Need Help Determining Boat Values

[fishlakeman]

Hey all, just got a couple questions reagarding my grandpa's boat values. See, both of his boats got destroyed during the storm that hit the Ottertail lake area about a month ago. A insurance adjuster came from Tennessee and told him what they would give him for each boat and motor, and I'm positive they are low ball estimates, but I don't really have any proof of what they're worth, so I need both ideas as to how to prove what they're worth, and wouldn't mind gettting expert advice as to what you think they're worth.

The 1st boat that got totaled is a 16' 1986 Lund Predator with a 86 Mercury classic 50. Probably 150 hrs on the motor. Boat didn't have a scratch on it, it was waxed every spring, and was stored on a lift well above the water line for the life of the boat. Basically a brand new boat, no signs of soft spots on floor, carpet was still bright red. The motor (electric start) trolled down great, literally looked as if it just came out of the crate, rich black color, shiny.

So, what would this boat and motor be worth?

2nd Boat:

1986 Glastron Fiberglass 16 ft with 86 Evinrude 90 hp with power tilt and trim. Again, very low hours, stored in covered lift, and garage in the winters. Slight fading of exterior, but I tried some rubbing compound and took the oxidation right off. Carpet, vinyl seats/cushions, all in great shape. Motor ran like a dream- did 47 mph gps. Prop didn't even have paint removed from the edges.

Both of these boats have been in garage storage from September to April for the life of the boats, and probabably averaged 10 hours each year on the water.

So, I guess I'm asking what you all think these boats are worth. I have a pretty good idea, but want your input to get an overall average of estimations.

Thanks for the Reply's!

[Surface Tension]

So what was the settlement?

You can look up the Book value at NADA. Its just a guideline and on older stuff like yours its usually low.

I haven't had a claim with insurance companies on storm damage myself but every settlement I've seen the homeowner comes out smelling like a rose every time.

I'll take a guess and say you got $5000 for the pair.

[spudhauler]

Fishlakeman,

This may or may not help, but here goes. This past spring I sold my 88' predator w/ 89' merc. 60 for $4200, I was asking $4500. The nada values were only about half of what I recieved. Some various dealers were selling the same rigs for around $5500. In my opinion a solid Lund in Minnesota is worth more than book value likely printed in New York City. Good luck.

[cyberamish]

I found a site that might help you, it helped me determine the value on a boat I am donating. Shoot me an e-mail as I don't want to break any rules posting the web address here.

rnikko (@) comcast.net

[Surface Tension]

spudhauler, ya thats what I meant by "low", meaning their price doesn't reflect what the market truly is especially on outboards.

[fishlakeman]

Yea, I checked the NADA values on the motors, and after I saw those prices, I didn't even bother looking at the boat values. NADA had a price of $410 for the Merc, and like $435 for the Evinrude. Haha!

My grandpa was offered $3000 each. I don't really have an idea as to how much the Glastron is/was worth, but I figured the lund to be worth $4000 bacause it was in such immaculate shape with such low hours, and I've seen most of them in the papers going around $4,500-$5000. I'd guess I'd say I was expecting $4000 for the Lund, and $3500-$4000 for the glastron. I'd say the other insurance adjuster who did the house and docks/lifts presented a very reasonable compensation check.

Oh yea. just found the 1986 Lund catalog, boy have boats advanced since then, but the predator was definately the leading edge in 1986. If any of ya are interested, I have the pics and specs of every lund boat made in 1986 if you want pics I could scan individual boats and e-mail them to you. Just e-mail me what boat you want to see, and I'll be happy to send you the pic. here's my e-mail: n i c k _ p e d e r s o n 33 @ hotmail.com

And yes, that is Gary Roach in the back of the predator

[marine_man]

The other thing you could do is to contact a marine dealer and tell them the situation.. if you find a good one they should be able to tell you what the boat / motor / trailer is worth... using their "blue book" which is different than the NADA book...

marine_man

[Valv]

You can accept the settlement but not give up the rig. You will be able to get something extra for the leftovers from private sale.

You are not under obbligation to release boat to insurance, it's yours....

[jerkin'm]

I had an older bass boat totaled a few years ago and the adjusters told me to shop around and see what boats similar were going for, needless to say there were none around the same year and style to be found. Finally agreed on a settlement that was about triple what I paid for it. My situation was different as we were hit by another boat. It worked out for me though they wouldn't let me keep the boat without cutting my check in half......We were just happy to be alive after the incident. It was a HUGE hassle though with the adjusters. Good luck..

[not_nuf_time]

Fisherman, I just paid $3500 for the same year and motor the same. It's in good shape, but doesn't sound as good as yours. If this helps. By the way Still happy with it.

[IndyEFI500]

Fishlakeman:

One way I think would be fair would be to run into Perham and go talk with Foster at Foster's Marine. It is on the south side of town on Fort Thunder Road past the Cenex. I have always found him to be very knowledgeable and helpful. He may be even interested in parts or something else that might boost your income on the damage. Good luck.

[fishlakeman]

Valv, that's exactly what I had planned on doing until I got up to see the damage. The actual I-beams had damage under the hull along with popped rivits and the transom was partially seperated from the rest of the boat. I've pounded out dents with a hammer and dolly and tightened some rivets before, but this was just too much for me to try and straighten the I-beams. I am however going to see about buying the motor, as that has only a chipped skeg,chipped cavitation plate, bent prop, and it will need a new impeller because the motor was buried a foot and a half in the sand on shore. The adjuster said it would be $1,200 to keep the lund and motor. Probably wouldn't be a bad idea to try buying the 90 hp Evinrude either, as that thing wasn't affected by the storm except for some rubbed off paint. I don't want to deal with repairing fiberglass holes, as I have never done anything like it.

Can any of you think of some precautions that I should have with the motor being buried in the sand like that? Change the lower unit oil, check the gaskets, impeller, anything else?

[ChuckN]

I think I saw your grandpa's boat on a trailer this past weekend. It sure looked like a nice rig, too bad the storm ruined it.

I don't know what to tell ya about keeping the motors. They took a hard beating, and with a chipped cavitation plate, skeg and prop damage...it doesn't sound good. You really don't know the damage in the lower unit unless you tear everything down for inspection. I'll tell ya the prop shaft alone can be slightly tweeked and cost hundreds of dollars just for the part (I know from a mishap once, it was the most expensive part on the list). If that shaft was damaged, it leads to a list of other issues down the road if neglected. Unfortunately the whole lower unit will need to be disassembled and the parts tested by high tech equipment to determine if anything was damaged.

Sand alone shouldn't damage anything unless you run that motor after the storm. Definitely inspect gear lube and put a new water impeller in. Those motors are relatively easy to work on.

Good luck.

[Surface Tension]

IMO a 1986 50 hp Merc outboard isn't worth $1200, especially one thats damaged. If you want it offer the adjuster $500.

As Chuck said the prop shaft may have taken a hit. When you mix sand and water it can travel. Changing the impeller and flushing out any debris isn't a big deal. What I would be concerned about is if the power head was submerged at all. If so you could have water in the crank and cylinder. That needs to be drained out ASAP and then ran so any remaining moister can vaporize and exit out the exhaust.

[Crusty old Swede]

I was down to the local marine dealer the other day to look up a boat price in their "US Marine" blue book, prices listed were slightly lower than the "NADA" on line prices.