ASA and PSIA Instructor
Join Date: Apr 2000
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S2 36 foot 1980 Help
I would encourage you to make a careful and detailed estimate of what the costs of "needs everything.." could be! First you need to confirm that the engine is solid, and understand that any work quoted by a yard ends up costing at least twice as much as what they might estimate.
We are finishing the upgrading of a quality but "needs everything" boat - although we are very happy with what we have, it would have been MUCH less expensive to have paid a premium for a mint boat that "needs nothing...". Recognize that the total costs of replacement and repairs of a neglected boat can easily far exceed the market value of the result (think why moderately damaged cars get trashed as totalled) - which is why you see boats asking well below book value - even if free, they might be no bargain. The owner KNOWS what repairs needs to be done, and is probably asking a number that if gets he will be delighted to have - because he doesn''t think the boat is worth more than that!
Mint boat at a premium price - go fo it. Way below book but needs fixing-up - CAVEAT EMPTOR.