What are they going to be worth

[Annie2]

I was thinking about this last night. Lots of us are either doing or have done complete rebuilds on our Makos. Everything from stringers, decks, full transoms, complete new wiring, new paint,teak refinishing, plumbing, in most cases complete restorations.

I realize that this is a loaded question, but, after all of this work and expense, what are they worth? The obvious answer is that they are worth what ever someone will pay for them.

What I am looking for is a better answer than that.

For example: I have a 79, Mako 23'. I am the second owner. Here is the work I have done. I won't even go into the cost. (and no, I am not going to sell it right away).

Here we go:

Completely removed EVERY screw, all hardware, all plumbing all electrical, teak, console, bow rail, rod holders, cleats, fuel tanks deck, fuel lines, bilge pumps, batteries . In other words, stripped!

Full transom coversion. Including fish box removal.

Added B-brackett, 30, setback with full dive platform.

Stripped and refinished all teak with Honey Teak.

New Awlgrip, exterior, (Vivid Red) and topside , (Oyster White) paint, (in process now)

Pinstriped, (Gold) - exterior hull.

Console holes filled and new guages mounted and wired.

Console repainted.

Complete new wiring.

Fuel lines replaced including tank hardware and fuel tank selector valve(two tanks, 1 -86 gal. , 1- 38gallon.

Hydralic steerring serviced and re-installed

Bow railing re-done and installed.

Fuel tank deck under console, re-cored with marine plywood and Fiberglass.

2001 Signature trailer

1996 Evinrude 225 Ocean Pro
Seat cushions re-upolstered.

2- new batteries with battery switch installed

Garmin 182C, Chartplotter

Furnon 600L fishfinder

New ICOM radio.

Hours and hours of labor.

I know lots of you have big bucks invested in your boat projects. Have you ever thought of what their real value may be?

Like I said, I'm not looking to sell mine, just wondering what the value might be..

Any input?

Thanks-

Bob

[mako224]

Without seeing pictures and assuming that the work done is flawless I would have to say you could expect to get 12 to 14 K for it if it were for sale here in my market. The older motor really holds the value down.

If you are thinking that doing all the work you have done will get you a great number when you sell it you will probably be disappointed. That is not why we do this anyway. I do it because I can do it the way I want to do it and I enjoy doing the work. You also have to look at it in the perspective of what a new high end boat would cost. A new 23 Regulator with single power will set you back about $70,000.

[Annie2]

I know what you mean, I like doing the work too. I'm already planning to do a 17' someday. I do mostly flats fishing, and the 17' has always turned my head.

As far as return on the dollar, guess we could invest wiser if we want any kind of return.

Good thing I enjoy the work.

[Mist-Rest]

I figure that if I were to put the boat on the market today it might sell for 15/16 tops to the right person. I'd guess that I have a total of 22/23 into the boat with no labor w/o the new radar/GPS system installed yet. I really need to get off my butt to survey than try to get a better insurance value for that "just in case" issue.

[makemenuts]

interesting topic...I don't believe most people own older boats for the investment value...I am repowering a 1985 21B with a new Yamaha...I will have $20K into the boat & motor. I am planning on running this boat for at least 5 years.

The older I get, the less I want to maintain...and an older boat is a lot of maintenance.

[RingLeader]

As far as I'm concerned, its not what the boat is worth to others as what it is worth to me. I don't know if many people who are looking for a used boat would trust the work that is done by a shade tree type repair guy such as ourselves... although the truth is very different since we put alot more attention to detail in our work.

As far as insurance is concerned, its a ripoff any way you look at it. A surveyor will put an arbitrary value on a hull, but you never know if the insurance company will cover it. I'll have way more invested in my Mako21 than any surveyor will write for... Therefore the smart thing to do is to go with minumum insurance.

I just carry liability insurance as the cost of replacement value type insurance is too high. When I do get the boat back in the water, I may get a policy for the motor and any damages that may occur to that.

[michigan dave]

Insurance is a whole different story up here, full coverage on a 10k boat included with your homeowners ins. may only be 250 a year. Course we dont have hurricanes and our season is kind of short. But we get nailed for our car insurance. Full coverage on a 10k car starts at about 1200 bucks and goes up from there. Go figure. (we are a no fault state)

[Gary Shallbetter]

I made money on the parts only on my angler. If you think about the hours that it takes to rebuild a boat, I lost my ass. Nice thing about it is that the sale isnt final yet so as of today I still own it.

[RudeAttitude]

What is my boat worth? Well, that depends on perception I guess. The wife would give it away I beleive, or at least trade it for a smaller one that didn't make noise, had air conditioning, cable TV, and didn't take up any driveway space. [] To me, it's worth a whole lot more than I could get for it. I see other '76-77 25ers going for ~$25k all dressed up. I'm sure before it's done, I'll have well over $50k in mine, but it's paid for step by step and it's MINE.. [][8~2] []

[Mist-Rest]

Insurance here is not that bad. I'm under 500 bucks, agreeded value policy is at 14K w/1K personal property. No one has ever even looked at the boat. In a few more weeks, if there was a loss I'd still loose a fair amount of my butt.

[makoski]

I've sold my share of boats so this is my 2 cents. Never sell valuable electronics with a boat. The buyer won't see them for full worth when thinking about the purchase- throw one in if the buyer is on the fence about the deal. Boat trailer and motor- $15,000 tops up north and far less in FL. It's really to bad because you and I know that its far better than any year 2002 $15,000 proline. Enjoy that boat don't sell it- she sounds mint!

[Annie2]

Thanks for all your input. It helps to think out loud sometimes.

I know what some of you mean by your wifes "interest" in the "project".

The last time that I restored a car, I came home and found a sign on it that said, "FOR SALE BY OWNERS WIFE"

[BLACKFIN]

Funny, reading this post now is timely, for me at least. It's not the market value of the boat which motivates us. That's obvious by this forum. If it were only a monetary thing, you guys would not devote so much time to helping others. It really comes down to personal satisfaction and having a great, classic hull which is custom modified, by us, to be what we want it to be. So the answer is: it doesn't matter what the true value of our boat is - until we are ready to sell, and that is probably only to get another "project" boat and do it all over again.

[dhadley]

I find the timing of this post interesting too. We've been redoing a 71 22' and we're at a crossraods now. We have the new floor and stringers in, the transom closed etc. Now it time to get the sanding, filling and painting done. I could do it, I have in the past but we just don't have the place to do it anymore.

Before the hurricane lots of folks were eager for the work. Since, I can't get anyone interested. Granted, the deck and whats left of the insides (ie- what's not new) are really rough but no rougher than before the storm. So, do we abandon the project and sell it for less than 1/2 of what we have in it? Keep it another year and hope to find a fiberglass guy who wants to do more than fix a ding?

I hate the thought of selling it. I can't stand the thought of it just sitting in the storage yard either.

[warthog5]

quote:

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So, do we abandon the project and sell it for less than 1/2 of what we have in it?

---

For selling unfinished project's,you'll be lucky to get $.25 on the dollar. That's been my experiance.

Here's some imfo on my boat as to survey and insurance.

From the surveyor:

Market value = $60,000

Estimated replacement cost = $76,000

Boat US insurance quote:

SUMMARY OF COVERAGES

Boat and Boating Equipment (Agreed Hull Value) : $50,000.00

Boat and Boating Equipment Deductible : $500.00

Storm Deductible : $2,500.00

Boating Liability : $100,000.00

Fuel and Other Spill Liability : $500,000.00

Medical Payments : $1,000.00

Boat Trailer : $4,300.00

Trailer Deductible : $50.00

Personal Effects : $.00

Personal Effects Deductible : $.00

Uninsured Boater Protection-Limit each Accident : $100,000.00

TOTAL ANNUAL PREMIUM : $1,344.00

BOAT U.S. MEMBERSHIP (Required if not a Member) : $19.00

TOTAL ANNUAL COST : $1,363.00