Buy a sunk and repaired Cobalt 226? Salvage value?

[rowingwire]

I'm thinking about buying a 2000 Cobalt 226 w/a 350 Mag MPI and Bravo III that sunk and was repaired.

The owner says the engine was replaced with a remanufactured block from Mercruiser, all gauges, all electronics, and the gimble and u-joint was replaced.

It sunk in salt water. I'm not sure how long it was under or if the battery was on.

1.) What is this boat worth? I've read that salvage boats are worth 65-80% of market value because of the salvage history?

BUC Values are: $6700 for restorable, $13,050 for poor, and $16,350 for fair condition.

The boat was used in salt water and is bottom painted so I'd assume poor condition and a value of $13,050 without a salvage history. $13,050 * 65% would put the value around $8500.

2.) What should I inspect on the boat besides the obvious things like oil, gearcase oil, back of the dashboard, and electrical distribution blocks?

 

[southkogs]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

Welcome aboard.

It would probably be worthwhile to have the boat checked by a pro. Perhaps not a survey (though maybe), but I'd at least get it to a marine mechanic I trust. Water inside the hull could lead to problems in your floor or transom later. I'd be concerned about waterlogged foam and/or upholstery too. Sure as heck, I'd wanna' know that the power and stern drive were installed correctly.

Get it on the water see if it performs properly. A list to one side or the other, sitting bow high or bow low at rest, being sluggish coming outta' the hole - all of those things can indicate a problem.

There are so many things to consider. That's why I suggest a pro to look at it - especially before you spend $13k.

 

[rowingwire]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

Welcome aboard.

It would probably be worthwhile to have the boat checked by a pro. Perhaps not a survey (though maybe), but I'd at least get it to a marine mechanic I trust. Water inside the hull could lead to problems in your floor or transom later. I'd be concerned about waterlogged foam and/or upholstery too. Sure as heck, I'd wanna' know that the power and stern drive were installed correctly.

Get it on the water see if it performs properly. A list to one side or the other, sitting bow high or bow low at rest, being sluggish coming outta' the hole - all of those things can indicate a problem.

There are so many things to consider. That's why I suggest a pro to look at it - especially before you spend $13k.

Thanks for the tips. I just emailed Cobalt to see where there's foam and wood in the 226. The waterlogged upholstery should dry out if left out in the sun for awhile right?

 

[theteacher]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

You're asking for opinions, so here's mine.......RUN, don't walk AWAY from that boat.
But hey, that's just MY opinion. I personally wouldn't pay anywhere near what you're talking. If it is perfect, checked by a pro, survey done, I still wouldn't pay more than 30% - 40% of BUC value. I also don't buy/own salvaged cars/trucks/Harleys. Life is tough enough, why toughen it with risk. If I were broke, that would be a different story I guess.

 

[Chris1956]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

Saltwater is real hard on things. Chances are the steering cable and control cables will go bad, in time. The wiring could go bad at any moment as well. I would think the cushions an what not will dry out, but could have an odor to them. How long ago did it sink?

 

[greenbush future]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

Check the dry weight, then weigh that thing now, my guess is you will see just how much salt water you have left remaining. Besides all the stuff already mentioned, I would run away like others have said to. Salt water is just plain scarey on boats, I wouldn't ever buy any boat that was even run in salt water, but then I live in Michigan, and we have tons of sweet water to use.

 

[haulnazz15]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

Well, the 2000 Cobalts might have been all composite, but especially important is the transom. That would negate most structural concerns. A marine survey with hull x-ray would be advisable, and well worth the few hundred bucks.

 

[JoLin]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

Saltwater is real hard on things. Chances are the steering cable and control cables will go bad, in time. The wiring could go bad at any moment as well. I would think the cushions an what not will dry out, but could have an odor to them. How long ago did it sink?

All great things to consider. Problem with a sunk boat is that some issues will take time to reveal themselves. EVERYTHING was infiltrated by salt water, and the electrical system is a great example- you could spend your entire ownership of that boat chasing gremlins.

My opinion is the same as theteacher's. I wouldn't touch it with a 10 foot pole.

 

[Home Cookin']

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

Let's assume that like most situations, the sunk boat was unsunk within a day or so (sank at the dock, not in a hurricane)

If so, the hull/rot/foam is not a problem. besides, we all know that sweet water (fresh) makes rot, not salt.

Engines can be replaced or rebuilt.

Every piece of wiring and all electronics must be replaced, stem to stern.

So if that's all done, you are OK when you drive it off the lot.

Then the creeping gungarunga starts, and fittings fail, screws fail, electronics they missed fail.

So I might buy a simple hull that sank with a replaced motor and wiring, but not the boat you describe.

 

[oregoncruiser]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

I see 2 options, save some money and be prepared to have some failures, and work on the boat. Or... spend a little more and enjoy the boat. I've started projects like that and ended up hating the entire experience, and it ruined the hobby for me.

I would not consider it, as a previous poster stated, life is too short to spend the next 5 years trying to get the boat into the condition you hoped it was in when you bought it.

 

[5150abf]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

I do salvage cars now and then and I know flood cars a notorious for having problems, everything seems fine at first but they have continous problems over the life of the car and non of them were sunk in saltwater.

I too would pass on this, the deal up front is pretty nice but long term you could be in for an endless nightmare.

 

[tpenfield]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

You should think about something else . . . There are probably too many variables and probable costs down the road that an attractive purchase price looks deceiving. I think an un-sunk boat is actually cheaper than a sunk boat.

 

[spoilsofwar]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

I think I might rather own an 80's Bayliner that was well cared for then a Cobalt that had sunk in saltwater, all else being equal...

 

[LippCJ7]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

ok since I like playing devils advocate and I have a knack for hijacking threads think about this!

What exactly is keeping anyone from purchasing this boat and then taking it to a state that does not title boats, no one would know this is a sunk boat, no salvage title to go back to.


Kinda scary....

 

[rowingwire]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

ok since I like playing devils advocate and I have a knack for hijacking threads think about this!

What exactly is keeping anyone from purchasing this boat and then taking it to a state that does not title boats, no one would know this is a sunk boat, no salvage title to go back to.


Kinda scary....

Nothing. NH is a no title state. I could register in NH, then transfer to MA to get a clean title. I actually don't even know if MA has salvage titles for boats.

It seems that the general consensus is to run fast.

My only temptation is to use it for a season then sell it on eBay fully disclosing the history.

A mint condition example is around $17k. If I figure $2k depreciation per year then I could sell it next season for $15k.

The salvage one maybe can be had for $10k. Then sell it on eBay next season for $10k. The risk here is big repairs.

 

[Lou C]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

I don't think a salvage boat would be worth that much. Also no one said anything about the gas tank, if the fuel vent/fill went under water the tank may have salt water in it. If you want a project and are prepared to fiddle with it for a long time, thats one thing, but if you want a boat to use then forget it.
Also for all the fresh water boaters out there, boats do not self destruct in salt water. I have a harbor full of boats behind my house and some of them are over 30 years old. Even a fair number of I/Os which are not the best for salt water. Keep in mind rain water (fresh) causes all the wood rot that basically ruins boats, salt water does not. A guy's Tracker sank in salt about 5 years ago, I watched it sink and had called the marina to let them know. The boat was raised, he put a new Optimax on it and is still using it now and has every summer since then. I don't know if he had to re-wire it though. Summer & winter views.....

 

[rowingwire]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

Thanks for the tip about the fuel tank. Here are some pictures of it-

 

[theteacher]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

There's an old saying," you can shine a turd".
Just sayin'.
If you want it, buy it, the mass's have spoken.

 

[haulnazz15]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

If you want it, buy it. Just make sure you've tested it thoroughly and checked everything you possibly can for water intrusion. With a new engine and new electronics/gauges, it really only leaves the wiring as suspect. Just keep in mind that the first moment you begin to have electric gremlins, it's probably easier to just get a new wiring harness than to cut/splice/chase the problems through the boat. Me personally, I wouldn't shy away from the purchase if they have the receipts to verify everything that was purchased after the boat sank; no receipts, no deal. I'd definitely be low-balling the price though, the $13K number is probably a good starting point since you can buy a perfect condition boat for $20K or less.

 

[Aquaman-PSD]

Re: Buy a sunk and repaired Cobalt 226? Salvage value?

don't forget to ask the obvious question of how it sank in the first place.... someone forgot the plug.. thats one thing but there are a lot of other reasons for a boat to sink...