Re: My first boat (free)
If you REALLY like the boat, then by all means go through with a complete rebuild (it NEEDS it!). If you have any doubts about whether you like the boat or whether you'll keep it awhile, dump it now and get something needing less work.
I have done two 15-foot runabouts and am moving (slowly) along on an 18-footer. The first 15 got stringers, floor and interior (seats, vinyl trim, carpet, etc.). Total spent was about $1200, and I used epoxy throughout. Second 15 got a bit more, as I pulled the deck off and redid the transom, too. That one got about $1600-$1800 spent. It was literally gutted right to the outer skin with every bit of interior wood removed. The 18 is getting the same treatment and will likely run over $2000 when done.
I look at it this way... Is it possible to spend similar money on a decent newer boat need little, if any, work? Yes. Is it possible that that newer boat will need similar work a couple-three years down the road? Yes. When I'm done with my boats, they are BETTER than new for a LOT LESS than you can buy a new boat. I've got nice new interiors, clean new carpet, rock solid hulls, stronger than new transoms, better materials, and better attention to detail then they ever employed when originally built. Try buying a brand new 15-foot family runabout for under $2000. Can't be done.
I had the advantage of already having a motor onhand for the 15-footers, so I didn't have to invest anything in that regard. And for the 18, I rebuilt a late model 90hp that I bought cheap off eBay. I also bought another motor at a local auction - a 1985 140hp, that will get rebuilt this winter and likely replace the 90. And I can probably sell the 90 for more than enough to cover the purchase price and rebuild costs of the 140, making that one a push.
If you shop around and are patient, you might luck into some good sales for materials and fittings. With the offseason upon us, a marina might be willing to deal a bit on stuff in their store. You can find scrap fiberglass material on eBay - more than good enough for what you're doing. I paid 1¢ for some heavy woven glass on eBay last Spring. Cost me about $20 for shipping the huge box of glass scraps they sent! Lots of good long pieces which are perfect for laying in stringers, taping in transom, tacking in the floor, etc. It is possible to save money without cutting corners...
- Scott
