Repair Guestimates? (Ericson 26/Yanmar 1GM

john2510 · #1 01-26-2013

Looking to buy my first boat.

I have a lead on a 1984 Ericson 26. It was a donation by a guy who got too old to sail. I have a (rather superficial) survey from last summer that he had done before the charity would accept the donation. No major issues (in the survey).

While the broker was repositioning the boat, the engine (Yanmar 1GM, 8hp I believe) failed. They say it doesn't get compression. When they tried to raise the mainsail, the halyard snapped. The head sail is trashed. While the survey noted the running rigging was getting old, it all clearly needs to be replaced. They had to have the boat towed the rest of the way.

I'm trying to determine an offer based on the unknowns of the engine. The broker is a marina, but they seem like they're more interested in selling the boat as-is than doing the work.

I know I'm going to need to get intimately familiar with boat maintenance, but I don't want to start out with a project boat.

The broker said they think they're looking at about a $1500 repair, but who knows. Maybe looking at a complete rebuild/replacement.

I'm thinking about making a menu of offers: $x price, less what it costs them fix the engine and deliver it my marina (35 NM away- I don't want to be on the water with an unconfirmed engine and no sails - also, the tiller is rotty), and have a diesel mechanic at my marina certify that the engine is in good working order.

Or... $x price, the broker tows the boat to my marina, they repair the engine and deduct the cost of towing and whatever my marina charges to deal with the engine.

I prefer the second option, because I don't really trust the broker/marina to put their hearts into fixing the engine.

Thoughts?

Mainly what I'm looking for from folks here is what value I should place on some of the variables.

What's the likely range of repair/replacement of the engine (Yanmar 1GM)... having the marina handle every bit of it?

How about replacement of the running rigging? I'm guessing the halyard snapped at a point that it can't just be rethreaded using the old halyard.

How about the value the broker/marina would place on delivering the boat to my marina (35 NM up the Chesapeake Bay)?

Lastly... I'll want to replace the wooden sole in a few years, and would want to keep it wood. What's involved in that? Can you buy off-the-rack replacements, or is it a major custom job (and expense)?

Thanks for any ideas you may be able to offer!

sawingknots · #2 01-26-2013

if the engine turns freely but doesn't have any compression i'm betting the exhust valve is stuck open or the compression lever isn't releasing take off the valve cover and as you turn over the engine observe if the valve stems are working up and down,the rotten halyards will be a bit complicated,you may be able to replace the halyard that isn't broken with a new one then use that one to assend the mast and replace the broken one.btw theres a lot of well maitained boats for sale right now,repairing an old tired boat will be expencive

CalebD · #3 01-26-2013

There must be a hundred equivalent sized boats for sale around the Chessy that are in better shape than this one.
Paying to have a boat towed OR paying a mechanic to fix an engine of unknown condition is going to cost more than the boat.

lans0012 · #4 01-26-2013

Plenty of boats are donated because the cost to repair the boat or make functional greatly exceeds the value of the boat in decent condition. If the motor needs replaced or rebuilt you will shell out 1000's. A new sail will cost 1000 and new running rigging a couple hundred. The standing rigging has also probably not been replaced and the battery is probably on it's last leg too. Are the decks solid? how is the head and interior? To me it sounds like the boat is worthless. I would bet you could find a decent workable 25-27' Cal, Ericson, Catalina, or Hunter for 5-8k. Or you could buy this one for $100 and put 10k into it.

Or it could be a simple fix for the engine like a bad fuel filter and you could get a good deal.

john2510 · #5 01-26-2013

Quote:

Originally Posted by sawingknots

btw theres a lot of well maitained boats for sale right now,repairing an old tired boat will be expencive

Understood. I think the boat is in better shape generally than my description of its defects would suggest. Other than the engine, they're all finite and repairable items.

Also, the owner/charity understands that there's likely to be almost nothing left for them to net once the repairs are made.

I told them that an as-is/where-is offer, if I made one at all, would probably be at or near zero.

Thanks.

bljones · #6 01-26-2013

I think sawingknots has the right idea regarding the engine. In fact, the engine may be less time consuming and cheaper to fix than refitting the running rigging.

john2510 · #7 01-26-2013

Right... And maybe that's what the broker is thinking. That's why I figured on structuring the offer the way I plan to. Let them carry the risk that it may be a more expensive repair... And benefit if it's not.

My thought is $4k- $5k, contingent on the engine repair. It appraised at $7.5k when the engine was running, and it was considered to have old but serviceable rigging and head sail.

The broker said he figured they'd take $3k as is... But I'm not interested in that.

Thanks.

capttb · #8 01-26-2013

Here's one with an ASKING price of $5000 that has both a motor and sails, how's that compare to your possible bargain ?
http://www.yachtworld.com/core/listi..._id=12544&url=
If a broker with a lot of motivation can't get a boat to sail or motor a couple miles it seems a poor choice for something to start with.
BTW that old survey is worse than useless, it's misleading.

john2510 · #9 01-26-2013

1. I don't know what that boat's fleas are. From my limited experience, underpriced boats at brokerages usually turn out to have significant undisclosed problems.

2. It's in Waukegan, IL.

capttb · #10 01-26-2013

You will have $7000 (at least after rigging and sails) in a boat someone had difficulty (had to get a survey) giving away.
I'm just guessing there's a lot of fleas on this boat that you may not recognise, and so far the sellers have only disclosed the most obvious problems.
If you want to sail seems reasonable to start with a boat capable of doing that. Boats that just need a little work actually need a lot of work and money.
Kinda like learning to drive by buying a car at the junk yard.