Need advice regarding a trawler

[Moretolife]

Hi there, I found a 1970 trawler, 42’ fiberglass, 2 twin diesel, has no insurance on it, didn’t have any upgrades in anything, all original, no enclosures , no gen, no dinghy, looks in good shape, the hull looks good, seller says the engines were just inspected and are good, have over 5400 hours on them, have no survey to show, refuse to show me the recent mechanic report (say he’ll do it only after offer).
He wants $70k for that.
I’m newbie in boats, is this a good price or too high?
Thank you

[Tomodore]

Big red flag about the reluctance of owner to share info. As long as offer has escape clause no problem making offer just verify with independent professionals on quality of engines and boat....and realize that if you do purchase you will be upgrading for the entire time you own, just like the rest of us.

[denverd0n]

Might get more answers at trawlerforum.com

Any down payment money should be held in a third-party escrow account. Any offer should be contingent on a satisfactory (to you) survey and sea trial. Make sure a thorough engine analysis is included in the survey -- maybe even a separate engine survey by a qualified diesel mechanic. Don't trust anything the seller tells you about the condition of the engines, or anything else; verify for yourself.

Good luck.

[TooCoys]

RUN AWAY!!! Anyone who doesn't want to show proof of work or documentation is looking for the biggest sucker they can find to swindle money out of.

[Manateeman]

RUN. Really fast and don’t look back.
Really good advice here.
Lots of fish in the sea and boats above.
Manatee crew

[ranger58sb]

It's very common for sellers to NOT share detailed service-related info until after there's a contract offer in place.

It's very common to NOT share previous surveys until after there's a contract offer in place, and it's also common to not share those anyway unless paid to do that.

It's very common to make an offer subject to maintenance records review, marine survey, mechanical (engine and genset) survey, and sea trials. Once agreed, the maintenance records review can proceed... and if that fails, bag it, find another boat... or renegotiate the price right up front... before bothering to spend money on surveys and sea trial.

The current sellers market is tough on buyers... but then again you get to vote with your wallet. I can't really speak to the $70K asking price, but it sounds high to me for a 50-year-old boat. OTOH, if the boat is bristol, could be high but in keeping with the current market trends. You might get more info on trawlerforum.com (sister site).

-Chris

[boatman61]

If you really like the boat and feel its worth the asking price then make an offer, Subject to your own mechanic's survey/inspection of the engines.
For the money its better an independent inspection than something that could be knocked up by a mechanic mate of the owner..
Cars with rear axles filled with an oil and sawdust mix come to mind..

[goboatingnow]

You make an offer subject to various things. Then you review the paperwork etc

[Shanachie]

I think if you browse yachtworld and the trawler forums, you will find that you can get much, much more for your money.


First, you're looking at what, 30 to 50K to bring the boat to snuff with canvas, electronics, new wiring, all of the missing accessories and god knows what other problems that are lurking within?


Next, try getting insurance on a 50-year-old boat for anything near the 100K you will have in it. The quotes, or lack of them, will be eye-opening.


Boats that have not been constantly upgraded generally have not been well-maintained.



I would be surprised if there weren't leaks, rotting bulkheads, smelly upholstery, broken refrigeration, propane system problems, etc., etc., etc.


Plus, at 50 years, most boats are nearing the end of their useful lives because the cost to overhaul them is just too much. Everything needs to be replaced.

[Stewie12]

If the engineers report was positive the seller would use that as a selling point to close the deal.

Find another boat.

[Clivevon]

Originally Posted by Stewie12

If the engineers report was positive the seller would use that as a selling point to close the deal.

Find another boat.

Makes sense.

[sailingchiro]

Either find a boat that is dirt cheap that needs everything or buy a boat the has been loved(updated constantly) and pay up for it. I would recommend adding the $30k and purchase a $100k boat that was loved and is alot newer. I would think you could get a great boat in the 90's with engines alot younger and newer electronics.

I purchased a dirt cheap boat and replaced everything. I have put in around $70k in parts on the boat.

A 70's boat will require $30-50k to bring back to good condition. Or more. But is it worth $100-120k after repairs? I doubt it.

[CaptTom]

Originally Posted by sailingchiro

Either find a boat that is dirt cheap that needs everything or buy a boat the has been loved(updated constantly) and pay up for it.

This ^^^.

$70K sounds way out of whack for the boat and condition you describe, even with the current market. You can do better.

That said, you won't find a "turn key" boat which needs nothing. Even if it's Bristol, you'll no doubt spend some cash making it your own. And any old boat is going to have old electronics. That's almost a given.

But beyond those things, you need to be very realistic about what it'll cost to make it worth the asking price. That amount should be subtracted from your offer. Be prepared to share your list with the seller if they balk. It's possible you'll convince them, if you are fair in your assessment.

[Left Coaster]

That the seller doesn't want to share a mechanic's report doesn't bother me. He paid for it. It's his. Besides, I wouldn't give it much credibility anyway.

That said,a 50-year-old boat that -- "has no insurance on it, didn’t have any upgrades in anything, all original" -- would immediately raise a number of concerns. First, I would have concerns about every system on the boat. The potential cost of repairing them could make the $70k purchase into a down payment. And by the way, 50-year-old hour meters stopped working many decades ago, so I wouldn't put any faith in the engines having 5,400 hours

Why doesn't the seller have insurance on the boat? Is it uninsurable? Is the owner irresponsible, as in, he has no liability coverage?

Lastly, IMO, I would would suggest to you that a 50-year-old boat and a new-to-boating owner is not a good combination. Best of luck.

[Moretolife]

The seller just said he used to insure it when he bought it few years ago, then stopped because he felt it’s money grabbing…he has no liability coverage or any insurance. The boat hasn’t been insured for some years by now, he won’t tell me how long. He was trying to push me buying it without any survey, telling me it’s a great boat and I can do the survey after…I refused and now he gives me hard time because it’s hard to find mechanics to do sea trial without insurance , nor to find marina to haul it out without insurance. His first price was $95 cad , then he dropped it to $70k for me…but I feel it should be $40k the most, but because I’m not familiar with the boats market I am having hard time to price it. I don’t want to lose the boat because I offered too little, nor would want to pay more than it worth…