Sometimes, I think we as older (the age of the boats and not the owners) performance boat owners, and maybe newbie’s in particular, aren’t particularly honest w/themselves about the value of their own, and other’s boats. I think I’ve mentioned this before, but in the collector car and motorcycle world, there’re grading standards. These standards are very important and taken very seriously. In the realm of boats, I don’t think the same standards exist, nor are they taken seriously. We see folks that want to buy a 70 MPH BBC powered 22C for $10k and it to be a perfect “1”! Their budget will put them into a mid ‘80’s boat and we know a lot of those boats can have a lot of issues. Often they get frustrated, don’t, or can’t themselves, pull the deck, repair the cockpit floor and seat bases, replace the tank, and all the wiring/switchgear. The result is generally something that’ll be hauled off in the future. I know the same thing happens in the old car and motorcycle world where the rule is “Buy the best car or motorcycle you can afford”. The same rule should apply to performance boats as there are generally no freebies and real bargains, i.e. “Cheap probably means problems”. The laws of nature aren’t suspended for wannabe performance boat owners.
Anyway, I have a “Comprehensive Vintage Motorcycle Price Guide 2013/2014 Edition”. What’s neat about this guide is the definitions put forward for grading the condition of bikes, and I believe the same guide could be applied to performance boats. So here goes;
· Condition 1- Perfect/New- New, unused motorcycles or perfect restorations. It should be noted there are almost no Condition 1 motorcycles on the road. These are bikes that would have just left the showroom floor, or have been restored to showroom condition with proper factory specifications. Everything runs and operates perfectly. These bikes are rarely ridden, and often will be show winners. Many people save these bikes in climate-controlled rooms or museums as investment pieces or works of art. Note that there are often differences between a Condition 1 original bike, and a Condition 1 restored bike, related to the demand and rarity. This is a factor that must be taken into consideration when purchasing a Condition 1 motorcycle.
· Condition 2- Excellent- Without close examination, many Condition 2 motorcycles may appear as Condition 1. It may be a bike that is ridden, but usually for limited miles. It may be a well restored bike, or a well preserved original. There is almost no wear, or very minimal wear on these motorcycles.
· Condition 3- Very Good- Most bikes that are seen on the road are Condition 3, or Condition 4. They are operable original bikes, or perhaps older restorations that have some wear. It may look good as you gaze at it in a parking lot, but as you get closer, you may see paint nicks or light fading; wear on the plastic, rubber, or leather parts; or light dulling of the chrome. All components of the bike are in working order.
· Condition 4- This is a basic, usable motorcycle. This can be an original well used model, or a restoration that’s been ridden and has begun to deteriorate. This bike may need some minor work, but most of the systems should function. Even from a distance, it is obvious that there are chips and fading in the paint, small dents, rust, poor chrome, or other areas of the motorcycle that need attention.
· Condition 5- Fair- This is a motorcycle that needs close to a full restoration. It may or may not be running, but it is in better shape than a condition 6 motorcycle. These bikes usually have all of the original parts, or the parts may be available from the owners if they have modified the bike and have not discarded the original equipment. It has rust, faded or scratched paint, pitted, or dull chrome, but not throughout the entire bike. This is a bike that would be considered as a good base for a restoration and would not present the restorer with a huge chore to find parts and supplies.
· Condition 6- Poor- These bikes are not running. They may be missing parts, may have been wrecked, and are in poor shape throughout, with faded and scratched paint, lots of rust, badly pitted or rusted chrome, tears in seats, cracked plastic and leather, worn or torn rubber pieces, and other problems. These bikes are usually good for parts to be used on other restorations, but can also be in the form of a complete bike in bad shape.
After reading through this it's obvious the various definitions can transfer directly to the performance boating world. I think it's a useful tool. It could be referred to when someone comes to our humble group of owners and members.
For instance, in my own history of Donzi ownership, both the Minx and the Testa Rossa were clearly Condition 6 boats. I paid $4K for the Minx, and $11.5K for the TR. Neither one ran. Both required about 5 times the initial investment to become what they eventually were. That multiplier might even be a good rule of thumb for wannabe's,
i.e.- original investment X 5 = a pretty good Donzi! Now that should be easy to remember.
After considering the condition of the boat...let's say a Condition 3 boat, it'll have a value based on depreciation compared to a new boat. Since a new 22C is $120K, and let's say the boat of interest is 15 years old will probably be valued at $20-$30K. A Condition 3, 15 year old 22C Donzi is very useful boat that anyone should be happy to own. It should have a lot of life left in it, be a boat you could be proud to own and easy to sell when the time comes.
This thread is open for discussion, and it's not meant to be an absolute, but more along the lines of a primer for performance boat hunting, or a resource for discuss the relative value of late '60's BS, V-drive Hornets.