1983 C-Dory 22' Bank Value Help?

9

907Jeff

New member
This is my first post on your fabulous site.
My brother has an 83 C-Dory that I would like to buy, I went to the bank and they did a nada report on it and only came up with around $5000.
This is whats on the boat the transom has been professionally redone correctly It has a
2006 Suzuki 115hp 4stroke outboard
2005 Yamaha electric start 15hp four stroke
Twin aluminum fuel tanks on the sides 15 gallons each tucked out of the way
1996 Tandem axle trailer which was rebuilt by trailercraft last year
12' avon raft with older 10hp johnson
Does anyone have any ideas for me to get the bank to value all of this for more I went to Nada and pieced everything together and still only got up to 13,665 He wants 16,000.
 
Getting a "value" higher than the NADA of $13,665 is going to be difficult. You could get it surveyed, and hope to influence the surveyor - all of which would take time and effort and could likely be ignored by the bank. You could get a dealer to give you an estimate, but since you're doing the deal without a dealer it's going to hard to get them to even care.

Do the deal for $13,665 and do a personal note with your brother for the balance. If your brother won't trust you for $2,300 then...
 
I had to do this when buying the 27 and selling the 22. Get a survey and take that to the bank. the credit union that claimed they could not give me more then the NADA was more then happy to take the survey for three times the price. They are happy as long as you can get a "professional" to give you a price. They really know nothing about boats. they just want to check the right box and go home on time.
 
Thank You that seems like solid advice.
Although I am a little surprised that the bank value is so low. I am pretty sure that I couldn't touch this type of a deal for under $20,000
Looking forward to being a C-Dory owner.
 
907Jeff":36f82x8u said:
I am pretty sure that I couldn't touch this type of a deal for under $20,000
Click to expand...
Las at EQ Marine has an 1981 that seems comparable for $17,900:
http://www.eqmarine.com/1981_C-Dory_22_Classic.html
Wefings has an 1984 that is probably better at $22,000:
http://www.boattrader.com/listing/1984-C-Dory-C-Dory-22-Classic-97893617

These are asking prices, peak season, from respected dealers in prime locations. Your private party deal sounds fair - a turn-key boat in Alaska in June would also be top dollar.
 
NADA and BUC values always run low on C Dory boats. Part of the reason is that many sales are private, and the boats hold their value. Another reason is that NADA does a straight line depreciation--no matter what boat it is. Your $16,000 price is fair--and all you have to ask the surveyor for is a value survey--does not need to be a pre-pruchase condition or insurance survey. That should cost less for the value survey. Refer the surveyor to this site for references.
 
Jeff,
If you look in my signature you will see that I had a CD just like the one you want to purchase and in Alaska. $16k seems to be fair considering what you are getting.
Go for it or you will be on the bank watching someone else in it.
What is the name on the boat???
Jack
 
Yes just get a cost survey. do not let the surveyer do a safety inspection or the back will want it all fixed before they will lend. I had to buy a fire exshingture and prove that I had a anchor at the house. I also had to prove that my out board did not need a blower :roll: in the engine compartment because it does not have a engine compartment. Like I said most banks dont know anything about a boat. Hell I just took pictures of the items I needed at west marine and emailed then to the bank. :wink
 
Wow C-Brats are very helpful! Makes me feel like I'm joining a family instead of buying a boat. I got the name of a certified marine surveyor out of Seward, his name is Dave Walker from a good friend of mine. I will give him a call and go from there.
The boats name is Discovery not sure if there is a I, or II after the name. I am headed up the hill to get some info. on the boat. I will take some pictures.
My wife and kids are excited to get out on PWS and do some boat camping! Once again thank-you for all of the helpful info.
 
Greetings. Here's another perspective on boat ownership and financing; Not intended to be preachy, and my apologies if it comes across that way: The purchase of a boat is just the BEGINNING of your expenses. Your target boat may be an OK deal at 16K, but it is an almost 30 year old boat. If it has been VERY WELL KEPT you can expect to pay at least 10% of its value every year on normal fixed and variable boating expenses, exclusive of fuel. Other members here will verify that this is true. My concern for you is that, if you aren't even able to come up with the dollar delta between bank financing and asking price in cash prior to purchasing, this boat may not end up being a blessing to you. I personally would not choose to go into debt to a family member on this type of purchase. I'll share what I did last month in a similar situation: Wanting badly to get back into a C-Dory after having sold my previous 22 Angler, but finding I could not realistically get back into an acceptable 22 without incurring debt, I found an 85 16 Angler that I've decided will do just fine. She's not everything I could want in a boat but she's paid for. That fact will hopefully open up other options for me, like for example not worrying about buying fuel to run her, or the opportunity cost taking a bit of (unpaid) time off work to use her. Hopefully this comes across as helpful, (if sobering) advice, and not as a lecture. I do wish you the best! Mike.
 
Mike gave you some very truthful information. Consider it carefully in your purchase.
In that old of a boat you need to be prepared for unexpected expenses. If you can not cover them the boat may set on the trailer.
But as I said earlier...........if you hesitate on purchasing you will be setting on the bank watching the CD go buy with someone else at the helm.

Good luck with your decision. Nothing worthwhile is easy.
 
mike,
totally agree with your advice! i have said many times, borrowed money is the easiest to spend and the hardest to repay. there are more boats, and newer, for sale than there are buyers, willing, able and capable of buying them.
jeff,
i would decide on how much to spend, then set course to save up that amount. if that required finding a part time job, then that's exactly what i would do. when you have cash you become a stronger negotiator.
in my area gas on the river is $4.95 per gallon. many boaters just can't afford huge monthly payment, then maintenance and gas plus dockage.
nothing feels better than owning your boat, free and clear.
good luck and best regards
pat
 
Definitely solid advice. The dilemma is should I really pass up on this type of deal. Even older C-dorys in Alaska with newer powerplants sell in excess of $20,000-$30,000. I don't think I need to get into the pros and cons of financing. If I knew for sure I could get a similar or better deal for $16,000 and that I wouldn't end up paying $4,000-$10,000 more that would be different.
Without a value survey the bank will only loan $8,000 if I have to pay cash I can and will just didn't want to spend that type of liquid asset.
Once again I truly appreciate the advice.
 
Well, since an equivalent boat in the Seattle area can likely be purchased for about the same $16K, and the uShip price estimator says $1,562.58 to transport it to Anchorage, if these boats were truly worth $20K to $30K up there then I sense a business opportunity - particularly if you wanted to wait until the off season when they're even cheaper. In fact, you could probably knock that shipping down some as well.

I'm not clear on why the bank will only lend $8K on a $13.5K valuation, but they probably have their reasons. If you can get the valuation up to $20K, then an equivalent ratio would be a loan of about $12K.

If you're trying to get find support on this forum for saying that boat is worth $25K in your local market, I'm afraid you may be disappointed.
 
907Jeff........FYI

Today, in Ninilchik, I saw a 1983 Classic Angler CD for sale for $19k.
It is in good condition, has a 100hp Yamaha, 15hp Honda, new hydr. steering, new batteries, a scruffy looking original trailer with new tires and a bunch of electronics. Transom has been repaired and is a good job.
It is in the empty lot on the Sterling across from the highway dept. shop.
MFN221080283 is SN.; phone 907-232-8553
I have no tie to the boat other than knowing the owner before this one.
 
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