Hi there, I found a 1970 trawler, 42’ fiberglass, 2 twin diesel, has no insurance on it, didn’t have any upgrades in anything, all original, no enclosures , no gen, no dinghy, looks in good shape, the hull looks good, seller says the engines were just inspected and are good, have over 5400 hours on them, have no survey to show, refuse to show me the recent mechanic report (say he’ll do it only after offer).
He wants $70k Canadian dollars for that.
I’m newbie in boats, is this a good price or too high?
Thank you
I don't know what the current "value" is for a 51 year old boat that has not been updated in any way.
However, some general comments based on my general knowledge and personal opinions.
A positive is that the fibreglass hull will be very thick, heavy, and strong, assuming the boat has not suffered any substantial damage, such as during a hurricane, a sinking, or a major grounding.
Depending on how the boat was used and how well the engines have been maintained, 5400 hours might not be that bad, but it is a risk and is high if the boat has been run hard, the engines regularly operated in an overloaded way, or have not been very well maintained. However, it is a big risk financially (the engines).
Negatives are:
It may be very difficult (possibly not possible) to obtain any kind of insurance for a boat that old, and most marinas in Canada require at least liability coverage. Can you afford a total loss and/or any environmental bills that may accompany an accident. I know from experience, having prepared a few such bills, they can get very large quite quickly.
Also with no generator, no dinghy, etc. you are looking at some major expenses just to get "up to operational" shape. If anchoring out a dinghy is pretty well a necessity, and you will need some way to recharge batteries such as gen set and/or solar.
Also at over 50 years old and all original, you can expect some major expenses just to keep the boat operational. Lots of equipment will need updated, repaired, or replaced right away or soon.
If I were you, being new to boats, I would walk away from this one, or at the very least, proceed very cautiously and do lots, and lots of investigation and research.
Good luck.
I just finished reading the other forum posting. Based on additional info found there, I strongly, strongly advise you to NOT buy this boat.
Too many red flags, especially for a new boater!!!!!
It could very easily end up costing you a lot more than you think. A lot more!
This seller sounds "untrustworthy" to me. Always get a survey from a recommended surveyor, and even then remember that they miss things as they are human after all.
It is your money, and do with it as you will, but I think you have received very good advise on this and the other forum. Unfortunately it does sound a bit like you are not going to listen???
Too many silly games to play. I'd find another boat, and another seller, or offer $30,000 pending survey, etc.
