Is it ever worthwhile, financially?

[Luposian]

I can get one 25' cuddy cabin boat for $100 on Craigslist (Sierra Vista, AZ). No trailer. No engine. Solid hull (I'm told), but it's a wreck on the inside. Will need new cushions and possibly floor work, etc. Another 20' boat (fishing) is on Facebook for $500. Comes with trailer. Engine is a Straight 6 (is that an I/O, also?) but of unknown running condition. Unknown interior condition (no other pics available). Is it ever worth even CONSIDERING boats like these? Trailers are expensive, so getting one for the 25' boat is gonna probably run me over $500, as is! Plus my wife says you gotta insure and license them, to even pick up the boat or bring it home. I'm new to all this, so forgive my noviceness.

 

[BWR1953]

In 2009 I made the mistake of thinking that a 22' fixer-upper for $100 was going to be inexpensive to fix. From the outside I saw dirt and grime and some missing stuff but it otherwise seemed okay to my naive eyes. No motor included either. So I promptly bought a 2nd boat, a 15 footer, in similar shape with a 115 hp Mercury hanging on the back that I intended to swap onto the bigger boat.

Bad idea all around! BOTH boats had rotted transoms and stringers which would have cost many thousands to repair and refurbish. Fortunately, I learned a lot from the smart folks here on iboats and was able abandon the restorations and to sell the boats and that motor without losing money. Got lucky, I did!

More recently we acquired a Starcraft aluminum boat (the link in my signature) for a good price and I just finished an inexpensive refurbishment. I'd learned a lot from my prior adventure with the prior boats. I kept it simple this time and am now money ahead. That's a rarity though! From what I've read, most guys are "upside down" on the value of their fixups/resorations compared to true market value.

As always, YMMV. :joyous:

 

[ondarvr]

It is very rare that you can even come close to making it pay off on a boat that size that comes with nothing but a rotten hull (the glass may look OK, but the rest will be rotten). If you can find good deals on parts, work endlessly, get fired, get divorced, sell the house, and have about $15,000 to $20,000 to throw away, then you may be able to have it on the water in a couple of years.

 

[Luposian]

I... think I get the point. "Abandon all hope, ye who enter here", right? Basically, you lose (a TON of) money going in cheap. You SAVE money spending a few thousand on a maintained boat, rather than buying in at a few hundred and trying to restore it to usability...

 

[ondarvr]

You can frequently buy a boat that size for around 5,000 to $6000 that has a rebuilt motor and drive, a working trailer with good tires, most of the rotten wood replaced, some electronics, a kicker motor, fishing gear, newish vinyl, life jackets, anchor, rope, plus some other goodies. You will still need to do a bunch of work on it, but if you shop correctly it will probably be able to be used quickly.

This guy will have purchased a "cheap boat" a few years ago and now has it finished, or close to it, but now his priorities have changed or he wants a newer boat, so it's up for sale.

I should, this works around here because we have some older brand boats that people love to refurbish, they're will be one up for sale every few weeks.

 

[jbcurt00]

But be aware, an advertised 'well maintained boat' might not be, and even if you pay more then $5K, the 'good to go boat', it still might not be.

Some because the seller isn't aware of their boat's true condition, many are because the seller has done cosmetic repairs to an unsafe boat, and has no qualms selling it to an unsuspecting buyer.

Look thru the topics in the resto forum. You will find lots of various reasons people end up here rebuilding their boats

Welcome to iboats, and asking questions BEFORE you buy a boat is an excellent way to start your boat ownership experience.

Here's a good read for someone thinking about buying a used boat:
For New Members Needing help buying a boat. A Buyer's Checklist.

 

[64osby]

In our state you are supposed to license the trailer before towing it home. Many will flip a plate on from another trailer just to get it home. Insurance should be covered by the tow vehicle policy. Once you are able to get it water ready then look at adding the boat to your home owners policy.

As all others have said you will not come out financially. If you do decide to do a project it can be a fun and rewarding venture. It will also be create a hole in your pocket, blood loss and sleep deprivation.. It will also take 2 to 3 times longer then you think it should.

If you are looking to get on the water quickly, find a water ready boat. If you are looking for a project they are easy to find. Many here have both, some by choice, some by necessity. Mine is by choice.

 

[jigngrub]

When you restore an old rotten boat, you get a like new boat for a small fraction of the cost of a brand new one!

Go price a brand new boat in the size that you desire and then compare fixing up and old rotter, you'll quickly see which is cheaper!

 

[jbcurt00]

When you restore an old rotten boat, you get a like new boat for a small fraction of the cost of a brand new one!

Go price a brand new boat in the size that you desire and then compare fixing up and old rotter, you'll quickly see which is cheaper!

I absolutely agree ^^^

But from the inital post, I got the impression a full blown project wasnt the idea unless it was a for profit venture.

 

[ahmincha]

I agree with jig I do not believe I could by a used boat like mine in the condition its in now for the amount of money I have invested. With that being said I also know I could not sell my boat for what I have in it just do your homework and get as much as you can for your money

 

[redneck joe]

Ive got way more money in the Carver than i'll ever hope to get out of it but I've got way less in it than a new one.

 

[redneck joe]

And when i do sell im going to make someone very happy. I hope to find a new boater and makensure they get a good boat for cheap.

 

[jigngrub]

I... think I get the point. "Abandon all hope, ye who enter here", right? Basically, you lose (a TON of) money going in cheap. You SAVE money spending a few thousand on a maintained boat, rather than buying in at a few hundred and trying to restore it to usability...

Beware! There are a lot of shyster boat sellers out there that will wrap a rotten boat up in new paint, carpet, and vinyl just to sell it for a lot more than it's worth and the buyer will get ripped off and still need to do thousands of dollars of work to the boat to make it seaworthy. We have seen this many times on this forum from the buyer that got ripped.

You can buy a good looking used boat for thousands of dollars and still need to put thousands in it.

 

[Scott Danforth]

Look around for a running boat. You can find great deals on boats. However they will not be below $2k unless it's a small tinny.

if your intention is to make a small fortune flipping boats, start with a large fortune.

If your intention is to get into boating for a small amount, start with an aluminum boat with an outboard.

 

[gm280]

Seems everybody pretty much covered everything pretty well already. However, If you like working with your hands and just like refurbishing such things, buy an older boat that you like and start the project back to new condition. It isn't so much the total cost, because that gets stretched over years as you work on it. But if you enjoy doing that type work, it is worth it in the long run. Because after you are finished, your boat will be actually better then when new and built with your ideas in mind. You get to change things around and add things to make your boat your style. Now how can that be so bad? There is no way to Flip Boats and make money IF you do the refurbishing correct and safe... JMHO!

 

[Luposian]

At our timeshare in Oceanside, CA, we can rent a pedal boat and pedal around the marina for awhile. I'm unsure of how to operate something larger, so we never do. Besides it costs more. :-D But, I definitely wanna own a boat. Selling has never been a goal. I know well enough you can't get out what you put in. Restored an arcade machine (It was originally a Dig Dug cabinet with a basketball game in it and I repaired the monitor (cap kit) and converted it into a Primal Rage). It was fun to play for awhile, but then I sold it... lost a ton of money on it, so I know how that goes. A boat would only be a billion times worse. But... I also don't want to have to spend $10K on a boat I'm buying for $100-$500. Why not just spend that money on one I like, to begin with? Restoring an old junker to serviceability is nice, but I want to be able to get it operating and usable for maybe $2,500, total or so. I like what you said, gm280... because that's my viewpoint. I want to make that which is useLESS into something useFUL and be able to enjoy that sense of accomplishment... you know... my "Primal Rage" of the lake/sea! :-D But, living in Sierra Vista, AZ my start options are a tad limited and my wife insists, in order for me to be allowed to own a boat, she has to get the same amount I invest into a boat (she is really against the whole idea, period)... so that doubles whatever my budget is, right there... assuming she's not just bluffing me. But maybe she sees how badly I want to do this, and this is her best idea how to dissuade me? Make it financially ridiculous?

 

[Scott Danforth]

If I were in your shoes, I would seek boating lessons , then rent a boat.

Until you get the admiral behind you, you can not win

 

[Luposian]

Where in blazes do I get boating lessons in Sierra Vista, AZ? :-D How many do you need (how long would it take), if we could get them at our Timeshare?

 

[Luposian]

Is there any truth to the whole "the two best days in a boat owner's life are the first and last day they own a boat."? Is it really THAT bad? Is boat ownership THAT difficult or expensive or... whatever? Is it possible that statement comes from (and follows) those who don't take CARE of their boat and neglect it and have to deal with the harsh realities of said neglect every year?

 

[ondarvr]

Boats are very expensive to own and use, the bigger they get, the more $$$$$$ you spend to just treadwater. A free 25' will require a tandom axle trailer ($2,000 for a good usable one) and a truck to haul it, another $10,000 to $20,000 for something that will be reliable and safe. So with insurance and maintenance you're already in for maybe $25,000 and you haven't done anything with the boat yet. It would take another $15,000 or more, maybe much more, to get a gutted 25 footer back on the water.

If you want to try boating get a small aluminum boat that can be towed by just about any car and see if you like it first. Then you will be able to better identify your wants and needs in a boat.