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Thoughts on 1972 grand banks 42

Old 09-08-2020, 07:28 PM
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Default Thoughts on 1972 grand banks 42

I have a chance to pick up a turn key running floating 1972 42 grand banks. I can get the boat cheap and in first appearance looks to he a decent boat. I know it runs and drives and generator works as well, out side of that i have no history on the boat or information about it. Its a documented vessel and will be transferred with all legal procedures. Im torn and looking for thoughts and opinions or anyone with knowledge of these boats. If I take ownership I won't be keeping it for long id be moving it to my home in vero beach and cleaning it up and then hopefully selling it.
Old 09-08-2020, 07:45 PM
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I would get survey done before you get too excited.
Old 09-08-2020, 07:48 PM
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Get an ice pick and start crawling around the bilge poking for rot, bulkhheads, transom, stringers near where they meet the hull and around the windows

Last edited by FishnDive; 09-08-2020 at 07:54 PM.
Old 09-08-2020, 08:21 PM
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My family had 1971 42 Grand Banks. Great well built boat however, they were wood until 1974. Check back cabin aft bulkhead in front of the water tanks and around the window frames. Also, they have black iron fuel tanks and tend to rot out especially if they get spray from the stuffing boxes. If it has 120 Lehmans they are bullet proof. It's going to be a very tough boat to sell! That being said we had many good times on that boat and it was very seaworthy.
Old 09-08-2020, 08:56 PM
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If I take ownership I won't be keeping it for long id be moving it to my home in vero beach and cleaning it up and then hopefully selling it.
. You are considering buying a wooden 48 year old 42' Grand Banks--without a survey? Do you even know of any wooden boat surveyors in the area where the boat is located? You have received some good advice. But to re-sell a wooden Grand Banks and make a profit? I think that is very unlikely even if you are a wooden boat master craftsman. As noted unless the fuel tanks have been replaced there is a very good possibility that they will need replacing--which will involve removing at least one engine (at a time) to get the old tanks out, and new in. Cost to have it done in the $30,000 range. To do it your self, probably in the $10,000 range. What if re-fastening, new planks, new caulking is necessary. Teak decks and sub decking--conditon? There are over 40 Grand Banks 42's for sale currently in the US. Generally woodies are going in the $30,000 if in decent shape...less if not.

Once you find any rot--or bad planks, all bets are off on making a profit. There was a about 1970 GB 42 which was damaged in Hurricane Ivan in 2004. I had looked at the boat for several interested parties. It sold for in the $10,000 range....folks started to work on it--eventually it was taken to the scrap pile. Probably more damage than the boat you are considering, but working full time folks realized that it was basically full restoration.... new wiring, new pumps. leaks around windows, new upholstery. All of these add up.

If your time is free, and you have the wood working and mechanical skills--plus a good shop to back you up go for it. But I doubt that you will make any money flipping it. Prove me wrong...
Old 09-10-2020, 06:19 PM
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I can buy the boat for 9k turn key and running. Is that still not good enough to take a chance on?
Old 09-10-2020, 06:45 PM
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The $9k is ok . the $50k that follows is the troublemaker
Old 09-10-2020, 06:54 PM
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Originally Posted by fireisland1 View Post
The $9k is ok . the $50k that follows is the troublemaker
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Old 09-10-2020, 06:58 PM
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Originally Posted by fireisland1 View Post
The $9k is ok . the $50k that follows is the troublemaker
That may well be a very low #.. The seller knows that the boat's next port o call is the scrap yard and that it will cost him $$. The 9k is all profit.
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Old 09-10-2020, 07:16 PM
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Your chances of flipping the boat for a profit are probably similar to your chances of winning a big lottery. When you try to sell it and the prospective buyers bring in their surveyors, any and all of the big ticket repairs already mentioned can easily show up. Just one of them is a deal breaker for any buyer with any sense. You buying the boat is basically betting that somehow a buyer will come along and get a clean survey and then buy the boat for more than you paid plus your time and money to keep it going up until the sale. The extremely likely scenario is that a buyer's survey will reveal one of the many big ticket items common in an old wooden boat in Florida. At that point you are losing money because you won't be able to give the boat away.

Please don't do it. You'd have better luck putting 9k on black at the roulette wheel.
Old 09-10-2020, 07:29 PM
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Having completely rebuilt my 63 yr old wooden boat (that I am very happy with and keeping for a longggg time), I unfortunately would recommend heeding the advise that has already been given. If you are not familiar with wooden boats and are not an accomplished wood worker you have no idea what you are getting into. When it comes time to selling, many people who have a treasured good size wooden boat set the dollars aside and hope they can simply find a qualified “next custodian” to pass their baby onto. Owning and taking care of a wooden boat takes a different person than the typical disposable minded consumer of a plastic boat.
Old 09-10-2020, 08:08 PM
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Originally Posted by NedLloyd View Post
Having completely rebuilt my 63 yr old wooden boat (that I am very happy with and keeping for a longggg time), I unfortunately would recommend heeding the advise that has already been given. If you are not familiar with wooden boats and are not an accomplished wood worker you have no idea what you are getting into. When it comes time to selling, many people who have a treasured good size wooden boat set the dollars aside and hope they can simply find a qualified “next custodian” to pass their baby onto. Owning and taking care of a wooden boat takes a different person than the typical disposable minded consumer of a plastic boat.
Nothing to add here.

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Old 09-10-2020, 09:52 PM
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You could park it at your dock and use it as an AirBnb during the winter and use the money to repair the boat in the summer. Wood boat=project
Old 09-11-2020, 05:03 AM
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Maybe try to contact Scott Blake from Grand Yachts in WA. He bought a 32’ woodie GB for $15k and $200k later, he has a nice restored cruising vessel. Don’t under estimate the cost to fix, repair, maintain or restore one of these. The 42 GB is a big boat.
Old 09-11-2020, 05:16 AM
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If the seller was giving me the boat, plus $9K to take it, I would run away as quick as possible. As others have stated above, any single large ticket repair on that boat would put you in the negative side of possibly turning a profit. At the marina where I store my boat, there's a guy trying to sell an older fiberglass boat, runs and moves on its own, for $5K. According to him, it needs updating. No takers yet and his yard bill is growing faster that the weeds in my backyard. If you could line up a new buyer before you become the new owner, there might be a chance to take the risk. Not me, but maybe you're a gambling man?
Old 09-11-2020, 05:19 AM
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Originally Posted by Nauticaladdiction View Post
I have a chance to pick up a turn key running floating 1972 42 grand banks. I can get the boat cheap
How deep are your pockets?
If it was turnkey, it would not be anywhere close to cheap.
Old 09-11-2020, 05:26 AM
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Worms in a wood boat? That alone can kill any value. Any.
Old 09-11-2020, 05:31 AM
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They were a great boat a long time ago....
Old 09-11-2020, 05:41 AM
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I explored a couple of woodies a while back and recall someone writing that some marinas no longer allow wooden boats in their facility (I believe it's due to fire hazard?).

My .02
Old 09-11-2020, 05:57 AM
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Originally Posted by pgkeating View Post
I explored a couple of woodies a while back and recall someone writing that some marinas no longer allow wooden boats in their facility (I believe it's due to fire hazard?).

My .02
X2 plus sinking with the resulting pollution.

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