Advise buying in 1983 grand Banks 42 classic

[Michael S]

Update, August 23 - after much discussion the owner had the boat summer-ized. Both engines failed to start. Caterpillar has come out and evaluated them and provided a quote of $9000 to get both engines running. No word yet on the issues with the generator. The broker says he is having a conversation with the owner about a significant price decrease to sell the boat as it is. Obviously, this causes me lots of concern and I’m trying to decide if I should just walk away from considering it or if there is a right price that would make this a good investment even with the issues that must be addressed.

 

[rgano]

BELIEVE ME, there are soooo many other undisclosed things wrong with that boat, unless you are given the darned thing AND have a death wish, you should walk.

 

[stroutmail]

Buying a used boat always involves risk AND opportunity. Neither buyer or seller ever know the "true" value with certainty. Issues as serious as engines that do not run increase uncertainty astronomically. Whoever buys this boat will most certainly need the spirit of a gambler. If you are a gambler..make an offer and place your bet. If not, end this emotional journey. There are many other boats for sale with much less risk....but at a higher price...elimination of risk always has a cost.

 

[Bryant]

83 gb

Update, August 23 - after much discussion the owner had the boat summer-ized. Both engines failed to start. Caterpillar has come out and evaluated them and provided a quote of $9000 to get both engines running. No word yet on the issues with the generator. The broker says he is having a conversation with the owner about a significant price decrease to sell the boat as it is. Obviously, this causes me lots of concern and I’m trying to decide if I should just walk away from considering it or if there is a right price that would make this a good investment even with the issues that must be addressed.

If you live in an area that has an abundance of Marine mechanics, electricians, carpenters, fiberglass techs, hvac, plumbers, a good boat yard etc then offer 10k and be prepared to spend 90k on a complete refit. Possibly even a little more. Then you’ll have essentially a new boat for a relatively modest investment. If you don’t have these assets readily available and you are thinking of just repairing as you go, then I’d walk away. This boat will be a nightmare.

 

[Swfla]

Good to hear from you Michael. You've gotten more answers and unfortunately more questions.I believe that you indicated a project boat was not an issue (generally). I think you're getting closer to identifying what and how many issues exist. Next is the question of how much the sale price will be reduced. Keep up the investigations and I'm confidant an answer will reveal itself!

 

[koliver]

If you live in an area that has an abundance of Marine mechanics, electricians, carpenters, fiberglass techs, hvac, plumbers, a good boat yard etc then offer 10k and be prepared to spend 90k on a complete refit. Possibly even a little more. Then you’ll have essentially a new boat for a relatively modest investment. If you don’t have these assets readily available and you are thinking of just repairing as you go, then I’d walk away. This boat will be a nightmare.

Brightwork on the exterior is non-existent, almost all of the teak is ruined, can't be returned to typical GB pride. To do so will require replacement, which is cost prohibitive. That alone accounts for the low price.

GB aft decks are often weak. A heavy person walking across the aft deck will deflect it, especially the hatches. expect those decks/hatches to leak.

That boat has only a minimal size double bed jammed against the Starboard side of the hull, under the wide side deck overhead. That configuration will get old quickly, especially for the person against the hull.

The electric stove will require a reliable generator. That in turn will need to be run whenever you want a cup of coffee or any hot meal while out on the water, moving or anchored. A propane galley could be retrofitted, though its cost will need to be considered when making your offer.

New electronics are needed. How extensive a suite of electronics you get will relate somewhat to the budget you have, so if the price of this boat in its "as-is" condition doesn't leave you with an adequate budget, consider your navigation skills, based on keeping the old electronics in use (if they work).

 

[TEXTrawler]

Michael,

As folks have mentioned, you are in the best position to decide if it fits your needs and what you are willing to spend/endure to get it in shape for your use. If I recall correctly, you are using it locally, so no need to worry about moving it to the Mississippi to get it to Florida like I was considering. If the deck coring is saturated and weak as I believe they are, it could be a lot more than $9000 to fix that issue...but if the deck will still support people when using it as a weekend condo on the lake that might not be an issue for you.

When I looked into the boat I was informed a mechanic had checked the genset and found it wasn't getting fuel...could be fuel pump or clogged filters or something more serious.

Personally, I'd run away from the boat knowing about the engines, but its where you need it and it may be an acceptable starting point for a rehab project for you.

That said, I'd at least cut the price in half...

 

[Michael S]

Update- 9/6/20 - The broker now says that it will take $34k to buy the boat as is. I’m going to pause while I evaluate other boats as this still seems to be a risky, problem prone boat at too great a cost. I greatly appreciate the advice and thoughts from the members of this forum. Thanks everyone for your comments on this string.

 

[Swfla]

Here's a thought for you. You negotiate the use of the covered slip for 18 months at N/C to do the structural work that needs to be done. Maybe the mechanics want the boat there or else where for engine and genset work. So the free covered slip may not be necessary. Have the current engines/transmissions replaced by 4 cylinder used or rebuilt 120hp Lehman engines (or other brand) with appropriate transmissions. What ever looks to be a reliable used or rebuilt setup. Then the cats can be fixed and sold. Maybe the shop will take the Cats in trade? While the engine room is empty, it's easier to do lots of work in there. Maybe do the same with genset. You'll recoup some money from the sale of those items, though it may take a while.You will also have access to relace/repair some tanks and other systems that are blocked by large engines. Once you figure the money and time required to do this, then compared it to other 42 GB located elsewhere and the cost to bring them to the lake. Removing the flybridge is likely required. You seem willing and patient to put the time in to research, so the above scenarios may make sense. If the current owner also owns the slip, it costs him nothing to give you value of a covered slip at no cost to him. Hope the above made sense to you. I can't promise the $$$ will add up. Ebay has used engines for $6500. About the same for used Cat 3208 used engines. You will be happier with engines 120-200hp, low noise and easy to run at proper rpm for long life, an engine room with space to work. Cheers.

 

[Bryant]

Gb 42

Update- 9/6/20 - The broker now says that it will take $34k to buy the boat as is. I’m going to pause while I evaluate other boats as this still seems to be a risky, problem prone boat at too great a cost. I greatly appreciate the advice and thoughts from the members of this forum. Thanks everyone for your comments on this string.

The fact that they have dropped the price to this level tells you something. Trust me, as the owner of an older GB, this boat will be a money hole. Unless you have the access to all the technicians to work on it and very deep pockets to do a refit, walk away. This boat isn’t worth more than $10k assuming you have the ability to do a complete refit. There are better options out there. Good luck.

 

[SoWhat]

PO's son is getting hit with storage fee's and wants out. Dropping from 59K to 34K indicates son is not getting any offers. Engines that won't run would deter just about everyone.

What's the value of a 40 year old boat with no engines, suspect fuel tanks, and a rotten core? Maybe 5K. Add another 5K because it's a GB. Add 10K for the quote to get the engines running. Great boat for 20K. Sit on it for another month. If it's still on the market, offer 20K. A survey of a wet core will usually bring the seller back to reality.

Don't go into the deal as a restoration project. There is no end. It's not a museum piece. There's no point in trying to restore the original quality. I have seen people just paint the teak.

Buy a boat to enjoy boating. Or buy this GB is you enjoy sanding and other projects. I enjoy both and manage to find a balance. My teak is in deplorable condition. It will just have to wait until next year. This summer I am working on putting a prime coat on the fiberglass. Getting close to finishing first coat. Sand it and then second prime coat. Sand again and finish coat. Haven't touched the bridge yet. It will just have to wait. Maybe next year. Maybe not.

If it's a nice day, we head out. Normal summers we take extended trips. Sandpaper and varnish stay in the dockbox. IPad comes with me.

 

[Cigatoo]

A 36 GB in real nice shape is worth 100 - 130K in this part of the world. You will spend that and more to bring this one up to snuff. Or you can purchase a nice one and enjoy the boat. Your choice. Nothing is free.

 

[bligh]

Lots of good advice. Personally I wouldn't go anywhere near a grand banks that was not meticulously maintained by the previous owner. Those decks should have been replaced with fiberglass 20 years ago when they started to leak (like all other GBs did) to prevent further water damage. 20 years of deferred maintenance is not a boat anymore; it's a hole in the water where dreams die a slow painful expensive death.

 

[Bryant]

Gb 42

Lots of good advice. Personally I wouldn't go anywhere near a grand banks that was not meticulously maintained by the previous owner. Those decks should have been replaced with fiberglass 20 years ago when they started to leak (like all other GBs did) to prevent further water damage. 20 years of deferred maintenance is not a boat anymore; it's a hole in the water where dreams die a slow painful expensive death.

Bligh and Cigatoo both offer excellent advice.