Buying a boat after a grounding

[aisleorwindow]

I have found a boat that I'm interested in potentially buying. It's a 2015 and in 2016 it was run aground while motoring. The boat was immediately yanked and it was repaired to the tune of $80K+. The only owner has since sailed it for the last 4 seasons.
The broker has been up front about this and provided me with both the repair invoice and 2 separate surveys, including thermal imaging, that were done before the boat was repaired in 2016.
Obviously I would do a survey before buying the boat anyways, but I guess I'm trying to understand if it's even worth it. Given the price of the boat is $150K+, I guess I'm trying to get opinions here on if this is a "run away as fast as you can" type of situation.

[keith001]

$80k in repairs is major damage. People buy rebuilt title cars all the time and some or most are happy. Depends on you risk aversion. If something was done wrong, the next repair of that repair will dwarf the original.

Two cents.

[sailorboy1]

I doubt it is a run away considering the repair was 4 years ago. Not really any different than buying a used car that has had a repair. If the repair was done correctly and fully you wouldn't even know about it if they hadn't told you.

[Jim Cate]

More detailed info would help... 80 K$ worth of repairs tells us nothing for most of that could be absorbed in a fancy paint job. So, what was the damage and how was it mitigated? Is it a boat with an attached grid in the hull and was it separated ? Was a fin keel torn off? Was the hull breached and hull flooded? Is it even a FRP hull?

And how does the price relate to a similar but undamaged example?

Jim

[aisleorwindow]

Originally Posted by Jim Cate

More detailed info would help... 80 K$ worth of repairs tells us nothing for most of that could be absorbed in a fancy paint job. So, what was the damage and how was it mitigated? Is it a boat with an attached grid in the hull and was it separated ? Was a fin keel torn off? Was the hull breached and hull flooded? Is it even a FRP hull?

And how does the price relate to a similar but undamaged example?

Jim

Sorry, realized right after I posted that I should have provided more info...
Appreciate the responses - I've been sailing my whole life but this is my first time buying my own boat.

The surveys show that the fiberglass grid was no longer adhered to the hull. It also called out "generous cracking". The surveyor also says he/she could see through the keel bolt holes (the keel was removed after haulout) that the grid and the hull could be seen as separated.
No breach or flooding. No water ingress was noted.
The material is listed as "solid laminate construction using fiberglass" so is that considered FRP?

The price is high - similar/same boats (presumably without prior damage) are asking about the same price. That being said, it's pretty obvious that lower offers will be considered.

Hmm...maybe I'm answering my own question as I go here...

[sailorboy1]

The price is high - similar/same boats (presumably without prior damage) are asking about the same price. That being said, it's pretty obvious that lower offers will be considered.

Hmm...maybe I'm answering my own question as I go here...[/QUOTE]

seems you have

why would you pay the same amount for this one compared to ones without all that past damage?

[Reefmagnet]

We looked at buying a boat with 80k (AUD) of repairs and to be honest, it was probably going to be fine. It's story was it hit a reef in Fiji doing 7 knots so it had the keel pushed back with associated grid damage and many of the interior's tabbing points to the hull became either fully or partially separated in the areas adjacent to the keel.



What turned us off in the end was the fact it was being repaired to be sold, which is something I wouldn't be comfortable even with in a a car and there was some stress fractures in the gelcoat in the engine bilge that wasn't repaired. In your case I'd make every effort to obtain a good understanding of the repair and it's post ownership and performance timeline.


Of course if the price isn't compensating for the repaired status, keep looking

[aisleorwindow]

Originally Posted by sailorboy1

The price is high - similar/same boats (presumably without prior damage) are asking about the same price. That being said, it's pretty obvious that lower offers will be considered.

Hmm...maybe I'm answering my own question as I go here...

seems you have

why would you pay the same amount for this one compared to ones without all that past damage?

A few reasons:
1) This boat is otherwise immaculate and well cared for
2) Because there is basically no inventory for what I want locally, I will have to have any boat shipped and this one is considerably closer, geographically
3) I have some pretty specific criteria for what I want, and there is hardly any inventory in general in N. America for what I want.
4) As I mentioned, it is fairly obvious based on my conversations that the asking price is just that, "asking". I'm reasonably confident that the actual final price would be lower than the others

As a layman when it comes to engineering, and someone with no knowledge/background on boat repair, I'm seeking advice on how potentially problematic this grounding was/is. I really just have no frame of reference on how serious of a situation the separation of the grid from the hull truly is, and how easy/difficult it is to repair properly.

[psk125]

How do you tell if the grid was re-tabbed fully and properly? Surveyors don't have x-ray vision either. Having the grid separate from the hull is a MAJOR concern. It's like the body of your car not being welded to the frame any more. Would you drive that car? It was 'fixed", but maybe he's selling because he hears things going on down below when he's out sailing, and each year they get louder. Who did the repairs? They should be able to tell you a lot -- jobs like that don't come along every two weeks, so the people who worked on it would remember a repair like that. A half-hour of phone calls could provide you with valuable information. What kind of boat is it? Some boats are worth investing $80k in repairs. Others aren't, but if insurance is paying, spend away. If the previous owner was inept enough to run his new boat aground to the tune of $80k in damages, what other issues may he have let slide? Could be a good deal, but caveat emptor.

[CarlF]

I'd sure prefer a boat that had a grounding with an $80k repair and good survey compared to the large percentage of boats that have had a hard grounding but never told anyone.

The other good thing about a number like $80k is only insurance companies pay a big number like that.

I'd ask to see the current insurance policy and make sure there's no exclusionary language about the keel (and that it's still the same insurance company that paid the $80k). If they were willing to insure the boat after the repair, it's likely to be a good repair.

You might also want to ask your current insurance company if they would have any problem insuring the boat if you bought it. They might want their own survey. You could write that into the deal.

[sailorboy1]

to be honest I wouldn't buy a boat that has hit something soooooooo hard that it knocked the grid loose from the hull

period!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[LittleWing77]

Seach "Expedition Evans" on YouTube and watch the series as a cautionary tale.

You can also find a looong thread on this Forum about the projected repairs to the Evans' boat.

Pay attention to JimBunyard's and ManateeMan's posts. They are both VERY experienced boatbuilders...

Good luck,
LittleWing77

[aisleorwindow]

Thanks for all the helpful replies. Good point on checking with the insurance company - that's good advice.
To address some of the questions:

Yes, indeed the repairs were paid for by insurance. The owner is allegedly selling because he is upgrading to a larger boat.

[Stewie12]

When you come to sell it, it is going to be your problem. Walk away as it is not a good deal anyway for a repaired boat. Either that or the seller lowers the price by the cost the insurance paid for the repairs.

[Cadence]

Originally Posted by aisleorwindow

Sorry, realized right after I posted that I should have provided more info...
Appreciate the responses - I've been sailing my whole life but this is my first time buying my own boat.

The surveys show that the fiberglass grid was no longer adhered to the hull. It also called out "generous cracking". The surveyor also says he/she could see through the keel bolt holes (the keel was removed after haulout) that the grid and the hull could be seen as separated.
No breach or flooding. No water ingress was noted.
The material is listed as "solid laminate construction using fiberglass" so is that considered FRP?

The price is high - similar/same boats (presumably without prior damage) are asking about the same price. That being said, it's pretty obvious that lower offers will be considered.

Hmm...maybe I'm answering my own question as I go here...

If and when you decide to sell you will eat a lot of money compared to the other undamaged boats. The stigma will never go away even if the repairs were better than new. I would say make a ridiculous low offer if it is what you want.