Bavaria Yacht Insurance write off

[picardy]

I am considering the purchase of 5 year old insurance write off Bavaria 42 Yacht. She is badly damaged missing a keel, rudder, steering system, sails, prop, electronics. The hull also has a number of large holes. Cost to repair gel coat alone is assessed at £15,000.

On the positive side the interior appears to be in good order.

Assuming a comprehensive structural report before purchase and that sea water has not extensively damaged the woodwork is there any reason why she cannot be repaired and made to look like new.

My primary concern is to ensure that an invisible repair from the exterior would be possible and that Bavaria parts would be possible to source for a 5 year old boat. Additionally if this is possible she will always be a repaired boat and therefore be harder to sell and be worth less so the price paid seems to be crucial.

Thoughts on the sense of this idea and the value of her now would be greatly appreciated.

 

[pvb]

Thoughts on the sense of this idea and the value of her now would be greatly appreciated.

I think they'd have to pay me to take it away! The work and cost involved is immense and, as you already realise, you'd end up with a boat which buyers would be very wary of.

 

[CAPTAIN FANTASTIC]

If you have the time and the money to do it yourself, then perhaps it will be worth as you may end up saving £10~20k, but if you rely on "professionals" to carry out the work, then forget it, as the cost will be prohibiting.

Personally, I would not consider purchase for repairs to that extend, i would rather negotiate a good deal on a good seaworthy yacht, especially, now that the big yacht 2nd hand market is going downhill fast.

 

[jonjo]

Thoughts on the sense of this idea

People will make money from this reconstruction but that won't include you. You need to be a GRP repair trade insider who wants to own a yacht to come out ahead.

and the value of her now would be greatly appreciated.

If you have to ask you are not the right person for this project.

 

[Heckler]

I am considering the purchase of 5 year old insurance write off Bavaria 42 Yacht. She is badly damaged missing a keel, rudder, steering system, sails, prop, electronics. The hull also has a number of large holes. Cost to repair gel coat alone is assessed at £15,000.

On the positive side the interior appears to be in good order.

Assuming a comprehensive structural report before purchase and that sea water has not extensively damaged the woodwork is there any reason why she cannot be repaired and made to look like new.

My primary concern is to ensure that an invisible repair from the exterior would be possible and that Bavaria parts would be possible to source for a 5 year old boat. Additionally if this is possible she will always be a repaired boat and therefore be harder to sell and be worth less so the price paid seems to be crucial.

Thoughts on the sense of this idea and the value of her now would be greatly appreciated.

Dont do it! Everything will be salt ridden, even though it looks good,
Stu

 

[Appleyard]

I am considering the purchase of 5 year old insurance write off Bavaria 42 Yacht. She is badly damaged missing a keel, rudder, steering system, sails, prop, electronics. The hull also has a number of large holes. Cost to repair gel coat alone is assessed at £15,000.

On the positive side the interior appears to be in good order.

Assuming a comprehensive structural report before purchase and that sea water has not extensively damaged the woodwork is there any reason why she cannot be repaired and made to look like new.

My primary concern is to ensure that an invisible repair from the exterior would be possible and that Bavaria parts would be possible to source for a 5 year old boat. Additionally if this is possible she will always be a repaired boat and therefore be harder to sell and be worth less so the price paid seems to be crucial.

Thoughts on the sense of this idea and the value of her now would be greatly appreciated.

With the greatest of respect,you would be completely out of your senses to even think about taking this on.
Why do you think that the insurance company has written it off?
5 year old Bavs are ten a penny,even good ones.

 

[picardy]

Great advice from you all so thanks very much for that. Will now seek an undamaged boat probably a Dufour 36 which is really what I was after.

 

[Elessar]

I am considering the purchase of 5 year old insurance write off Bavaria 42 Yacht. She is badly damaged missing a keel, rudder, steering system, sails, prop, electronics. The hull also has a number of large holes. Cost to repair gel coat alone is assessed at £15,000.

On the positive side the interior appears to be in good order.

Assuming a comprehensive structural report before purchase and that sea water has not extensively damaged the woodwork is there any reason why she cannot be repaired and made to look like new.

My primary concern is to ensure that an invisible repair from the exterior would be possible and that Bavaria parts would be possible to source for a 5 year old boat. Additionally if this is possible she will always be a repaired boat and therefore be harder to sell and be worth less so the price paid seems to be crucial.

Thoughts on the sense of this idea and the value of her now would be greatly appreciated.

I went to see a sunk boat recently. I can store it effectively free and have access to staff in downtime so effectively free, can get trade price materials etc.
I walked away.........

 

[gonad]

purchase????????????

total madness!

 

[jonjo]

5 year old Bavs are ten a penny,even good ones.

So are Ford Mondeos, but they still have an accepted and rational resale value so I don't know what point you are trying to make.

 

[snowleopard]

Without rig, keel and most of the vital bits we are talking about an damaged shell. Anyone who has built a boat from scratch will tell you that the hull is a minor part of the cost so any savings you make are a percentage of the 30% of total value represented by the hull.

To come out ahead you must (a) think of it as a long-term investment for your own use as its resale value will be seriously reduced and (b) be able to get it for no more than 20% of book price.

A sound repair will be reasonably cheap as long as you DIY and damage is clear of structural bulkheads but a perfect cosmetic job that would convince a buyer's surveyor would make the job more expensive than buying new.

 

[Ubergeekian]

So are Ford Mondeos, but they still have an accepted and rational resale value so I don't know what point you are trying to make.

How many people would buy a five year old written off Mondeo with wrecked suspension, twisted chassis and knackered steering (but very nice interior) in order to restore it?

 

[Ubergeekian]

A sound repair will be reasonably cheap as long as you DIY and damage is clear of structural bulkheads but a perfect cosmetic job that would convince a buyer's surveyor would make the job more expensive than buying new.

Repair might be quite difficult. Modern Bavarias are very lightly / efficiently built, and that means that repairs have to be potentially a lot more subtle than in a heavier boat. Slapping on extra laminate is fine if there's loads there already - if there isn't it takes a lot more care to avoid stress concentrations and get the structure working as it should.

It almost certainly isn't worth doing this amount of work on a cheap (no insult intended) production line (no insult intended) boat. It's the same with cars: Ford Mondeos stop being worth repairing at a heck of a lot of damage less than Porsche Caymans.

 

[nimbusgb]

If you have a quote for £15k for gelcoat replacement and you are even considering it then this project is not for you. You could re gel a 42 foot boat for 2 to 3 k if you did it yourself.

If they let you have the wreck for £2500 or less it MIGHT be a project but only if you have the time and resources to do it yourself.

I will take on most things but this would scare the hell out of me.

Sometimes a write off really is a write off.

You will NEVER get the money or time invested in the project back.

 

[Chrissie]

Even if you got the boat free, if you paid out for a boat yard to do it, it would cost you more than buying a similar boat of about 7 years old, There will be so many unforseen problems, the engine, water damaged? the mountings will certainly need to be replaced, there will be unseen damage and weakness from whatever caused the damage, grounding, collision etc. There are many really good boats out there for sale, best wishes Chrissie

 

[jonjo]

How many people would buy a five year old written off Mondeo with wrecked suspension, twisted chassis and knackered steering (but very nice interior) in order to restore it?

I was responding to another post that implied 7 year old Bavaria's were available on the market a price notch above insurance write-off disposal value.

 

[Appleyard]

So are Ford Mondeos, but they still have an accepted and rational resale value so I don't know what point you are trying to make.

I should have thought it was obvious...the O.P could buy a decent 5 year old Bav.for around the same money that he would have to spend on repairing and restoring the written off boat... he would also be able to use it straightaway instead of wasting good sailing time.

 

[Appleyard]

I was responding to another post that implied 7 year old Bavaria's were available on the market a price notch above insurance write-off disposal value.

. Of course a second hand 5-7 year old boat of any type will cost much more than a write off,but you must appreciate that repairs and replacement items would probably bring the figure close to or perhaps more than the cost of a used boat.
I do think however that the OP has got the message!!!