Does it still make sense to restore old boats?

soldier1964 · Sep 30, 2012

I bought my first boat for a really good price. Had a friend give a good mast for it. Apart from running some newer lines, the boat is in wonderful condition. Even the trailer is great apart from it not having any lights. It was perfect for someone learning to sail. Now I want a bigger one from pretty much the same year. It also is in very good shape for its age. Very solid needing just the tiniest of work. Once I fix it up, it is truly a part of me. The little bit of blood, sweat and tears really make it mine...

Bill Roosa · Sep 30, 2012

Some of us:
a) can't afford the boat we currently have (new price not what we actually paid for it!)
b) actually like the restore work
c) don't buy boats as investments

So I'd say that if you want more boat than you can afford.......restoring is the way to go.

And yes Jackdaw, I'd use your own argument to dicker the poor sap selling the boat out of even more $$$

Jollyroger · Sep 30, 2012

You are asking an open question which depends on many individual parameters and expectations.
When you buy an old boat you shouldn’t be looking for instant resale value. What if you intend to keep it for the rest of your life? In the great cycle of things it’s not unreasonable to assume boat prices will again rise and become a seller’s market.
It depends greatly on what price you paid, and what is needed to make the boat acceptable to you.
I’ve been very pleased with my purchase of a 1977 Down East 45 and already spend more on it than it cost. But I’m enjoying it and it will shortly become a very unique boat with all the features we want—and I don’t plan to sell if for a long time. So what price do you put on enjoyment?
See www.schooner-britannia.com

31seahorse · Sep 30, 2012

Hello Jackdaw,

While words like "sense", "cost", "reward" and "new" have different importance to each person, I certainly agree with soldier1964's idea of making the boat his own. With few exceptions the boats, vehicles, and properties my wife and I have purchased through the years have been old or used or in need of TLC. We find satisfaction in the result of our work on "previously enjoyed" boats especially. There are so many used boats just waiting for the right new owner.
Phil

kloudie1 · Sep 30, 2012

IMHO I don't think it makes sense economically at all.. but ... if you NEED a boat and have some talent with your hands, and some cash flow but no savings that ya want to blow away, restoring a good old boat allows you to choose when to spend dollars.. If ya borrow the money, you will pay for it every month whether you choose to or not.. The caveat is that you have to know enough to not get hooked into something that would take an inordinate amount of hard dollars to get yourself sailing.. That is the hard part !! The other part is that you have to be willing to accept that the boat is old and will not ever be as sexy/spiffy as something newer..
It is like when I was in college and bought two Fiat 850 Coupes for $50.. I needed a car, I knew what I was getting because the engines were already disassembled .. I knew that all the stuff was there.. I slowly bought the few new parts and spent a lot of time cleaning and measuring and re-assembling.. I ended up with two runners, one of which I drove for 4 years.. Very economical cars, but I had to be content that they were not very quick, had no air conditioner, and didn't look very spiffy.. I sold one for $400.. and the other for $1000 .. definitely a bust if sweat equity is considered, but I did not have the dollars to buy stuff ..

Merlin Clark · Sep 30, 2012

What your saying makes sense but for some of us, buying an old boat and fixing it up as time and finances allow is the only way to have a really nice boat.
And then, some of us just really like working on boats
and the sailor that puts his or her boat together is going to know how to fix it when that time comes.

HankPhillips · Sep 30, 2012

I'm rebuilding a 1965 Jensen Marine 24.5 that was sunk 3 times tied to a dock over the last 10 years. I'm really enjoying it, so far she's been cleaned, rewired completely, front bulkhead retabbed, running rigging replaced, winches rebuilt, new rudder built as old shaft had actually fallen off from electrolosis, all stanchions pulled rebedded and new back up plates installed, 3 of the five ports rebuilt......she needs a new fresh water tank and plumbing, a bottom job, and a few other minor things. We did all of it ourselves, we know it's done right, and we know her inside and out. I think if you're able to do the work, go for it. I'm not looking at this as an investment, just family time together......might just give it to my son on his sixteenth.

tommays · Sep 30, 2012

IMHP YES

There is a pretty big BUT list

1. You have to REALLY want that boat

2.You have to really understand what your getting yourself into and if you have a history of leaving jobs kind of 75% done it is a mistake

3. You do have to develop a budget as the boats ONLY going to carry so much value in a survey

We are just finishing up are second full season and have owned several brand new sailboats have no regrets as we have what we want and all the systems are 2011 vintage at a cost that would not even make a down-payment

Squidd · Sep 30, 2012

You know what I have Clay...it was in good shape and exceptionally priced when I got it, ut the real kicker for me is twofold...

1. Way easier (for me) to come up with $200 here $500 there and $750 on occasion (figure $500 month for 10 months) than it would be to pop 5 large on a boat at any given time...

2. I HAVE the technology, tools, know how and skills to do a rebuild...no fear here... my hot rods, my pulling tractor, my reef tank, the farm...all my hobbies are DIY oriented.

Did I spend $4k-$5k on a $5k boat...? yeah, probably...but it's my boat, fully functional, looking good and that included al the "goodies" like inflateable vests, a raft and 15" chartplotter..

But your question was on "basket case" boats... I looked at a few before I adopted the Lazy Lady...Most all were rejected because the "final" price would have been too high

I could have dumped $4-$5k into them and Still Not had a sailable boat to show...(plus gear) So I passed...

Still plenty of sailable "good deals" out there if you look...no need to settle on "bones" if you want steak dinner...whether your on the installment plan or not...

justsomeguy · Sep 30, 2012

In the grand scheme of things, what ever will you do with your life?

It's up to you.

Who wants guacamole?

Photo Bug · Sep 30, 2012

Well I think that I will honk my horn on this one. A bunch of years ago I bought a Piper Cub airplane that was a basket case. I paid $3500 for it. When I got all of the catalogs and added up the cost of parts I realized that it would cost around $25,000. (no labor included) to get it in the air. Looking around in trade-a-plane I came across a number of Cubs for $20,000 ready to fly home. So I have been spanked and I learned my lesson. Now it is always great to have a labor of love for a hobby, but there are better options. First would be a part time job. You can earn enough to pay for a nicer boat in less time that it will take you to fix-up the basket case. Next would be an owner financed deal. It will take time but you can find them. If you came up with a payment plan you could be sailing for all of those years that you would be working on the boat and you will still have plenty of work to do. If you followed my advise you might want to stick to the Catalinas or Hunters because of the parts and resale advantage.

zeehag · Sep 30, 2012

it depends on the person; the boat, and what will the person be doing with the boat involved. some are well worth the effort, as are jensen wenk designs, and many others.

higgs · Sep 30, 2012

I think the answer is, "It depends"

Don S/V ILLusion · Sep 30, 2012

higgs said:
I think the answer is, "It depends"

maybe

25yearslater · Sep 30, 2012

Oday 27, 1976. Over $18,000 invested but it is a better than a new boat. Name one new 27 footer for that price. The ability to identify failures in the design and construction allows for corrective action that a new boat won't reveal for a decade or so. Sweat equity? What's that? What am I going to do with my time? I suppose I could watch sports or reality tv and swill beer. This is more fun though.

rardiH36 · Sep 30, 2012

I am really jealous every time I see a photo on the forum of someone's boat in a driveway or side yard at home. Affords so much time and convenience to work on the boat. And no daily demurrage fees. In my area, by even just looking at my bottom paint with "I want a go at" intent would cause my property to become a superfund site real quick. (A driveway is not a possibility for me anyway since my boat is too big for trailer transport without getting an expensive road damage mitigation permit required in my town for even projects such as delivery of new roof shingles. Also our CC&R's would prohibit.)

To the original question, I agree with previous respondents' responses. But I would add one more consideration. Take on buying/restoring an old boat with the question: "Would I do this if the outcome at the end of my ownership is just breaking the thing up?" (In my area see the attached photo of an experimental airplane that had just been retrieved from the Sausalito channel after an unintentional water landing. The pile behind contains several - at least - broken up sailboats.) This question was my ultimate decision factor when buying my 1980 36' Cherubini Hunter. I was buying into a long dormant hobby, a challenge to my DIY skills, a new mindset, a new social network, fun, a useful way to pass time, etc. But economically, I asked myself if at the end of say 10 years on I needed to spend several thousand to have the boat simply taken off my hands, would I still be making the purchase of an old boat? The answer was yes. Its a hobby. Not an investment. Hobbies require money. Much like buying (say) a 1989 black Jaguar with original wire rim wheels and restoring almost like new. Might be fun, but unlikely anybody else would pay more than several hundred $'s above Kelly Blue Book (which is likely to be almost nothing) when it needed to be sold. For my boat, getting some $'s back when it is time to sell would be nice. But I won't be demanding it. My boat is likely to be almost 50 years old when I give up on it. (Which will also be about the time I might need to give up on myself as well!) By then 1990's used boats should also be very cheap. Why would anyone want a to buy a 1970-80's boat say in 2020 unless the model happens to have achieved cult status?

Erieau · Sep 30, 2012

25yearslater said:
What am I going to do with my time? I suppose I could watch sports or reality tv and swill beer. This is more fun though.

Exactly.

I quiver with self-hate when I tally up what I've spent on fixing up my old boats. However, there's no way I could've come up with the money needed to buy these in the shape they're now in, as another poster said. Besides, I would've spent those nickels and dimes on something less worthwhile anyway.

That said, I'll not do it again; I just can't raise the gumption for another project boat.
Until, maybe, next year.

Does it still make sense to restore old boats?

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Attachments

.