HOSSMAN

To have one re-done right and all the goodies of new in old...the 93 Lip Ship is doing is killer...but North of 100 and south of 150 on a 20 yr old boat. Problem isn't so much the the price it's the cash...unless you're paying cash banks seldom will tote the note due to age etc.... But it's a CIG....classic and respected!

mittens

Whats the point then? if your into it for 50k boat, and 100k restore.. thats 150k on the low side, and 200 on the high.

you can BUY and NICE, new, boat for that, and have no work, newer boat, and never skip a beat.

frickstyle

I think it's all what you want in the end. You can buy a 8-10 yr old TG and go boating for $100K-$150K, but have you seen some of the paint jobs and interiors (cockpit). they look awfully dated. Add $10-20K for new paint and $10K for a new interior or upgrade. It really adds up!

Again, all what you want. If you are going to do EVERYTHING on a resto, it will cost you $100K+ to do it right. And that is with finding deals along the way and taking your time (add a piece here and a piece there) be prepared to take 2-3 years to complete a full resto, min.

The guys who can afford what they want are buying new / newer boats and keeping them for only a few years, smart, if you have the coin and can dump them when you're done. That is a different league right there. Remember, when you can afford a $400K+ toy, you have a different outlook on things.

Listen to the guys on this board, they have been there and done that. There are no shortcuts here, and for some reason, these Cigs are pretty expensive for being older boats.

greg bakker

Is that the old Pain Killer ? OMG If so, some hot shot kid owned that boat a long time ago and tried to sell it to me. He said it had all new "tubes" I looked at my buddy and we determined he meant hoses. LOL He lived down in I believe lighthouse point. So we get into the boat,the engines are ice cold, he and his friend in the bolsters and me and my buddy in the back. And as soon as he could he put it to the boards and almost ran everyone in the intercoastal down . People were thrownig stuff at us, giving us the finger,yelling at us! I thought he was gonna kill us all. I am laughing so hard whyle typing this thinking about it... I know it was @ typhoon in jersey a year later. I think it had 540s single carbs Greg

rlj676

If that update is over 100k that sure makes it tough to swallow. Guess I'll just look for one someone else updated they can lose "a little" on!

On the cash comment if someone has 150k to update a boat in cash seems like they'd have more options, as that is a hefty down payment on a newer model you could finance? I've seen a lot of stepped guns for 150 or less I'd sure like to have.

frickstyle

I think he meant $100K+ for a 20yr old boat (complete after redo, total package).

The idea of redoing an old boat is you can take your time, hence, using cash. Say $80K over 2-3 years on a total resto (Strip to bare hull, prep, paint, re-rig, new electronics, interior, engines, drives, c.). You basically have a brand new boat when you are done, built to your taste. It may not be as efficient as newer technology, which is a trade off.

The problem is, no one wants to, or can finance, $100K in a lump sum for an old vessel. Banks will not touch it, and it's tough to insure a boat at that price when the market values them at $30-40K.

mittens

I have seen some NICe cigs for 150 or < just my opinion.

now picking up a 30k boat, and spending 60 k to have a very updated one is an option but the money they said is not on par with that.

HOSSMAN

I called on the TG at Lip-Ship just to get the skinny on it...beautiful boat but he said "after" the resto it will be "North of 100K but South of 150K". I am definately "not" a player at that price no matter how nice it is. My cash comment meant that no bank unless you have probably 50%+ down will lend out that kind of coin on a 20+ year old boat, no matter the brand, make, model, owner etc. Heck, when I bought my 29 Baja it took 6 banks and 2 months...and that was with excellent credit and 20% down and good debt to income ratio...but that was 3-4 years ago now...not sure it is any better. Back then the banks said they wouldn't go back more then 10 years on a boat.... Now that I am looking again I am in the process of re-learning what they will and won't do.

thisistank

Frick, is that your boat in your avatar? Are you restoring it? If so you need to start a new thread or at least post pics of that paint! Absolutely love the timeless / classy silver and white in the "diver down / 90mph" paint scheme.

speicher lane

+1... I was enlarging the screen on the laptop to see his avatar better - LOL... and that particular silver sets it off!