1978 Convertible Really Only Worth $40K?

[OnanHater]

I hope this post isn't out of place. The description says to put "other" stuff here, so here I go.

My dad is too old to keep boating, and I have no interest in it. He is going to have to get rid of his
1978 convertible. It's in good mechanical shape. It needs sprucing up. It has a tuna tower. It has 8V71's.

The guy who works on the boat claims we should be happy to get $40,000 for this boat. Does
that sound realistic? I know it's not worth what it once was, but that's pretty low.

Of course, the guy who made that remark wants to buy it, so...

[hibanx]

What model Hatt? Sounds low, but it all depends on condition.

[SEVEN]

Get a broker to give you their guess as well as research yacht world for similar yachts. I agree seems very low.

[OnanHater]

I think the model is "Sportfishing Convertible." It has a flybridge, cockpit, and two staterooms.

It's a typical sportfisherman.

The guy who wants to buy it claims people here want to get to the islands fast, on a 30-foot boat
with outboards. I can certainly understand that. I remember going to Bimini in an hour on an Intrepid.

[jim rosenthal]

Some people want to get out there and get back pronto. Not everyone does. Sportfishing boats are not in as much demand as motor yachts, but I think the demand may be a little more robust than he's letting on. Especially with spring coming.

Get a broker to look it over and see what they say. Also get it cleaned up and looking as good as it can, without putting additional money into improvements- just get it cleaned and spruced up. I think 40K is thin, too; I think he's lowballing you. They are dated boats, but they are very well made and if no major problems turn up on survey, you can probably do somewhat better than that. Not huge money, but better than that.

[bobk]

Do you have dimensions for the boat? Engine hours? Pictures?

Bobk

[ronparise]

there is a recent sale of a 1978 43' double cabin, mentioned on these boards, that sold for $110,000. Brokers suggested $60000. So perhaps the broker in your case is wrong too

[krush]

40k sounds about right if he wants to get it sold quickly.

Let's put this in perspective: a 1984 46' with modern engines (that cost $200,000 to put in) is asking 115k and probably will sell for 90-100k.

20-40k seems to be the bottom max depreciation value for an older hatteras though. If it runs and isn't totally junk, it's worth at least 20-40k. I like buying fully depreciated toys :)

[OnanHater]

Sounds depressing. He paid 180,000 in 1988.

[SeaEric]

I own a 2005 Mercedes bought new that I paid $53,500 for. Now it's 12 years old, doesn't have nav or bluetooth, no back up camera and it has 146K miles on it. It drives and looks great. It's now worth around $3,000. Depreciating assets seem not to let us down in that regard.

[Scarlett]

Buy real estate

[SEVEN]

Buy real estate

If you're looking to make money and have no fun get a house. You are so right but I would never give up the life and friendships I've made.

[krush]

Sounds depressing. He paid 180,000 in 1988.

That was 30 years ago. And 2000 50c that were like 1-1.5 million are now listed for 400-500k asking. Just how it is.


I own a 2005 Mercedes bought new that I paid $53,500 for. Now it's 12 years old, doesn't have nav or bluetooth, no back up camera and it has 146K miles on it. It drives and looks great. It's now worth around $3,000. Depreciating assets seem not to let us down in that regard.
Wow, it didn't look 12 years old if that's the one I saw!


Buy real estate

Just avoid Detroit, LOL. But the truth is, most real estate doesn't really go up in value, it just maintains its value relative to inflation. And many people always seem to forget the real estate taxes that must be paid every year on their "investment". With that said, I got a lot in VA if anybody is interested!

[OnanHater]

Real estate is the motivation for the sale. Moving inland!

I tell people we have a boat we have to get rid of because he's moving, and they say, "Well,
you can put it on a trailer."

[krush]

I tell people we have a boat we have to get rid of because he's moving, and they say, "Well,
you can put it on a trailer."

My 41c came to me on a trailer hahaha.

https://lh3.googleusercontent.com/osc6XauBJgsCKRQ9PPwfatxk4JTfOYhHFt-H7h0Ub_HlEsLvawJKAnYOdEayA9cGWrYBQ306boAkzrZroGdzW lLJZusu691ilTkK1opHJ8ONE-406eSS_1LbBc4ZJO8NsYC7U-iT_Kv6d96EbeqNWfdS0GkMXo8wjYxbfBc7PLyLhzgUIDly4dTf _AJ7YwIMmyZa5_plteUoz5uU_iGHw0gqi9m5WuOapl_dz1FsvY gE7xaHTIqxXf3VhGddF5dJ9InOXcCJ0-EURIMfu09WT7Bg91ugOVcbvXLT5AVBCBSdQ-ZdP9JYF8TuhVOaB2nrzDBHvJ-VBuCC0RecsJrgsqgCKuwSCx1FR9yHTmPGS7Vj6W14cCEcZLNVY NrSTPgkGbu9g9hAOUsTc1ul3a9DcGfJd6TG5R9zg1nc6LzAyyy rO_yPXDvoirm5E_rzMdxVmetsVGvSjh7MRsOt1Ed3vZWZBY8Ip JJYZpRB6RxGnhHh9b75UeGLLZCMG4MDRkycElyjD_XHIsmrAVa dSshSSYFK9tC_avNfKGnKOQbZLyaz1xlFNBk826Wgqr4deWIZz _Fe17AopO8p-nMBB6PaAt3smwJ65lCb328nR9qH6p3uG2Sn_PcJnx5qy5JyKVK 7P4J9w5sas7ZtKgr7pnjY26xyU1HxogI4BYJ8ZlNPZg=w477-h358-no

[SeaEric]

Tough crowd.

[SEVEN]

Saw this on Facebook and thought it fit on this post.

[Scarlett]

Like the old saying how do you make a small fortune? Start withe a big fortune and buy a boat. I was talking about California real estate. In the 70's I made more on that than I did working, now it's just to expensive to do anything fun with it. John

[SEVEN]

Sounds like me John. Now it's the market that's doing it.

[rsmith]

Would have to be a 46 with 8ti's only Conv I know in 78 with that power they did put a few 8/92's in the 53

[saltshaker]

Would have to be a 46 with 8V71ti's only Conv I know in 78 with that power they did put a few 8/92's in the 53
X2 on it being a 46C. 40K may be a bit cheap but hard to say without more details. A good one with 8V71TIs won't bring much over 60-70K

[krush]

X2 on it being a 46C. 40K may be a bit cheap but hard to say without more details. A good one with 8V71TIs won't bring much over 60-70K

115k ask on a 1984 with repower m11. It sucks getting old.

[Walter P]

Hey krush, Just remember getting old sure beats the alternative. Besides you have the world by the short one's at your age. Older Hatt's are at a bargain price, especially if you're handy with tools and are not lazy or unable for other valid reasons. Your old 41 is a very good example. You can buy what was formally a very expensive toy for a small fraction of what it would cost new and with a good bit of work and some $ you can have a new boat. Lots of examples right on this forum such as what Quinton is doing with his older CC Roamer. Now I said YOU because you're still young enough and I assume in good physical condition, plus you sound to me from all your past posts over the years to have the brains to figure out how to fix or replace just about anything on a boat.

Old guys can usually afford to pay someone to work on their boat, while young guys have the stamina but not necessarily the $ since that's when you have other pesky expenses like making a life for yourself and usually a spouse and children. Actually now that I think about it I am really blessed to have lived through possibly the best times in our country's history (1937 - ?)....so I'm OK with getting old, but still kicking and boating.

Walt

p.s. I still look at young women, but I forgot why......

[krush]

Older Hatt's are at a bargain price, especially if you're handy with tools and are not lazy or unable for other valid reasons. Your old 41 is a very good example. You can buy what was formally a very expensive toy for a small fraction of what it would cost new and with a good bit of work and some $ you can have a new boat. Lots of examples right on this forum such as what Quinton is doing with his older CC Roamer.


I didn't buy a boat that needs major work. I'm old enough and wise enough to know the fault in that! Today's market has some amazing boats for good prices that are not projects. I'm too old for a project...I want to be boating!

For what it's worth, my boat had a complete refit down to all new wiring, new cummings 8.3 new shafts/struts (2inch) and tons of other work done to it. I have a few projects that I want to tackle, but it needs nothing major. I suggest anybody shopping look for the same--unless they need a hobby to keep them out of the old lady's hair LOL.

[Walter P]

Krush, I understand that your boat was/is not a "project" boat, but you still have done a good bit of work on it since you bought it not too long ago. Almost any 30 -50 year old boat could stand to have some improvements. The definition of project for one person does not necessarily mean the same to another. Could your boat stand to have new paint job or windows replaced or re-bedded, stantions re-bedded, engine room detailed etc.... maybe yes, maybe no but I'll bet some things apply and that is to be expected on most boats of our vintages. What is in your opinion a "project boat" and at what point does it become a "re-fit". I consider what Yachtsman Willy did some years ago a project just as what Q is doing but as one gets older smaller issues become "projects" because they often require more effort and stamina than one is willing or able to do. My point is that the term "project" as it applies to boat work is very subjective.

Walt

[krush]

For reference: http://www.thehulltruth.com/boat-commercial-classifieds-marine-services/722779-1986-hatteras-45-convertible-1500-hrs-twin-detroit-692-diesels-129-000-a.html

[jim rosenthal]

I would say a project boat is one that may run, but isn't usable at present. Other thoughts?

[OnanHater]

The 8V71's are slow, and to make matters worse, my dad loved to run them at 1700 because he
was afraid of wasting fuel. You really don't want to cross the Bahama Bank and the Tongue of the Ocean at 1700.

[34Hatt]

For reference: http://www.thehulltruth.com/boat-commercial-classifieds-marine-services/722779-1986-hatteras-45-convertible-1500-hrs-twin-detroit-692-diesels-129-000-a.html

Man that Video was Painful :p

[jim rosenthal]

No kidding. I especially liked all the heavy breathing and the barnacles and crappy bottom paint. Really shows off the boat.

[rsmith]

There was one on here for $35k up in Melbourne Main event I think I knew the boat from walkers. Had some issues but not too bad I'd say 40 would be a good price. Heck the M11 boat only got to 80 on EBay

[doc g]

Probably "wasted" more fuel at 1700 than if those motors were spooled up and the boat running solidly on plane at 2150 ..........Pat

[OnanHater]

We have the boat listed for $49.9K. Sad, but we have to face reality. I can't wait to get rid of it. It used to be fun, but I am all done with fishing, sunburn, and spending hours in the engine room coping with boating life's little surprises.

Thanks for the help.

[Boatsb]

Main event needed a good bunch of love.

2 blowers, 2 manifolds, 1 trans rebuild and a hydreco pump replaced just to begin with.

She has solid bones and made the trip from cocoa beach to Tampa without incident thanks to some preparation and a gentle hand at the helm.

Mark is a good guy and I know he will take care of her.

[mykim]

I hope this post isn't out of place. The description says to put "other" stuff here, so here I go.

My dad is too old to keep boating, and I have no interest in it. He is going to have to get rid of his
1978 convertible. It's in good mechanical shape. It needs sprucing up. It has a tuna tower. It has 8V71's.

The guy who works on the boat claims we should be happy to get $40,000 for this boat. Does
that sound realistic? I know it's not worth what it once was, but that's pretty low.

Of course, the guy who made that remark wants to buy it, so...

Heck I have my 1980 55' convertible at $90K and can generate virtually zero interest. Mines no project boat, so who knows maybe your $40K isn't far off.

[krush]

Heck I have my 1980 55' convertible at $90K and can generate virtually zero interest. Mines no project boat, so who knows maybe your $40K isn't far off.

Meanwhile, these used (and new) center consoles are insanely over priced. Go over to the classified on the hull truth. like 60k for a 2003 28 footer...this one takes the cake though. 30k for a 1987 26' intrepid with NO MOTORS! http://www.thehulltruth.com/boats-sale-wanted/858864-1987-intrepid-26-restored-hull-trailer-only.html

[mykim]

Meanwhile, these used (and new) center consoles are insanely over priced. Go over to the classified on the hull truth. like 60k for a 2003 28 footer...this one takes the cake though. 30k for a 1987 26' intrepid with NO MOTORS! http://www.thehulltruth.com/boats-sale-wanted/858864-1987-intrepid-26-restored-hull-trailer-only.html
Yes, we have a guy in our marina that just bought a 36' center console with 3 big outboards. Rumor is he paid over $700K. It's very nice and all but damn, $700K.

[Seapig100]

I get the desire to get out to the fish quickly, but the price of these boats is insane. I hope the market for them freezes and I am able to pick one up cheap in a few years.

[Fish Tales]

At one time I had a 41c with cats, that cruised at 26 knots. I also owned a 25 Mako I restored, with a bracket, and 2 225 mercs that easily cruised at 40+. I would alternate boats depending on the sea conditions. The Mako got me to the bluewater fast, but no lie, took several days for my back and legs to start feeling better. Trying to fly the next Monday was a killer.

Climb back on that slow comfortable Hatteras, and it felt like a Lincoln. Next day, I could go back flying, and no back or leg issues. I sold the Mako, kept the Hatt.

Boston Whaler, Everglades, and Edgewater boats are all a stones throw from my house. There boats are always at the marina for testing, and showing. 40ish ft, 3 large outboards, all million + boats.

Who'd a thunk it?

Have a blessed week,
Tim

[Tim Powell]

Shear line And Jarret Bay, Winter and a hand full of others making 30+ foot stuff trips outboards asking
starts at 600,000 to 700,000 its crazy crazy. These things will cruse 40 knots + in a 2 to 3 chop, They come by me like a rocket ship
but let it blow up the sea that is and they catch hello. They all hanging on when they come by..
On another page yesterday a 32 foot willis with a single volvo 1993 modle that needed some loving sold for 90,000 it shad a small tower and a bunch of hours
. a 36 foot Hatteras 1986 modle sold in my Mariner private sale 31,000 it had the 6 cylender DD in it. Boat over all was about a 8 to high 7 engines had low hours.
COMPARE THE TWO 550,000 diffrence. Darn if i know stuff is all over the board.
Take a look at some of the Hatteras GT's 3 and 4 mill boats new now on yacht world for 1,5 or so.
That a hit now 2,5 hit wow !!!
I have come to the conclusion BOATING THE RIGHT WAY IS EXPENSIVE. YOU CAN LOVE ON IT ALL YOU WANT BUT WHEN THE END OF TIME COMES IT IS ONLY WORTH WHAT IT IS WORTH

[ageless]

Heck I have my 1980 55' convertible at $90K and can generate virtually zero interest. Mines no project boat, so who knows maybe your $40K isn't far off.

I closed on my '88 55 two weeks ago, from my buying experience I would predict financing is the issue behind the "lack of interest"

If you have an owner finance option maybe that would open things up for you

[Tim Powell]

I get the desire to get out to the fish quickly, but the price of these boats is insane. I hope the market for them freezes and I am able to pick one up cheap in a few years.

Then you will be putting new outboards on it to the tune of about 35 to 40 each.

[doc g]

That's why I had a inboard CC , can repower 5 times for the cost of one outboard and you can work on it yourself......Pat

[krush]

another insane price: https://jerseyshore.craigslist.org/boa/d/ft-glacier-bay-canyon/6227202143.html

This boat was probably not much more than that new in 2002!

[jim rosenthal]

This boat sounds like a 46 convertible from all I can gather. If it is clean and well taken care of, it should be worth at least forty. Photos would help. This forum is probably the best place to advertise a vintage Hatteras- I don't know if many brokers would be interested at that price, but some of them are members here and can contact you off line if they are interested in helping you sell it.

[Seapig100]

Then you will be putting new outboards on it to the tune of about 35 to 40 each. Don't need one with double or triples. A 25 foot with a single would be fine.

[krush]

Don't need one with double or triples. A 25 foot with a single would be fine.

Do like they do on the left coast. Single with a kicker. I dig it.

[Seapig100]

Yeah perfect for taking out in boston harbor diving/fishing it. I needed a big boat to stay on as traffic can make the 55 miles into a 2+ hour trip that makes day trips unreasonable. The problem is the big boat is tough in and around the harbor. I would even do a 20/25 foot rib.