Inspection reveals compression issue, walk away?

[pangolin]

We are looking at a 2001 reinell 18.5' with volvo 4.3L. The boat is overall in very good shape for the year. Just had new gimball bearing and u-joint along with bellows put in. Regular maintenance on everything as far as I can tell. Last step was to have a mechanic check it over. He noted all those things but did find a couple of issues, during the compression test cylinder #6 was at about 40psi. He did not do a leak down test as part of the inspection but he suspects a bad exhaust valve and thinks the head probably needs to be remanufactured. He estimates $1100-1300 in parts and labor. He also noted that the exhaust manifold and risers have never been changed and he thinks they are due. (I started researching that and likely would try myself)

Before the inspection the owner and I were at $6500 for the boat and now we are at $5500-$6000. What are everyones thoughts on this? Do we walk away and keep looking or buy this boat and get the work done? I am worried about opening a can of worms. on the other hand I would feel good knowing that the stern drive was just serviced and the engine is operating properly after the work is done.

I guess a bigger questions is, is it unrealistic to think we will find a boat in this price range($6k-$8k) that doesn't need $1000-? in work to bring it up to good working order? I don't really want to start off in the shop.

 

[tpenfield]

Let's say $1500 for the valve job and $1000 for the exhaust and elbows, totaling $2500. So, you were at $6500 before those issues, and you are only getting a $500 - $1000 concession on price.

Your price for the boat is actually going to be $8500 in a probable scenario. What else can you buy for $8500?

A $4000 price may would be worth the risk.

 

[CV16]

If you buy the manual you can do the heads yourself too. I just did mine, not a hard job. The engine shop charged me $200 per head as I only needed 2 valves replaced. Maybe about $100 in gaskets and my time.

 

[Scott Danforth]

having the heads remanufactured is about half the cost of new heads. Gaskets are about $100

a reman'd motor can be found for about $2k (a bit more expensive than a V8)

manifolds will be in the $600 range

Im with Ted, get the price lower or find a different boat.

 

[pangolin]

Thanks for your input guys. This is helpful to hear, I am leaning towards finding a different boat. I don't think he's willing to come down much more, wants to meet me in the middle. I know that there are going to be plenty of maintenance fees down the road, I just don't want to start off with a "mechanics special" at this price. I want to hit the water running!

 

[pangolin]

That's good to know that doing the valve job yourself was relatively easy. I definitely plan to buy a service manual when I do get a boat. When I was a kid I completely dismantled a vw engine, although it never quite ran properly after that!

 

[dennis461]

But wait... your mechanic says it 'might' be the valves.
I'd walk away.

 

[pangolin]

I've been debating this with myself all day. I think your right, there will be other boats.

 

[gm280]

Obviously you know there is engine work. How much engine work is still up in the air. BUT, how is the stringers, transom, floor and such? You didn't say anything about those possibilities. And even forgoing this setup, you really need to think about everything with a boat, not just mechanical issues. Boats are a different breed for repairs then vehicles.

Knowing my abilities, I would certain force the price down or look elsewhere. If the price did come down to a more reasonable issue, I would then do all the engine work myself and save the extra money as well. But you have to know your limitations and mechanical abilities as well. And all that hinges on the condition of the transom, floor and stringers too. JMHO

 

[pangolin]

The stringers, transom, and floor seem to be in good shape. I checked them the best I could, based mostly on things I've read on this site. I also had the boat mechanic check them over as well, although i know he was mainly focused on the engine and drive. Yeah, I'm just thinking 'man, first boat, do I really want to do a bunch of work right off the bat?'

 

[89retta]

Don't walk away , run away. Your going with the best outlook and that its just the head. Once you buy it you might find out that one cylinder might have busted a ring. So now your gonna have to rebuild or replace the engine. Always look at the worst case. I would run away from this one

 

[ericga]

Another option would be asking the seller to get it professionally fixed. That way you can still have a good deal on a boat you like while mitigating the risk (take ownership after the repairs). Plus like you said you'll know the boat is in a good working order and you won't have to deal with the repairs.

 

[72fj40]

If you want the boat and you're willing to do or pay for the work, take another look at it, then you offer a number slightly lower than what you're willing to pay and stay firm on that number unless he comes back with an offer at you're top dollar. If his offer is more then walk away, don't counter. Give him you're phone number. I'd give him the compression numbers and mention that it would'nt be ethical to conceal this information to a future buyer. It may need a head or an engine. Let him know you will be buying a boat soon, then walk away. I did this when buying a used truck. It didn't have any mechanical issues, but had some cosmetic issues which he tried to hide it with bling the 2nd time I looked at it, and I called him on it. He wanted too much for it and did have a new truck in the driveway, and I could tell he now had 2 truck payments. He called me a couple of days later with an offer slightly more than my walk away offer, and I accepted. I let him feel like he won. You maybe the only one who has actually made an offer on the boat and a second look shows you're interest.

 

[jerryjerry05]

Could be a bad head and even a bad piston?
Any water in the oil?

 

[pangolin]

No water in the oil, however the oil was recently changed. I have seen the boat 3 times in person now, along with 2, i know 2, test drives. He recently had the gimbal bearing, u-joint, and bellows replaced. On the first test run i noticed water leaking in through the bellows. He took it back to the shop to get it re-fixed and thus the second test run where everything checked out fine. The last step was the mechanics inspection where the low compression in cylinder #6 was found. I had already worked the price down from 8k to 6500. He has now re-listed it for 7k with no mention of the issue in the ad. He seems like a straight up guy and i would suspect he will tell people but play down the potential problem.