or 20k for the boat,,, its a project.

 

[plittle2005]

No, it would only be STOOPID to drop that boat into the water, in an unknown physical condition (seacocks, hoses, steering, electrical, structural, etc.) and then leave the dock and risk fire, gear or engine failure, or sinking.


Brand new boats can fail catastrophically on the delivery sea trial! Don't ask me how I know!

 

[Eli27]

No, it would only be STOOPID to drop that boat into the water, in an unknown physical condition (seacocks, hoses, steering, electrical, structural, etc.) and then leave the dock and risk fire, gear or engine failure, or sinking.


Brand new boats can fail catastrophically on the delivery sea trial! Don't ask me how I know!

Not my boat yet captain doomsday