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Old 04-30-2002
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Am I Insane? (distressed boat purchase?)

You definitely have some homework to do. You need to find out who did the repairs and ask to see the repair records. You are really looking at how extendive the damage, what was replaced and what materials were used. You will need to check into the reutation of the yard and perhaps even the workman who did the repairs. Often there will be pictures that show what was done. If everything looks up to snuff, then you need to ask yourself what is the boat worth. In a loose sense even if the repair was done perfectly there is still a drop in value to the boat because you will need to disclose the damage to the next buyer. The other thing is that this is a recent repair. Its one thing if the repair is 10 years old and there is no sign of the repair and quite another and the repair is fresh. The longer the period after the repair without a sign of the damage, the less significant to the price of the boat that the repair really is.

On a boat like a C&C 34 I would think that the lost value could be as much as 20 to 25 percent of the value of an equal boat that is in equal condition otherwise.

Jeff
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