I am looking at an '81 20 footer with a rebuilt 200 hp Merc outboard that has been rebuilt. How much is something like this really worth? The hull seems to be in good condition. I haven't gotten any details on the engine yet. They said it had new vinyl on the seats and a new gas tank. Comes with a trailer. I am not afraid of an old boat, especially one that will hold its value, but I don't want to spend more than it is worth.

Is it a red and white boat?

Is the 200 merc stock? Does it have a merc stopck lower units, CLE or sportmaster on it?
Lots of variables.

Yes, it is red and white. The topsides look pretty good for a 30 year old. The Merc has a Bridgeport powerhead. Not sure about the lower unit. The engine is an 80's Black Max. It looks a little tired on the outside, some pitting and chips. Is it a good assumption that the engine, in good shape, is worth more than the hull?

I would contact morgan from Sutphen performance group he would be able to help you.There is a few suts for sale right now that are not what there owners think they are so be careful