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Old 01-02-2019, 05:39   #1
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Join Date: Mar 2017
Boat: Beneteau Oceanis 42CC
Posts: 8
Is it worth repairing?

Hey CF, I'm after a bit of salty wisdom from those more experienced at buying and selling damaged boats.

Long story short, I caused $50K worth of damage to my sailboat when I hit a bommie under motor. Boat is a 2002 Beneteau 42CC and cost us $105K to buy in 2017. Hull is solid fibreglass and keel is iron (5'11" draft). There were no cracks (beyond some spidering) in the hull or bilge but our surveyor found large areas of delamination in the hull around the keel print.

I had it repaired on insurance once but the repairer completely botched the job. Insurer walked away and repairer refused to fix as they'd already been paid (without our approval). We were awarded $50K from the insurer through arbitration, but that took a year and barely covered marina costs. We can't afford to take the repairers to court and are now left with a broken boat we can't keep.

Boat is in a yard at Fort Lauderdale where DIY is not an option. Three repair quotes have come in at $10K, $20K, and $30K (on top of a good $20K repair already done). The guys with the highest quote did a good internal repair job and I haven't worked with the other two companies.

So I'm wondering what I should do now? I can only see two options: 1) sell as is, or 2) repair then sell. I only have 5 weeks available to deal with this and get the boat up for sale.

If I had more time I would consider limping her over to Indiantown to try DIY. I'm apprehensive continuing with "professional" repairs as I've learned that even paper is worthless unless you can afford a lawyer. I am also under the general impression that it's practically impossible to sell a damaged boat for any kind of reasonable money, but have heard the same for boats with significant repairs. I will not be withholding anything from a prospective buyer.

Does anyone have any thoughts on what is more likely to lead to a better financial outcome for me?
V1x3n8 is offline   Reply With Quote
Old 01-02-2019, 06:12   #2
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Join Date: Dec 2010
Location: W Carib
Boat: Wildcat 35, Hobie 33
Posts: 10,432
Re: Is it worth repairing?

Given that the costs to repair are unknown (how bad did he botch it, what will it take to correct the bad repairs then affect new repairs). This could easily turn into a bottomless pit and reads like you dont have the financial resources to absorb that. Also, you are already half way into the value of the boat in costs with no solid idea of what the repairs will could easily end up with more repair costs in the boat than its worth. I think a fire sale for whatever you can get is the best option.

Take the hit and move on...sometimes the dragon wins.
belizesailor is offline   Reply With Quote
Old 01-02-2019, 06:38   #3
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Join Date: Mar 2011
Location: Southport CT
Boat: J/36
Posts: 677
Re: Is it worth repairing?

$50k "barely covered" a year's marina costs? Though you would have had marina costs regardless of whether or not the boat needed fixing, you need to get out of there!

If you sell, you're going to get hit for the $30k repair by the buyer, if you can find a buyer who's willing to accept damaged goods. You will end up with what he agrees to pay. ($20k? 15? There are already a lot of damaged unsold boats around in Florida, and a lot of undamaged unsold boats as well. You can't wait forever for a buyer to come along - especially with those marina bills.) You end up with some cash no boat. If you get it fixed right, you're going to get hit for the $30k repair by the Man. But you still have the boat. If the boat is worth more to you than it is to some other buyer, you should get it fixed. Belize has a good point, though. The repair may be more than $30k by the time it's all finished. Take that into account as well, with the value of the boat to YOU.
psk125 is offline   Reply With Quote

beneteau, delamination, grounding, hull damage, insurance, repairs, sailboat

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