Repo'd Wakesetter

[Grubbolater]

I'm considering buying a used 2007 Wakesetter 23LSV (hammerhead). It has approx 140hrs on it. The boat was purchased by the original owner in Jun 07, was repossessed by the bank sometime earlier this year, put out to auction a couple of months ago where the current owner picked it up. The current owner, over the last couple of months, has replaced the starter, one amplifier (the large one on the bottom - 5 channel amp drives the cabin speakers and the sub) and the heater core for the cabin heater, and I had the gel coat scratches/nicks fixed. He has told me that it was repo'd in Tennessee. Visually, the boat seems in good condition given that it is 2yrs old. Externally, the only thing I saw that looked a little tatty was the upholstery - not that it was torn or separating at the seams, but that it has discolored (only the thinner dark gray vinyl; the thicker white and light gray vinyl was fine). Internally (engine, pumps, etc.), I have no idea what the condition is. I plan on taking the boat to a qualified Malibu mechanic to check it all out. I should add that, should I choose to transfer it, the factory 'bumper to bumper' warranty has approximately 1yr left.

So what else should I be looking for? I have never bought a boat before so I'm flying a little blind. Are there specific issues that I should be aware of when buying a boat that has been repo'd? What are the typical signs of saltwater use? How would I know if the boat has been exposed to freezing temps without de-winterizing?.....what else?

Also, assuming everything turns out alright, what do you think is fair market value for this boat? The boat is offered at $45,000, and sellers seems pretty firm on that price. Nada says $45,000 (Low) and $50,000 (Avg), though I am not sure how relevant numbers are in today's market what with high unemployment, difficult access to credit, blah blah blah.

Thoughts, concerns, etc. all appreciated.

[MalibuTime]

I'm considering buying a used 2007 Wakesetter 23LSV (hammerhead). It has approx 140hrs on it. The boat was purchased by the original owner in Jun 07, was repossessed by the bank sometime earlier this year, put out to auction a couple of months ago where the current owner picked it up. The current owner, over the last couple of months, has replaced the starter, one amplifier (the large one on the bottom - 5 channel amp drives the cabin speakers and the sub) and the heater core for the cabin heater, and I had the gel coat scratches/nicks fixed. He has told me that it was repo'd in Tennessee. Visually, the boat seems in good condition given that it is 2yrs old. Externally, the only thing I saw that looked a little tatty was the upholstery - not that it was torn or separating at the seams, but that it has discolored (only the thinner dark gray vinyl; the thicker white and light gray vinyl was fine). Internally (engine, pumps, etc.), I have no idea what the condition is. I plan on taking the boat to a qualified Malibu mechanic to check it all out. I should add that, should I choose to transfer it, the factory 'bumper to bumper' warranty has approximately 1yr left.

So what else should I be looking for? I have never bought a boat before so I'm flying a little blind. Are there specific issues that I should be aware of when buying a boat that has been repo'd? What are the typical signs of saltwater use? How would I know if the boat has been exposed to freezing temps without de-winterizing?.....what else?

Also, assuming everything turns out alright, what do you think is fair market value for this boat? The boat is offered at $45,000, and sellers seems pretty firm on that price. Nada says $45,000 (Low) and $50,000 (Avg), though I am not sure how relevant numbers are in today's market what with high unemployment, difficult access to credit, blah blah blah.

Thoughts, concerns, etc. all appreciated.

Haven't really shopped prices recently, but I can say the 2010 models will be out soon, which will make that boat 3 model years old, not 2. The mechanic should check the compression, check level and color of all fluids, and inspect for any signs of the freeze plugs being replaced. Also they will be able to tell you if the boat was used in salt water, there will be telltale signs, like premature corrosion.

Edit - one thing, the hammerhead will increase the value slightly. A good motor for that boat.

Edited June 12, 2009 by TheBlackPearl

[WakingMeHappy]

I put my Bu in salt water once or twice a year near Destin, FL. I just clean like crazy when we come home. For corrosion, look at all the hinge points, starter, alternator, under the dash, ect. Basically, look everywhere. If it’s been in salt water something will show. That’s not necessarily a bad thing depending on how much you see. If there’s rust on the engine cover hinges it could last a couple of years. If there’s rust on the starter it will lock up the first time it sets up for a couple of months.

Run it in the water for an hour or more. Stop, start, stop, start. Give the ignition system a work out.

As for the price, I would think you could do better in this market. If this is the first boat you have looked at then pass. It’s amazing how much you learn by looking at 20+ different boats.

[Ndawg12]

My 2 pennies, in today's market I would say the NADA low number is actually an average to high price, I don't think they have adjusted their numbers with the current economic situation. With that said, all the unknowns about this boat and it being a repo, I would shop around some more at least for a better idea of what it's worth (onlyinboards.com is a great site for used boats).

[wakeup]

My 2 pennies, in today's market I would say the NADA low number is actually an average to high price, I don't think they have adjusted their numbers with the current economic situation. With that said, all the unknowns about this boat and it being a repo, I would shop around some more at least for a better idea of what it's worth (onlyinboards.com is a great site for used boats).

I'd agree. There are new 08 boats selling for less than NADA averages for used boats.

As far as this boat, I have a feeling it was sitting around outdoors without any attention while the repossession process was happening.

Mechanically I would hope that while under warranty it was maintained properly but if someone can't afford a boat you have to wonder did they do the standard user maintenance (oil changes, etc).

Have an authorized mechanic check the engine and pull electronic information from the engine. There's a lot of good statistics there.

[vette-ski]

My input....this boat is being sold by somone who found a deal and is trying to flip it to make a buck. I don't have a problem with that, however you just need to be aware that this person doesn't know the history of the boat and hasn't cared for it like it was his baby. Therefore that adds a little more risk to the purchase and you should consider this in the price you pay. I've bought repo boats so I know they can be picked up cheap. However I buy for my use, not to flip. I wouldn't pay anywhere near that if you can get a not repo boat for the same price from someone who knows the boat.

[Bill_AirJunky]

........... have a feeling it was sitting around outdoors without any attention while the repossession process was happening.

Interesting you say that. A neighbor of mine recently bought an 08 Vride from a used car dealer in Portland. The boat had been thru the used vehicle auction because of a repo. Price was about $5000 under Nada's low book. The boat, interior, engine (39 hrs on a 320 LCR) & trailer are in great condition but we found a few issues, ie; missing bimini & cover, popped heater core, hoses not screwed in since it's been summerized, etc. It has a new prop but still has a vibration. I didn't know this detail till after the sale went thru & had to ask why it had a new prop with only 39 hrs on it. Apparently the old prop was pretty badly torn up so the car dealer put a new one on the boat. And my guess is the prop shaft is a bit out of wack as a result.

The interior on this Vride is in very good condition. I'm sure the car dealer had it detailed to get it sold. The last couple of evenings we pulled the heater core out from under the dash, removed the core itself from the box, picked up a new one at Napa ($19!), and reinstalled it. When we removed the kick panel, we found a ton of leaves back there. So as good as the interior looks, it was obviously detailed & in horrible condition at one point..... probably because it was stored outside with no cover on it. In this case I don't think it's going to be an issue as the new owner has 5 kids who will probably put this boat thru a lot more than any leaves or weather have done.

But it should serve as a reminder to check things out thoroughly when buying a used vehicle that has been thru a repo...... or any used vehicle for that matter.

[Grubbolater]

Great feedback. Some I was aware of, some I was not.

Further info: The guy who is selling this boat started up his business ~1yr ago selling used boats and, seems trustworthy (based solely on first impressions I should add). I also should add that I am looking at this boat versus a new 2008 V-Ride which I would be buying from a dealer. At the moment, the negotiations have us at $38K (excl. amp, tower speakers, and fees, which all together amount to ~$3K) on that boat. Any thoughts on this deal versus the Wakesetter?

So assuming that the Wakesetter has no major issues after the inspection and after taking it out on the lake for a spin, does everyone think that $5000 under the low Nada value is a reasonable place to end up?

vette-ski: Yeah, your point is fair. I am buying it from someone that knows nothing of the boats history. But, even if buying from the original owner I would question how much of what you are being told is true; people are probably not at their most honest when they are trying to offload something of this value. Either way, point taken, and it is a good one. Do you think the comment by 'wakeup' about having an authorized technician download all the engine's data mitigates this risk?

wakeup: Your comments are also fair. If routine maintenance has not been performed during the boat's history, is this something that is recognizeable to the eyes of a trained technician, or not?

All: Do you think that there would be value is contacting the original owner (if I can find he or she's details) for some feedback? Presumably, he or she has nothing to lose in giving me brutally honest feedback.

[Chia]

i don't think you can transfer the warranty anymore on the '07.

if you are prepared to buy a repo boat, have you checked the repo boat market directly?

what motor is in the '07 v-ride?

it sounds like you might not need the size of the 23lsv (looking at a v-ride), depending on your location you might find a well looked after used '08 vlx for similar prices.

[Grubbolater]

i don't think you can transfer the warranty anymore on the '07.

if you are prepared to buy a repo boat, have you checked the repo boat market directly?

what motor is in the '07 v-ride?

it sounds like you might not need the size of the 23lsv (looking at a v-ride), depending on your location you might find a well looked after used '08 vlx for similar prices.

Why do you think I can't transfer the warranty? From what I read, I can transfer it if I pay a $500 transfer fee. Maybe I am missing something.

Where can I check the repo market 'directly'?

Yeah, the size is not essential but would be nice. Just seems like the prices are real close and Wakesetter is just whole lot more boat (though granted it is a riskier purchase).

[68Slalom]

I'm considering buying a used 2007 Wakesetter 23LSV (hammerhead). It has approx 140hrs on it. The boat was purchased by the original owner in Jun 07, was repossessed by the bank sometime earlier this year, put out to auction a couple of months ago where the current owner picked it up. The current owner, over the last couple of months, has replaced the starter, one amplifier (the large one on the bottom - 5 channel amp drives the cabin speakers and the sub) and the heater core for the cabin heater, and I had the gel coat scratches/nicks fixed. He has told me that it was repo'd in Tennessee. Visually, the boat seems in good condition given that it is 2yrs old. Externally, the only thing I saw that looked a little tatty was the upholstery - not that it was torn or separating at the seams, but that it has discolored (only the thinner dark gray vinyl; the thicker white and light gray vinyl was fine). Internally (engine, pumps, etc.), I have no idea what the condition is. I plan on taking the boat to a qualified Malibu mechanic to check it all out. I should add that, should I choose to transfer it, the factory 'bumper to bumper' warranty has approximately 1yr left.

So what else should I be looking for? I have never bought a boat before so I'm flying a little blind. Are there specific issues that I should be aware of when buying a boat that has been repo'd? What are the typical signs of saltwater use? How would I know if the boat has been exposed to freezing temps without de-winterizing?.....what else?

Also, assuming everything turns out alright, what do you think is fair market value for this boat? The boat is offered at $45,000, and sellers seems pretty firm on that price. Nada says $45,000 (Low) and $50,000 (Avg), though I am not sure how relevant numbers are in today's market what with high unemployment, difficult access to credit, blah blah blah.

Thoughts, concerns, etc. all appreciated.

I'd walk away, there are many other boats out there that are probably in better shape. If the interior is slightly faded than it sat in the sun for while without a cover or anyone really caring for it. If the owner knew it was going to get repo'd you never know what he put the boat through as far as abuse, just my opinion. You can probably find another well taken care of at that price.

[Grubbolater]

i don't think you can transfer the warranty anymore on the '07.

if you are prepared to buy a repo boat, have you checked the repo boat market directly?

what motor is in the '07 v-ride?

it sounds like you might not need the size of the 23lsv (looking at a v-ride), depending on your location you might find a well looked after used '08 vlx for similar prices.

Why do you think I can't transfer the warranty? From what I read, I can transfer it if I pay a $500 transfer fee. Maybe I am missing something.

Where can I check the repo market 'directly'?

Yeah, the size is not essential but would be nice. Just seems like the prices are real close and Wakesetter is just whole lot more boat (though granted it is a riskier purchase).

sorry, meant to add that the engine in the V-Ride is the 320

[Soon2BV]

Run Away!

If this is your first boat, you don't want to buy a bunch of problems. you can find something with a better history without much work.

i just did a quick search on my dealers website (Morse Lake Inboards).

06 VLX, 90 hours, $44K

08 23 LSV, 30 hours, $54K

08 VTX, NEW, $49K

Obviously not exactly what you are looking for, but gives you some range.

Also buying from a known person (seller or dealer) you can get a clear history on the maintenance.

Go somewhere reputable, know the history, get something to enjoy not worry about.

You are spending too much money to risk a lot of problems to save a few $$.

[Chia]

i don't think you can transfer the warranty anymore on the '07.

if you are prepared to buy a repo boat, have you checked the repo boat market directly?

what motor is in the '07 v-ride?

it sounds like you might not need the size of the 23lsv (looking at a v-ride), depending on your location you might find a well looked after used '08 vlx for similar prices.

Why do you think I can't transfer the warranty? From what I read, I can transfer it if I pay a $500 transfer fee. Maybe I am missing something.

Where can I check the repo market 'directly'?

Yeah, the size is not essential but would be nice. Just seems like the prices are real close and Wakesetter is just whole lot more boat (though granted it is a riskier purchase).

--i don't have the manual in front of me but it IIRC the boat can only transferred from the original owner to the next owner, it will have to be checked over by the local dealer at your expense as well.

--repo market, you could try the internet search engine google, not sure what time the internet opens, but when it does, give them a try.

--Have to agree the 23lsv is way more boat, but i would think about shopping around a bit if you haven't been already, there are lots of boat for sale sites.

--Malibu factory, boat of the week is an '07, 247 mind you an RX for 48,900 with hammerhead, 90 hours, pw, bimini etc, etc.

--on the other hand if the boat checks out and you are ok with the price, then go for it. I would offer something less than what he is asking though, you know he got a great deal and a bird in hand is better than 2 in the bush.

[WaveMake'nLSV]

....or you could just buy mine!

[Ndawg12]

I bought a repo from a non-malibu dealer. I was ignorant at the time and I really wanted a boat so I believed everything he told me. The major question I had was salt water use. He said no, and flat out lied to my face!! It took my current Malibu dealer 5 seconds to point out the signs of salt water use. He also failed to mention that he bought the boat as a repo!! I figured that out for myself after sifting through all the documentation I ended up with. There was a whole bunch of other problems I had but I won't get into that.

Knowing what I know now, would I do it all over again...absolutely, just differently. I got a lot better deal than what you're being offered. What's the risk of not knowing the maintenance hsitory worth to you, $5k? What about the fact that it's a repo and could hurt your future resale, another $5k maybe. Forget what they're asking for it, take the average NADA, lets says it $47K, then I wouldn't pay much more than $37K for it.

Good Luck.

[Chia]

....or you could just buy mine!

good point, or you could just buy his.

have you checked out onlyinboards, great search features to help narrow down what you are looking for.

onlyinboards

[JeffS]

In my opinion, if you just want a great deal on a boat - don't go to a dealer. Start on Craigslist and go to the oldest listings first. Use CL for areas around you as well as your area specifically. Find boats that have been for sale for a month or more. Boats are not selling well right now. Truth be told, that's a tremendous understatement. Huge understatement. Find someone that owns the boat, and needs to sell - and work with him/her directly. Especially if you are buying a boat that will still be under warranty when you have it.

[wakeup]

Run Away!

If this is your first boat, you don't want to buy a bunch of problems. you can find something with a better history without much work.

i just did a quick search on my dealers website (Morse Lake Inboards).

06 VLX, 90 hours, $44K

08 23 LSV, 30 hours, $54K

08 VTX, NEW, $49K

Obviously not exactly what you are looking for, but gives you some range.

Also buying from a known person (seller or dealer) you can get a clear history on the maintenance.

Go somewhere reputable, know the history, get something to enjoy not worry about.

You are spending too much money to risk a lot of problems to save a few $$.

my 08 vlx new was very very close to the 06 vlx price you have listed. There are/were great deals to be had. I'd search the market hard. I've never wanted a repo myself. Just too many potential open ended situations.

[Harrison256]

my 08 vlx new was very very close to the 06 vlx price you have listed. There are/were great deals to be had. I'd search the market hard. I've never wanted a repo myself. Just too many potential open ended situations.

I just spent the past 5 months watching the market trying to find a boat and looking at the values etc, etc. My budget was a lot lower but all of the boats I realllly liked were in the 45k range and they were all very nice, with clear history, no repo, etc. Although I wasn't looking exclusively at Malibu's there are plenty of great boats to be had out there, especially on onlyinboards.com

[Harrison256]

Wow, Sorry I just realized how old this post was... whoops

[Ndawg12]

Wow, Sorry I just realized how old this post was... whoops

No problem here, it was a great re-read. I wonder what the OP ended up going with.

[Bake's Marine]

Why do you think I can't transfer the warranty? From what I read, I can transfer it if I pay a $500 transfer fee. Maybe I am missing something.

Where can I check the repo market 'directly'?

Yeah, the size is not essential but would be nice. Just seems like the prices are real close and Wakesetter is just whole lot more boat (though granted it is a riskier purchase).

You should be able to transfer the warranty and have it good until June 2010 (some items do not transfer like Stereo, Perfect Pass, etc and some stuff is only 2 year anyways Gel-coat is one of them. Personally i would just get the engine transferred in that case. I don't know if Malibu has any issues with repos, I know when a boat is totaled Malibu is notified and the warranty is voided but I don't know if they are ever made aware of a repossession.

Transfer is $500 for Malibu $250 for Indmar and then a authorized Malibu dealer has to perform a inspection on the boat for the transfer. We charge 3 hours labor ($360) to do the inspection and get the transfer process completed (there a lot of hoops you've got to jump thru)

Good luck!

-Paul

[Bake's Marine]

You should be able to transfer the warranty and have it good until June 2010 (some items do not transfer like Stereo, Perfect Pass, etc and some stuff is only 2 year anyways Gel-coat is one of them. Personally i would just get the engine transferred in that case. I don't know if Malibu has any issues with repos, I know when a boat is totaled Malibu is notified and the warranty is voided but I don't know if they are ever made aware of a repossession.

Transfer is $500 for Malibu $250 for Indmar and then a authorized Malibu dealer has to perform a inspection on the boat for the transfer. We charge 3 hours labor ($360) to do the inspection and get the transfer process completed (there a lot of hoops you've got to jump thru)

Good luck!

-Paul

HAHA!! whoops just realized how old this post was too... My bad! More info for who ever wants to read it!

Cheers

-Paul