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Boat was sunk briefly at the dock,should I buy it at a discount

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Boat was sunk briefly at the dock,should I buy it at a discount

Old 08-13-2020, 01:59 PM
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Default Boat was sunk briefly at the dock,should I buy it at a discount

Looking at a boat that was underwater briefly , brought up drained and the motor got started quickly. The boat now looks perfect, the problem that let water in is fixed. Should I walk away fearing future electrical problems down the road or buy it at a nice discount. Everything seems fine with the 4 stroke and no apparent issues but wondering if problems will creep up later because of this.I'm inclined to walk away but it sure is tempting to take a chance. I need some advice quickly as my chance to buy is tomorrow and if I walk away someone else will get it.Opinions welcome and needed!!!
Old 08-13-2020, 02:04 PM
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Fresh water or salt water? Fresh-maybe. Salt-no.
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Old 08-13-2020, 02:05 PM
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Was that salt water or fresh?

The future owner of that boat *will* have problems down the road. The question of whether the discount compensates for that depends on the discount.
Old 08-13-2020, 02:06 PM
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If it was saltwater, then I'd keep looking. Freshwater, eh, maybe but I'd still be wary.
Old 08-13-2020, 02:06 PM
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Saltwater is highly corrosive to wiring. If the title is salvage you may have a hard time insuring it. Personally it's destined to become more of a headache so I'd walk.
Old 08-13-2020, 02:12 PM
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It was saltwater.
Old 08-13-2020, 02:14 PM
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Run Forest, Run!
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Old 08-13-2020, 02:16 PM
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my old boat sunk at the dock and was submerged briefly in saltwater. had a reputable boat/motor shop submit an estimate to the insurance company (not their first go round with this sort of thing or this ins company). the ins co didn't blink nor did they ask for a second estimate when i gave them the first estimate of over 90k to replace everything electrical on the boat inculding engines, electronics, wiring, etc. boat was a 31 center console. if the thing was piece mealed together instead of completely redone i would have never trusted it to do what we do, which is fish 80-150 miles out in the gulf. if i was staying close to home with the boat it wouldn't have been so bad and i might have pieced it together. regardless though, when buying a sunk boat your not really getting a bargain. you might be saving money up front but you better save the rest of the money for when things start heading south. then again you might be the lucky one who never has a problem tough risk to evaluate and don't be so sure there is someone right behind you to scoop it up if you don't take it. btw, you should ask yourself if you would tell the next buyer who your going to sell it to the whole story. the bargain might not be a bargain if you need to unload and you also feel the need to disclose the history. just some food for thought. best of luck, hope it works out in your best interests.
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Old 08-13-2020, 02:17 PM
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I wouldn't necessarily run, but it would have to be at a very significant discount. Like Market Value - Cost to re-wire - repower cost - 20% (for headaches)= what I would pay.
Old 08-13-2020, 02:22 PM
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really depends on the boat. if its a smaller basic boat and the price is right, i might take a gamble. that is considering that i would rewire myself! bigger fancier boat with miles of wiring, id pass!
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Old 08-13-2020, 02:24 PM
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buy it
Old 08-13-2020, 02:29 PM
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What kind of boat, like a skiff and what size?
Old 08-13-2020, 02:32 PM
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It's a smaller boat,23 center console
Old 08-13-2020, 02:38 PM
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Figure motor value at $500.00 tops, it will die sooner than later. The Hull it self is fine, but assume rewire is in near future, probably when that motor dies.
most hardware is OK for a used boat. Anything that uses electric has no value in your situation IMHO. Lights, Gauges etc.

So offer accordingly. He likely had insurance and was made whole, therefore anything he gets above salvage is likely a good deal for seller.
Old 08-13-2020, 02:44 PM
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My thought on boats that have sunk is they may have liked it and want to go back 😂🤣 . No way I’m buying a sunk boat.
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Old 08-13-2020, 02:46 PM
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Originally Posted by highflier1 View Post
Figure motor value at $500.00 tops, it will die sooner than later. The Hull it self is fine, but assume rewire is in near future, probably when that motor dies.
most hardware is OK for a used boat. Anything that uses electric has no value in your situation IMHO. Lights, Gauges etc.

So offer accordingly. He likely had insurance and was made whole, therefore anything he gets above salvage is likely a good deal for seller.
I have a 1994 Johnson that sank in 1999. Its still running even with the same wiring harness. Only thing ever replaced was the starter and that was three years after it sank. The wiring on these motors are sealed at every connection.
Old 08-13-2020, 02:51 PM
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Fuel tank is a future consideration.
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Old 08-13-2020, 03:13 PM
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Offer whatever the hull is worth. The rest will likely need significant work done or replacement. If it doesn't have a clean title then I'd just walk, more headaches than it's worth.
Old 08-13-2020, 03:13 PM
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Walk away or get all new wiring.
Old 08-13-2020, 04:44 PM
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Unfortunately someone is going to buy the boat regardless there is an ass for every seat. When that person sells the boat it most likely won’t advertise that it was sunk one one of these guys that say run buys the boat for a good deal and runs it without ever knowing.
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