If the hull is sound, it becomes a project boat
If the hull isn't sound, it's ground up to go into a landfill.Project boats aren't for everyone, but for those have the desire, a few basic skills, the time (several years) to put into it, and would rather put their money into the boat instead making mortgage payments, rehabbing an old boat can be great way to end up with a boat that has everything on it a new boat has for less than 1/4 the price. And which can be sold for at least as much as you have in it.My last boat was a project boat, btw...20 years old...sound, but everything on her had to be replaced. 3 years later I had a 1-3 yr. old boat in a 20 yr old "shell." Comparable new, about $195k...my total investment, about $42k--the same or less than the minimum down payment and 3 years' mortgage payments on a comparable new boat would have been. Sold her for $48k.I'd do it again in a heartbeat...in fact, prob'ly the ONLY way I'd own another boat. But that doesn't mean it's something I recommend to everyone, 'cuz to do it right requires a lot of work and even more patience.