A bit of a pickle...

[cet77]

Hi peoples. I just joined the forum.
I really need some advice. I bought a boat around a year ago but ran into some engine problems after a little while of use. The thing is in the end I have to sell, but I'm unsure about how to go about this to get it going quickly... I've used my reserves for repairs, and there is just a little more work that needs to be done, like changing the main gasket, one clutch and also the cooling on one of the engines. I'm trying to sell it as is... But even if I've used 80000 euros to buy the boat and around 20000 on repairs for the first year, the only bid I've gotten so far is 45000 euros... I've been trying to get between 55000-60000...
In addition to all of this, the engine problems happened in west Italy which is not the cheapest place to have a boat lying in a shipyard. Now I'm just bleeding money out every month...

Does anyone have a good suggestion, or know of someone that may be interested in a boat that needs a little repairing on the engines but is otherwise good to go?

I'd be happy for -any- input at this point.
If anyone would like the link for the ad I have for my boat, just let me know. I don't know if it's good practice to post links on here in the first post. The boat is a Cranchi Mediterranee 40 from 1996 and is currently located in a shipyard near Agropoli in Italy.

Kind regards
Carl Erik Tengesdal

[goboatingnow]

To be honest. You’ll have to reach a decision. If you need “ out” sell it and do not expect to recoup the loss . Take the money and “ run “


If you decide to fix it up accept that it can be a hole your will pour money into and you will not recover that expenditure.

The first thing you must do is reach a decision

Boats are a “ wasting “ asset work on that basis and you’ll not be disappointed.


Your into a 100k on a boat probably worth 49-50 , if you need out take the money and run. If you fix it up you might get 80k but for xxxx additional cost , so you’re down 60 plus anywAy

Those offers look better now don’t they.

There’s no good answer here. Sorry.

[cet77]

Yeah... I know that, but it still hurts plenty even selling for 60000.... that a 40000 euro loss there already...
If i sold it for 45, that would be a 55000 euro loss.... In addition i still have to pay for the time i've had the boat in dock.... Man... this really sucks so bad... All my assets are in that boat, so it hurts like nothing else.

I was actually in Lefkas marina this summer, beautiful place that. had a stop for about a week and a half before continuing over to Italy... I was on my way to France, and then the starboard engine started getting warmer than it was supposed to.

[cet77]

Ouch... Yeah, well maybe that is true... I really have to sit down and think this through.
Thanks for your time. It's bone-chilling, but it's still advice I need...

-c-

[boatman61]

Your going to lose whatever you do.. you've already exceeded market value in costs to date, not counting how much more you'd need to spend to complete the refit to command full book price.
There's a working 1997 model in France going for €79K so with fuel prices/supply etc unlikely to go down in the near future its a bad time to sell 'project' motor boats.
You just have to decide, is €45K in your hand worth more than in the hands of a boatyard..
Bite the bullet or, refinance.. pain is all around.

[goboatingnow]

Originally Posted by cet77

Ouch... Yeah, well maybe that is true... I really have to sit down and think this through.
Thanks for your time. It's bone-chilling, but it's still advice I need...

-c-

Yes reach your decision and then act

Remember the old adage “ how to make a small fortune in boating “ ,” start with a big fortune” !!!

My own view is unless you are close to being finished and have a proper useable engine , cut your losses and run. Good money after bad is useless.

[letsgetsailing3]

If your money were in stocks and you had to sell right now, you'd also lose your shirt right now.

The fact is that you have a depreciating asset with carrying costs. Boats aren't investments, and they have carrying costs. The economy now is such that owning a depreciating asset is challenging.

There's a reason for the expression "cutting your losses".

I'd consider getting the engine fixed, as that's a serious impediment to most sales, but if someone will buy it "as is", you should absolutely consider making the sale.

[cet77]

Originally Posted by goboatingnow

My own view is unless you are close to being finished and have a proper useable engine , cut your losses and run. Good money after bad is useless.

I have no more funds to do repairs, so I guess there's only one solution left.. to sell at a loss..

-c-

[Cheechako]

"...and then the starboard engine started getting warmer than it was supposed to."

So this is a catamaran? Can you not get it launched and sail / motor it home with the remaining engine to do repairs?

[Rumrace]

I’m sorry for your predicament. Restoring a well run engine seems a waste of $$$ to me. I’m old rebuilt dozens of engines. I hate cast iron anything. I don’t like diesel but I have a 40hp Yanmar lawn mower kicker. It’s 5200 new. You even get cash for the old block. Crate motors are yummy. An LS3 is only 8,000.00. 500 hp!
In a pinch strap your dinghy to the side of the boat to get out of trouble.

I think everyone’s business is down. Mine is and I kinda like it. That said financing is tight with folks. It’s a tough decision to pay 50,000 for 1 year of boating and not driving a super yacht.
You didn’t mention the boat brand model year? It’s hard to believe a 5K engine depreciated the boat in half. If the motor needs a head gasket it overheated. A gasket is a bandaid. Valve guides rubber hoses cracked head. In parts most engines are triple a crate motor. It’s a 10k repair installed. Replace the engine and put it out for winter lease if you can. A couple grand a week ?

[boatpoker]

Originally Posted by Rumrace

In parts most engines are triple a crate motor. It’s a 10k repair installed. Replace the engine and put it out for winter lease if you can. A couple grand a week ?

Are you seriously suggesting he replace one of his 380hp diesels with a
gas engine ? Can't think of a quicker way to kill his resale value.

[ranger58sb]

Originally Posted by Cheechako

"...and then the starboard engine started getting warmer than it was supposed to."

So this is a catamaran? Can you not get it launched and sail / motor it home with the remaining engine to do repairs?

Probably not. Post is in the "Powered Boats" section...

-Chris

[Rumrace]

No my bad I absolutely never caught the boat brand or motors.
And long term yes I’d scrap diesel in a blink. Gas engines can run hydrogen.
You may recall Donzi beating Europes Diesels in all 24 offshore races.
The day of the diesel is near. What make are the diesels.
Toyota 16 hydrogen future repower package.
But yes I’d pick an LS3 or a Mercury V12 outboard driveline over any diesel. I had a 400 SeaRay Sedan with twin 395 diesels and a previous 370 Sundancer with 502 Hawks. The Hawks were better motors on all counts. The LS3 is like a baby hawk. Toyota has a suspicious V8 with BMW dimensions 350 hP marine hydrogen.

[boatman61]

Originally Posted by Cheechako

"...and then the starboard engine started getting warmer than it was supposed to."

So this is a catamaran? Can you not get it launched and sail / motor it home with the remaining engine to do repairs?

No, it's not a catamaran..

[valhalla360]

Unfortunately, this is a situation where cutting your losses is probably your best bet if you have an real "as-is" offer for $45k.

If you dump another $10k in to get the price up to $55k, you are no better off but you risk if oil prices stay high (very probable), you may only get $45 in 2-3 months when the engine repairs are done.

Then there are the carrying costs, storage, keeping the bottom clean, other repairs that come up...that could easily eat up a few thousand more depending how long it takes to sell once the engine repairs are done.

Finally, you indicate you don't have the cash to pay for the repairs anyway, so it's really not a choice. Take the money and run.