is it possible to make profit on boat retrofit?

[peacekeeper6]

I have always heard that you NEVER get your money back when you retrofit a hull. why is this? is it because parts are so expensive? I mean it doesnt make sense really. anyone have any comments on this?

 

[bassboy1]

Re: is it possible to make profit on boat retrofit?

If all you are doing is cosmetics on a really well wanted type of boat, yes, you could make a profit. Not much, but some. But, if you have to do an all out restoration, or even have to replace much of the parts, you probably wont make any $. Ya see, boats depreciate in value over time. Houses and land appreciates over time. People can flip houses all the time, but the price of the equipment over the selling price of a boat is not enough to be worth it.

 

[peacekeeper6]

Re: is it possible to make profit on boat retrofit?

yea, i guess its just like a car. its just weird how like a hull can go for nothing and be gutted then have the things replaced and not make any cash. its just an odd thing i guess.

 

[tashasdaddy]

Re: is it possible to make profit on boat retrofit?

i do it as a hobby, seeing i'm retired at an early age. i make money on some, and lose on others. so i break even. it's a project of love. you take a beater, and bring it back to life. someone that could not afford a new boat gets to enjoy the pleasures of boating. i get to see the start and the finish, and totally enjoy what i'm doing.

 

[peacekeeper6]

Re: is it possible to make profit on boat retrofit?

yea i love it, alot. just dont see how people sink so much money into a boat. its beyond me.

 

[tashasdaddy]

Re: is it possible to make profit on boat retrofit?

when you take a stripped hull and start adding seats, controls, wiring, etc, it adds up really quick. it's easy if you don't control the budget, to put $1000 in cosmetics.

 

[peacekeeper6]

Re: is it possible to make profit on boat retrofit?

i dont know just always hear people say you wont get out what you put in.

 

[tashasdaddy]

Re: is it possible to make profit on boat retrofit?

like i said i do it as a hobby, not an income maker. i rebuild them use them. then if i put specialities in for myself i remove the specialities, then sell them. ( fishfinders, trolling motors, vhf, etc) you sell a basic boat. nothing fancy. i don't sell anything i would not or have not used myself.

 

[JustMrWill]

Re: is it possible to make profit on boat retrofit?

It is possible...

The problem is, you have to keep costs down. Rebuilding something that you will use, you tend to over-build which will add up quickly.

I have a friend who rebuilds boats for a living...and does quite well. He ONLY rebuilds boats that are brought to him to be rebuilt and most rebuilds are in the $100k-$150K price range. SO, he really isn't gambling with the re-sell after.

-JMW

 

[peacekeeper6]

Re: is it possible to make profit on boat retrofit?

thats cool, i rebuild them sometimes but i always make soem cash off them. so i always wodner what people say when thye say you wont get your money abck.

 

[tommays]

Re: is it possible to make profit on boat retrofit?

It would be real hard to make say 20 dollars and hour on rebuilding most smaller boats that require a ripout because there generaly so far gone



If they need any kind of repower that will really blow a budget



And right now at least here there is a glut of seaworthy boats that never even hit the water because of the higher fuel cost



Tommays






Tommays

 

[redfury]

Re: is it possible to make profit on boat retrofit?

my boat is my hotrod, that's the justification of putting money into it. It all really depends on the market you are in, and the quality of the boats you are working with. Generally speaking, you won't make much off a boat unless you find the right buyer and what you are selling is special in some way ( in general, or to the buyer ).