New boat buyer, looking at 262

[sxprasad]

Hello,

We're looking to get a boat for Lake Tahoe this summer. After a lot of research (a lot of it on this site, thanks!) and talking to friends, it looks like a Cobalt 262 (maybe 252, 272) of early 2000 vintage would be good for us. We're renting on Tahoe this summer and may end up getting a place but if we decide not too, then I don't want to pay too much for a boat that I'll likely need to sell. I've been on boats on Tahoe before and appreciate the comments about the lake getting choppy in the afternoon so definitely want something that will be comfortable.

I'm certainly planning on having someone do an inspection but are there any specific questions to ask? I anticipate that anything of that vintage will require some maintenance. I'd just like to understand what that may be. Thanks in advance.

[AsLan7]

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So glad you found us sxp….

The 262 is a fantastic choice for Tahoe. We used ours on Lake Erie.

Be sure to ask how the vinyl is holding up. It’s difficult to source replacement seats so you’ll need a good vinyl guy.

And welcome aboard mate.

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[sxprasad]

Thanks so much for the guidance. Much appreciated.

[groberts4]

Hello and welcome aboard! I've got an '06 262 on one of the busiest lakes on the planet, Lake Conroe near Houston. On weekends and holidays we get 2-3' chop every which way from noon til 6pm (thanks, wakeboarders!). We started out with a lighter 23' boat but we got beat to death. Our 262 weighs in at 4500 lbs dry, so over 5000 with fuel and passengers. It takes these waves like a champ - you feel them but only as an inconvenience, not an annoyance. A friend and I were shopping at the same time - he had a 242 about the same year but it banged us around pretty good and we both knew we needed something bigger. When we test drove the 262 we looked at each other and said, "I want one". He actually wound up with a 2010 272, also a great choice. I didn't feel a huge difference between that and my 262, but both are are a huge improvement over that mid-2000's 242!

[CBO]

I picked up my 222 for a really good deal so I was OK with fixing and making repairs as needed. With that said it seems that people selling these boats list them in excellent condition when in fact they are in good condition or fair condition according to the NADA condition chart. So you will see boat prices at NADA retail pricing and they don't take into account for cosmetic or mechanical defects.
Things I would watch for and negotiate accordingly are,
-All Cobalt flip up bolster seats are cracked or broken. This is a $450 Plus labor repair.
-Missing parts or pieces. The parts and pieces for this vintage are very difficult to find and are not available through Cobalt. I.E. Filler Cushions, Canvas, Bimini Tops, and Hardware.
-Keep in mind the upholstery. It is around 10K to 15k to have the upholstery redone and that is if you can find someone to do in the first place.
-Gel coat fading and repairs. It's around $1500 to $2000 to have the exterior detailed and polished by someone that knows what they are doing.
-Mechanical, this can get costly very fast as well as waiting for a shop to have time to make the repairs. U joints, Trim Sender, Props, Fuel Pumps, Gimbal Bearing, Gauges, and the list goes on.
-The vintage of boat you are looking at also had Plastic Volvo outdrives as an option. if you come across one of these RUN. It will cost you upwards of 20K to replace it and parts are not available for it.

I keep my eyes open for 262's as well. Specifically a 2004 262 with the Bimini Arch, Captains Call Exhaust, Sport Ebony, Pump Out Head, and the HP500 Mercrusier. One can only dream I guess. Unfortunately I am not willing to pay the premium 40k or more that people are asking for an 20 year old boat that most likely will need $15K to $25k of work to bring it back to excellent condition.

[corey883]

We bought on 05 262 over the winter after test driving one last summer at Table Rock Lake, MO. At the time, we had an 18' Crownline and got bounced around pretty good when the lake was busy or windy. A 262 handles the chop very well because of the weight of the boat and the deep V hull. I've had our 262 out twice so far and it was stalling and not running well after getting it off the trailer... I took it to my boat mechanic and the diagnostic test showed it was missing on one of the cylinders, they pulled the spark pulls and it appears they were the original plugs so they were replaced. The computer showed the actual run hours at 460 hours... My 262 has a Merc 496 mag and it also needed a new Idle Air Control muffler... The mechanic says it running great, we'll see this next week when we take it out... I recommend doing a diagnostics test and compression test on the motor before purchasing.

[sxprasad]

Thanks all for the great advice. Super helpful.

[sxprasad]

Is JD Power pricing accurate? I've been trying to understand pricing for 262/272 models. I entered specs for a 272 that I've been looking at into JD Power and it provided a price thats about 15k below the seller asking price. JD Power doesn't seem take engine hours as an input so I wonder if this is part of the discrepancy. Any experiences as to how to view JD Power pricing? Thanks.

[Whippled263]

nada, kbb, and especially jd are a joke when it comes to pricing of a boat

[CBO]

If getting a loan your hands are tied. My two credit unions use NADA as a value and will give money for the motor but no options. Trailers are the big loser in this game.

[NautiWeasel]

When I've had to get a loan for a boat, I've always just made sure that the trailer price was less than or equal to my down payment, and that made the Credit Union's happy.

[sxprasad]

Decided to go with a 2009 276 that's in great condition ! Will post more pics when it's delivered. Thanks to all for the great advice and guidance.

[NautiWeasel]

Looks nice!