Procrastinating again; how to value a RIB...

[David G]

Happy New Year to you all!

The fact is that our 24 year old RIB is no longer suitable for our needs. We did contemplate a staged renovation; tubes this year, engine next etc but even then the configuration will not suit our needs. It is a narrow beam vessel and we need two jockeys; inline will take far too much space as we need a functional dive boat.

I am pretty sure that the investment of new tubes and a modern engine together with some general tidying up would not result in the realisation of that investment afterwards.........correct me if I am wrong here!

So, how do I go about making sure that I maximise the return by selling now for someone else to enjoy rebuilding to their requirements...how do I really know what it's worth?

Boat is a runner and runs well but could do with some TLC around the edges.

So, it is a 1990 (I think) Osprey Sparrowhawk with a 1991 (I think) DT85 sitting on a 1995 Indespension RC3.5 braked trailer.

I'd probably keep all the chandlery and some of the electronics for a new vessel so trying to value a bare boat, engine and trailer.

So, if I renovated I'd probably have to spend between £8k and £10k. It isn't going to be worth that afterwards..........is it because I would consider getting it done if i was going to see a return?

Rambling over..........

[willk]

Originally Posted by David G

The fact is that our 24 year old RIB is no longer suitable for our needs..............

................So, if I renovated I'd probably have to spend between £8k and £10k. It isn't going to be worth that afterwards..........is it because I would consider getting it done if i was going to see a return?

You have some deciding to do. If the RIB is (as you say) unsuitable, then forget renovating it - that's bad news, 'cos it will still be unsuitable and you'll NEVER make that rig worth the refurb cost PLUS it's current value.

So, take that £10k and park it. Check the small ads for boats similar to yours and that's your starting value. Consider breaking the package up and selling via ads and Ebay. Trailers are always in demand, so are running engines. Electronics fetch stupid, silly money on Ebay. Finally, sell the hull as a project

[willk]

C'mere dude, I just spent ten minutes answering a question that you asked in 2013. Srsly, what's changed since then?

Originally Posted by David G

We have owned Sparrowhawk S48 since 1992 whence she was a mere 18 months old.

The time has now come to consider the awful prospect of selling her on, as annual usage just doesn't seem to warrant the ownership anymore

Equipped with a 1991 Suzuki DT85 she has been an amazing sea-keeper and rapid vessel.

Configured for diving with a single jockey and 8 cylinder SS bottle rack, double A-Frame with lights, aerials etc.

Sitting on an Indespension Roller Coaster 3.5 braked trailer too.

She is now quite tired and I have contemplated making her a renovation project (as there are lots of little things to tweak) but have to realistically accept that I don't have the facilities and time to get it all done in a timely fashion.

So, to stop the rambling and to get to the point; how on earth do I find out her true value and then how/where do I realise that value with so many scams around

Does anyone buy 22 year old RIBs at other than 'scrap' values these days?

I don't really want to do it because it's unlikely I'll be able to get back on the 'ladder' given today's pricings.

Any assistance with this would be greatly appreciated.

Orve. (depressed )

[David G]

Originally Posted by willk

C'mere dude, I just spent ten minutes answering a question that you asked in 2013. Srsly, what's changed since then?

We decided to keep her last year but things have now changed regarding suitability. (and I did say procrastinating again)

Apologies if you feel you have wasted your time today.......

[willk]

Originally Posted by David G

Apologies if you feel you have wasted your time today.......

I said "spent", not "wasted".

I think that you've answered your own question/s - the boat isn't suitable for you - work out how to maximise your return. Selling season approaches...., you should get over £2k for the existing boat and trailer, add that to the £10k you'd spend refurbing and there's lots of nice boats around for £12k

[Searider]

If it all runs and is useable it would be a great starter boat for someone.
Comparable to a 5.4m Searider? - plenty of those are old boats and none the worse for it.
So, definitely not scrap and should sell on here, or boats and outboards, pretty quickly in the spring.

You're right about not recouping the cost of refurb. We've been looking at the same with our boat. New tubes and upholstery £5k. New engine £10k, won't add £15k to the value. But in our case the boat is perfect for our needs so will eventually receive the attention.

[darklordhill]

What you get for it and true value are the same, something is only worth as much as someone else will pay for it.

As for maximising your return you need to to what I do when I sell my cars.
We call Polishing Turds. A quick repaint here and there and a good wash and polish.
Then pop it on flea bay and some itchy fingered fool will pay you more than its worth at the right time of year.

Good luck whatever you decide

[1eyedjim]

How much do you want for it. May be looking to get another. Just need the boat and trailer not bothered about the engine