Re: help buying a bullet
 

It depends on many factors. Are you happy with it in it's current condition or are you going to upgrade it? It appeared in some of the other photos (that aren't in the ad) that the interior needs replacing. Do you like the black dash and current gauges or do you want to make it white and install new gauges? What condition is the trailer in? What condition are the engines and outdrives in?

I'm not busting on the boat, but ads can sometimes be misleading! Like I said, it depends on what you plan on doing with the boat. The money really adds up quickly when you start replacing stuff on a boat, so be aware of what you are getting yourself into.

There is an OSO member (cig1988) that has completely redone a Bullet and has had a hard time selling it for 53K. I can't for the life of me understand why that boat hasn't sold yet!

The amount of money that could be dropped into re-doing a Bullet can get up there...but the fact remains that there hasn't been one sold for more than 70K in the last 3-4 years ....and that boat was in brand new condition with new paint, new engines, new drives. new trailer as well as new interior and gauges. I paid 65K for mine.

Just my opinion...but I wouldn't pay more than 35-40K for that boat.

Craig

Re: help buying a bullet
 

I agree. I'm not slamming the boat but I'd be looking at getting it for $35,000, maybe a touch more.
I do the math backwards on those kinds of boats. By that I mean that I price out an interior, cosmetic repairs, the cost of adding any equipment I might deem necessary (trailer, air conditioning, a GPS, stuff like that), possible driveline work, and look at the total cost. If the bottom line ends up being the same or more than other similar boats I figure I have to get the boat for less money or cross it off my list.
I also look at the actual cash the owner will get after paying the sales commission. I'm assuming the broker gets 10% and on an offer of $45,000 the owner will get $40,500. That's why so many brokerage boats seem high-priced.

Re: help buying a bullet
 

I agree with the guys on this one but, book value is book value and the bullet still has a higher book value than 40,000 and it comes with a trailer. It looks like a little TLC could go a long way.

Re: help buying a bullet
 

There can be quite a difference between book value and appraised value, in both directions. The book value is a great place to start, both with the bank and with the seller/broker. But the survey will reflect the value and condition of the boat in the opinion of the surveyor. That's what the buyer should be interested in, mainly to be sure he's done all he can do to assure himself, the bank and the insurance underwriter that it's a good risk.

Re: help buying a bullet
 

Good post Crazyhorse!!

Especially with a 15 year old boat, you really can't tell what it is worth. A good buddy of mine told me today "An old boat is worth what you can get somebody to pay for it". My Bullet surveyed out with a replacement cost of 280K :rolleyes: :eek: and a fair market value of 101K. I'd be willing to sell it for alot less than that!!! :drink: :drink:

I'm anxious to see what this Bullet in question will be valued at in the survey.

Re: help buying a bullet
 

Id offer 32500 that baot is salty ..Look at the hardware .

Re: help buying a bullet
 

There again, I don't get too concerned with salt-water boats. My last 3 boats have come from salt water and other than having some dry rot in the cockpit upholstery (from the moronic owners [not you, DJD] that hosed them down rather than wiping them down) they were everything I expected when I bought each of them.
The boat I had before the Cigarette was purchased in Hamilton, Ontario but was originally purchased and used in Newport Beach, CA. The owner got transferred to Hamilton and after a few years the boat was listed for sale. He and I reached an agreement and both signed a purchase agreement showing a sale price of $12,500 US. The survey came back at $9,900 US and that's the amount I ended up paying. Of course, he had the option of keeping the boat.
I spent two years refitting that boat before it went in the water. I ran the boat for two more years and sold it for $26,500 after I bought the Cigarette. The survey showed a value of $27,600, if I remember right. I'll post a pic of it as soon as I scan one.

Re: help buying a bullet
 

By the way, Waterfoul saw that boat during the refit when it was just a hull and deck. He said after it was done that at the time he wouldn't have thought it would ever float again.

Re: help buying a bullet
 

Im not knocking salt water boats but if they arnt rinsed and looked after the hardware can realy go to chit .. Im spoiled as I boat on a fresh lake and have always shopped for fresh water boats ..Occassionaly we see some salt boats make their way to the local marinas ..and it is amazing how much more damage/corrosion can occur ..

Re: help buying a bullet
 

http://powerboatlistings.com/view/834

me neither.



on a side note.
since Dirck is paying the surveyor can he be influeinced to be extremely critical thus bringing in a lower value for the boat? most surveys ive paid for come in very near what the agreed upon sale price is. coincidence or is the surveyor really giving the value all partys involved want to see?