I am contemplating the purchase of a CD 30. Damage repair totals $16,800, however, is limited to cosmetic damage. Damage constists mostly of scrapes and gouges, with a few small non-structural penatrations above the waterline and bent stantions / pulpit. The biggest ticket item is a $6700 paintjob. The remainder is parts and labor, labor at $50/hr adds quickly! Parts ~$1,000.
My plan is to buy low and correct the the problems myself, including the paint - at leat the prep work here. The problems that I can see with this transaction are:
Insuring once completed (salvage title)
resale value
If anyone has experince here, I sure would like to hear from you.
bdurant@mbvt.com
CD Salvage Purchase
Moderator: Jim Walsh
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Rich
Re: CD Salvage Purchase
The current issue of Good Old Boat (www.goodoldboat.com) has an interesting article on this subject, kind of. The author has purchased several derilect boats over the years and restored them. He talks about some of the things to look for in determining whether the project makes fiscal sense or not and gives some hints on how to go about a restoration project economically.B wrote: I am contemplating the purchase of a CD 30. Damage repair totals $16,800, however, is limited to cosmetic damage. Damage constists mostly of scrapes and gouges, with a few small non-structural penatrations above the waterline and bent stantions / pulpit. The biggest ticket item is a $6700 paintjob. The remainder is parts and labor, labor at $50/hr adds quickly! Parts ~$1,000.
My plan is to buy low and correct the the problems myself, including the paint - at leat the prep work here. The problems that I can see with this transaction are:
Insuring once completed (salvage title)
resale value
If anyone has experince here, I sure would like to hear from you.
rpassmore42@hotmail.com
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Jerry Albright
Re: CD Salvage Purchase
I am not sure with boats ,but with autos a bank will only lend about 60% of the wholesale value.In speaking with an insurance agent,the problem arises if you have a claim as a total loss.
As I understand it with autos,once a salvage title is issued,it will always be listed as such,and you would always face the problems noted above.State Laws may vary with the title.
Hope this helps.
nauticalw@aol.com
As I understand it with autos,once a salvage title is issued,it will always be listed as such,and you would always face the problems noted above.State Laws may vary with the title.
Hope this helps.
nauticalw@aol.com
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J.W. Connors
Re: CD Salvage Purchase
If you pass on the deal, please e-mail me. I might be interested depending on location and asking price.
John C.
CD25, #446
taywest@gulftel.com
John C.
CD25, #446
taywest@gulftel.com
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Olli Wendelin
Re: CD Salvage Purchase
I had a major fire on my CD30 a few years back and faced some of these problems.
Title: I have no "title'. This is a mechanism states use for tax purposes. What I do have is "Documentation" from the Coast Guard. If you have a bill of sale and if the boat was previously documented this is pretty easy. Check the Coast Guard documentation web site for details.
Insurance: For this you need a survey. After the fire, Boat US continued my policy for the "as is" value of the boat as determined by a surveyor (7K). There was also a non navigation clause. I was primarily interested in liability coverage since I still kept the boat at a marina. After I completed the repair work I had a new survey done. Survey concluded the boat was better than before, estimated current market value, and had pictures. With this I upgraded my insurance with more covarage than befor the fire. I would speak to an underwriter (not an agent) at several of the major marine insurance companies and describe your specifics. Much hinges on whether the boat is seaworthy and navigatable (not pretty).
Yard labor charges are indeed high. Much of this is due to EPA requirements and liabilities. Doing as much of the work yourself as possible will reduce costs. Moving the boat to another location (your back yard) may reduce costs. I could live with alot before I paid $6700 for a paint job.
I would recommend listing all the needed repairs and estimating their cost. You should factor in your labor cost ($10-$15 per hr). Add the purchase price to the cost of repairs and new equipment needed. This is the total cost of the boat. Compare this to the blue book price. It may be cheaper to buy a boat in good condition. Also will the time requirements be too great. Many boat building projects have stalled because too much labor was involved for too long.
Only you can decide if the cost of the boat is worth it.
Good Luck
Olli Wendelin
BLUE MOON
Charleston, SC
wendelin@spawar.navy.mil
Title: I have no "title'. This is a mechanism states use for tax purposes. What I do have is "Documentation" from the Coast Guard. If you have a bill of sale and if the boat was previously documented this is pretty easy. Check the Coast Guard documentation web site for details.
Insurance: For this you need a survey. After the fire, Boat US continued my policy for the "as is" value of the boat as determined by a surveyor (7K). There was also a non navigation clause. I was primarily interested in liability coverage since I still kept the boat at a marina. After I completed the repair work I had a new survey done. Survey concluded the boat was better than before, estimated current market value, and had pictures. With this I upgraded my insurance with more covarage than befor the fire. I would speak to an underwriter (not an agent) at several of the major marine insurance companies and describe your specifics. Much hinges on whether the boat is seaworthy and navigatable (not pretty).
Yard labor charges are indeed high. Much of this is due to EPA requirements and liabilities. Doing as much of the work yourself as possible will reduce costs. Moving the boat to another location (your back yard) may reduce costs. I could live with alot before I paid $6700 for a paint job.
I would recommend listing all the needed repairs and estimating their cost. You should factor in your labor cost ($10-$15 per hr). Add the purchase price to the cost of repairs and new equipment needed. This is the total cost of the boat. Compare this to the blue book price. It may be cheaper to buy a boat in good condition. Also will the time requirements be too great. Many boat building projects have stalled because too much labor was involved for too long.
Only you can decide if the cost of the boat is worth it.
Good Luck
Olli Wendelin
BLUE MOON
Charleston, SC
wendelin@spawar.navy.mil
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mike ritenour
Re: CD Salvage Purchase
b,
i purchased my cd33 out of hurricane hugo and it too had a similiar history, mostly cosmetic.
when i got into the boat and began preparing her for a lengthly voyage (which i am still on) i decided to go all out and redo the boat completely.
as it stands now i have more into the boat than she is worth, but she is completely new in every respect and a boat that i am more than happy to take anywhere in the world.
as for your paint job, i did all of the prep work (look at about 200 hrs.for my 33) before having a professional painter come to my place (my back yard under a large tent) and painting her. i saved almost 9,000 on the job estimated to cost 12,300.
restoration is the BEST way to begin to really know every inch of your boat and i can safely say i know LaVida like no other boat i´ve ever owned.
good luck, you can´t find a better boat to restore and save from the salvager.
mike
mritenouru@aol.com
i purchased my cd33 out of hurricane hugo and it too had a similiar history, mostly cosmetic.
when i got into the boat and began preparing her for a lengthly voyage (which i am still on) i decided to go all out and redo the boat completely.
as it stands now i have more into the boat than she is worth, but she is completely new in every respect and a boat that i am more than happy to take anywhere in the world.
as for your paint job, i did all of the prep work (look at about 200 hrs.for my 33) before having a professional painter come to my place (my back yard under a large tent) and painting her. i saved almost 9,000 on the job estimated to cost 12,300.
restoration is the BEST way to begin to really know every inch of your boat and i can safely say i know LaVida like no other boat i´ve ever owned.
good luck, you can´t find a better boat to restore and save from the salvager.
mike
mritenouru@aol.com