Do you ever feel Bummed about the money in your boat?
01-05-2013, 11:32 PM
#1
Do you ever feel Bummed about the money in your boat?
I am fixing up an older boat (1981) I have been amazed it has needed stringers, floor, and a fuel tank, etc etc . I thought I check it out well but it had so many "surprises" my head spins and my wallet hurts. Seem like everyone has stories of great deals, but I always wonder, if they had to bust another 5k or 10k (or more) for "surprises". What is your experience?
01-06-2013, 08:06 AM
#3
Gold Member
Gold Member
The money is merely a labor of the love for our boats. If I was to buy a different boat the money would just go into it. I will always dump money into mine. It has become a part of my DNA....lol
01-06-2013, 08:12 AM
#4
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I guess it depends on what you spent on the boat in the first place! When I bought my 84 scarab I paid $20k for it which probably sounds high but it had a lot of upgraded parts that made it worth that price. I probably sank another $25k into it and I know I will never get it back but I love the boat. If you plan to keep it and enjoy thats one thing, if you plan to build it and sell it then your money target needs to be totally different
Post some pics!
Post some pics!
01-06-2013, 08:14 AM
#5
21 and 42 footers
Platinum Member
pretty common problem. I once heard someone say they couldn't afford to buy anything BUT a new boat........now you understand why, not near as many "surprises" 
01-06-2013, 08:30 AM
#6
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I thought you said and old boat. my V-drive is a 1970 Wesco and my jet boat is a 1974 Cee Bee. the v-drive was pretty solid but need the the fiberglass fuel tanks removed and the floor reskined (the floor is natural wood and clear coated), the jet needed stringers, transom, floor and the dash rebuilt. the v drive is getting close to being ready for paint after 10 years but hopefully both boats will be in the water in the coming summer. I probably could have saved and bought something ready to go but I have enough friends that let me ride during the summer because I fix all their stuff so my boats are more of way of keeping me out of trouble or from being bored. It does not matter if it is a boat or a car or an old house or whatever, people like us do it for the love of the finished product more than the value of what we put into it.
01-06-2013, 09:19 AM
#8
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Been in your shoes many times. Here's how I see it and rationalize it (if that's even possible).
1. The boats I'd like to buy new, I can't afford. My only other option is to but a fixer upper. Realistically, none of us that do this will get our money back upon resale but you also need to compare this to the depreciation of buying anew or near new one.
I just finished a compete restoration on a 1985 24' Sonic and twin O/B's for it. I probably have twice in it (kept the receipts but got smart and did not total them this time) than what I could get for it.
The positive thing is what you end up with if done right. EVERYTHING in my boat is new or rebuilt.
To duplicate my rig w/new would be north of $100K. And while I don't have the funding to support that anyhow my math shows that boat would depreciate 50%+ after the first couple yrs. So I just took a $50K hit which is more than I have in my restored antique which is till worth approx. 1/2 of that.
So in my mind it cost me $25K to own exactly what i want instead of $50K.
2. IMO, unless you are shopping for near new rigs you're always going to find surprises once you get it home and start using it. W/a restoration you did everything (or as much as possible) yourself so when those issues surface it's and easy, cheap/free repair.
3. When you pull up at the ramp or the dock in a rig you re-did yourself......, there is a satisfaction and a sense of accomplishment you can get no other way. I used to carry a small, 3" x 5" photo album of the process in one of my old boats for when you're tied next to someone that appreciates what you've done. Going to do it for this one too.
4. When looking at anything much over 20' a good survey is well worth the money. A good one would have caught most/all the issues you are now struggling with. Yeah it would have cost you a couple hundred $$ but you would have then been an informed buyer and could either walk or show the evidence to the seller and negotiate a lower price. Who wouldn't pay a couple hundred $$ to save $10K or more?
5. To me this is one of strongest attractions to doing what we do. If you love old school like so many of us do, you can end up w/a rig 100% nicer than it was new and in a form that it was never offered in.
502SS's 30' Scarab and the 30' Velocity's are two prime examples. The 70's/80's style we love w/current computerized EFI's and drives that were not available then.
This can't be bought new regardless of price.
I always joke w/my friends and offer to invest their money for them
Sorry for the book Cyrus77 but you hit on a subject very near and dear to me and many of us.
Gary
1. The boats I'd like to buy new, I can't afford. My only other option is to but a fixer upper. Realistically, none of us that do this will get our money back upon resale but you also need to compare this to the depreciation of buying anew or near new one.
I just finished a compete restoration on a 1985 24' Sonic and twin O/B's for it. I probably have twice in it (kept the receipts but got smart and did not total them this time) than what I could get for it.
The positive thing is what you end up with if done right. EVERYTHING in my boat is new or rebuilt.
To duplicate my rig w/new would be north of $100K. And while I don't have the funding to support that anyhow my math shows that boat would depreciate 50%+ after the first couple yrs. So I just took a $50K hit which is more than I have in my restored antique which is till worth approx. 1/2 of that.
So in my mind it cost me $25K to own exactly what i want instead of $50K.
2. IMO, unless you are shopping for near new rigs you're always going to find surprises once you get it home and start using it. W/a restoration you did everything (or as much as possible) yourself so when those issues surface it's and easy, cheap/free repair.
3. When you pull up at the ramp or the dock in a rig you re-did yourself......, there is a satisfaction and a sense of accomplishment you can get no other way. I used to carry a small, 3" x 5" photo album of the process in one of my old boats for when you're tied next to someone that appreciates what you've done. Going to do it for this one too.
4. When looking at anything much over 20' a good survey is well worth the money. A good one would have caught most/all the issues you are now struggling with. Yeah it would have cost you a couple hundred $$ but you would have then been an informed buyer and could either walk or show the evidence to the seller and negotiate a lower price. Who wouldn't pay a couple hundred $$ to save $10K or more?
5. To me this is one of strongest attractions to doing what we do. If you love old school like so many of us do, you can end up w/a rig 100% nicer than it was new and in a form that it was never offered in.
502SS's 30' Scarab and the 30' Velocity's are two prime examples. The 70's/80's style we love w/current computerized EFI's and drives that were not available then.
This can't be bought new regardless of price.
I always joke w/my friends and offer to invest their money for them
Sorry for the book Cyrus77 but you hit on a subject very near and dear to me and many of us.
Gary
Last edited by Twin O/B Sonic; 01-06-2013 at 09:28 AM.
