Pricing/Valuation of an Osprey

[David G]

For the whole time I have owned this RIB I have struggled to get any professional market valuation of it.
Whether it be the insurance companies or the service agents.

Is there a way of working out a realisitc market value for a RIB?

Mine is a 1990 Osprey 5.2m Sparrowhawk with a 1991 Suzuki DT85 Outboard.
It is fitted out for diving with bottle rack, A-Frame etc, sits on a 1995 Indespension Roller Coaster 3.5 single axle trailer and I would say it is in fair condition (could be better, could be a lot worse) given its age and usage.

Does it have any value?

Thanks in advance for any assistance!

Orve.

[Poly]

Orville, there is a rule of thumb which some people have suggested which is:

Value at 1 yr old: Cost New - the VAT. (15% in 1990)
Value at 2nd yr old - value at end of 1 yr - 10%
Value at 3rd yr old - value at end of 2nd yr - 10% and so on...

So a rig which is 20 yrs old would be something like: (Original Price) x 0.85 x 0.9^20
i.e. about 1/10th of its original price.

Now that is only a rule of thumb and obviously two identical boats can end up being worth vastly different prices depending on the tlc, upgrades etc they've received over the years.

That formula doesn't account for inflation at all - and so for an "old" package I'd suggest it represents the "bottom" of the range and perhaps the same price + inflation is a more realistic top range?

Now just from the description I'd say its not that different to a about three which I've seen advertised over the last year which were roughly 2.5-4k depending on exact spec and condition.

Of course if your price is for an agreed value with insurers make sure it is high enough you can replace what you have by looking for a couple of examples for sale which seem to be of similar standard. If you are planning to sell then it will depend on how quick you want to sell it etc (e.g. prices higher at start of season).

[treerat]

When trying to value boats and other items look at what it would cost to replace them, not with new but with similier age / condition.

As Polwart has said a boat of that age is in the 3K region in my book.

[Mollers]

Originally Posted by treerat

As Polwart has said a boat of that age is in the 3K region in my book.

I'll give £3k for it now.

[Courageous]

There ya go! Sold to Mollers and it's not even on the market yet.

[Hightower]

I would have thought you might have gone for the above formula if you were selling a boat, but insurance? I guess if you were looking at market value insurance then yes, but an agreed value. I'm not so sure! I've got an agreed value policy and have insured my boat for total loss new replacment. I only pay £260 per year and can rest assured if the boat gets nicked, although heartbroken I'd get a new replacement.

[Chris]

3K is pretty close to the mark I would think, if you cleaned it up you could probably ask a bit more.