Whats it worth? Repowered 24' Offshore

[jbrinch88]

Was wondering what you guys thought my Grady was worth if I were to sell.

1988 24 offshore ( open transom )
2018 Yamaha 4.2 300 30" with DEC controls repowered in spring 2019 currently have under 200 hrs
New electronics 2020 - simrad nss evo 3 9", halo 20 radar, 3in1 transducer and airmar b60 thru hull transducer
New fusion stereo 2020
Transom rebuilt and raised 5"s and closed in 8"s on each side. Rebuilt with west systems epoxy and marine ply.
Cockpit redone with awlcraft and new non skid
Tank hatches have been recored
90 gallon tank 5 years old
10 gallon holding tank with electric saltwater head
All electrical wiring and switches/fuse panel are all new with blue seas products.
Spreader lights and LEDs all around cockpit
Bimini top with full eisenglass enclosure
Wash down
Radar arch
Lewmar windlass

Plenty more I will post some pics later. I was just curious I really have no idea where to start at.

 

[UCPA111]

Sounds like a familiar project! I too am curious. 1984 Seafarer with 2018 Verado 300 was my project. I am sure I wouldn't get out of it what I put into it. She was a restoration project...labor of love (and money).

 

[jbrinch88]

Sounds like a familiar project! I too am curious. 1984 Seafarer with 2018 Verado 300 was my project. I am sure I wouldn't get out of it what I put into it. She was a restoration project...labor of love (and money).

I know I'm not getting back all the sweat equity i put into this thing. Working on them is part of the enjoyment for me. I enjoy making it my own and building certain things the way I think they should be. I do believe given the condition of mine vs a similar Grady I would get a lot more for it with what has been done to it.

 

[UCPA111]

I know I'm not getting back all the sweat equity i put into this thing. Working on them is part of the enjoyment for me. I enjoy making it my own and building certain things the way I think they should be. I do believe given the condition of mine vs a similar Grady I would get a lot more for it with what has been done to it.

Right! I purchased for $2800. LOL! But had a blast restoring. I went to a boat show and a new one was over $105K+ trailer and electronics. Made my investment seem reasonable!

 

[jbrinch88]

Bump. Any ideas

 

[family affair]

Ballparking the value of the engine is easy. You can get numbers off NADA. If I had to guess $18k-20k with controls.
The hard part is when you combine it with an older hull. Unfortunately the reality is that rarely will anyone pay the value of the engine plus the value of an older hull. I follow boat trader closely for a few specific models. There are a lot of repowered boats that owners have for sale priced based on what they payed for the boat plus repower costs. The common thread is they never sell!! Almost always they have to eat 30-50% of the repower costs to sell the boat. Sad, but true.
There are a lot of variables to determine value of the hull:

• What is the condition compared to new?
• What are boats like yours going for with well used or old engines?
• While the mods and repairs you made could add value in your mind, in others it can be a turn off.
• Is the hull well known and desirable?

If the boat is close to like new condition with a perfect trailer, I would try listing it for $35k or less. If the condition is less than perfect - sub $30k.
You're welcome to agree or call BS. It won't hurt my feelings either way. Ultimately the market will decide for you. Good thing is you couldn't ask for a better market to sell a used boat. Good luck!

 

[ddog]

For an old boat with new power price boils down to what are you willing to get it go for. Sounds like a nice boat but getting past the stigma of the 1988 hull will be a challenge for many buyers. Many buyers will not have an appreciation for the work that has been put into it or that a 1998 hull will also very likely need much of the same things you have already done despite being 10 years newer. If the age of the hull keeps it from being financed, that limits your buying pool to people with disposable cash on hand.The best way to get your value out of the boat will be to use it well and often.

Start at the price you would feel comfortable selling it for with some room for negotiation. Look at your competition in the market at that starting price. List it. See what the market says. In my opinion, remove all the electronics, windlass, etc and use on your next boat and see if you can recover the price of the outboard, controls and some value for the hull. If that doesn't result in a sale that is agreeable to you, the other option would be to look for a deal on a newer hull that needs a repower (perhaps a deal on a hull powered with a Yamaha in the corrosion years) , move your engine, controls, electronics and other bits to the newer hull. Sell the 1988 hull for what you can get. Good Luck.

 

[PointedRose]

I’d say that part of the issue is just that there’s a lot more buyers in the ‘Under $10k’ market than the ‘Under $20k’ market, even fewer ‘Under $30k’. There just really aren’t THAT many people that are willing to throw money at a boat, let alone have $20k for it and have time to use it. Boaters would see a good deal starting at $15k probably in certain areas of the country, but I agree with others, older boats aren’t ever an easy sell - even though probably denser hulls than newer. Also with higher prices people tend to just use dealers to help buy/sell rather than individuals handing over cash, and can usually finance with dealers. GW hulls do hold value and sounds like you’ve kept up the maintenance well. Enjoy it until the day you part with it! Just count hours/experiences instead of the dollars. Might be that you know someone that might appreciate it an could take it on when it gets to the point you can’t use it as much anymore. Then you might get the occasional ride out of it. Can always post a little high and bring down over time, although pickers watch for that. Sellers market with a hot stock bull market continuing. Hold it and use it if you don’t have a need to sell, get a few more years out of the engine investment. Maybe a donation and tax write off is easier than squeezing it at the end. Would help you to get a formal survey before selling.

 

[SkunkBoat]

The 88 hull is going to be the drawback. It will never get younger.... really not much value there (for a buyer) even though you did the transom and some paint.
There is a lot of value to you because you already own it and yet you are considering moving on...

No hardtop...big minus...
You have a new motor and lots of new electronics that are worth money separately
Price that stuff. Add it up. Throw in a couple grand for the hull...

All you can do is put a price that you can live with and wait and hopefully find the right guy
You got to convince them its done and ready to fish for the money you have to ask.

 

[Fishtales]

IMHO...
Prob the cost of the engine, installation cost and cost to make boat ready for the water. Gotta consider someone is buying for the motor alone and the other two costs are what the hull is worth.

 

[SkunkBoat]

so ...new yamies are backordered until christmas so you got some leverage there....

 

[efx]

Depends on the area of the country, the condition of the hull and the motors condition/ hours. 200 hours is nothing, so if it’s really clean then it’s like new, if the hull is in excellent shape, and everything works, then it could be worth a lot. I firmly believe condition is more important than age when it comes to fiberglass boats. I would say it’s worth at least 30 k. And maybe 50 if it’s mint.