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Old 06-26-2012
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Re: Refurbish or scrap?

Brigala, the only way to figure it is with a pencil and paper. Tear into the boat, see what is rotted, what has to be replaced, how much material and labor is needed. Put a price of at least $10/hour on your own labor. More if you can earn it with OT on your job.

Now add it up. The boat is worth $600 as scrap? less, what, $200 as a dumping fee at your landfill? So it might be worth $400 to scrap it. $5000 might replace it. (Maybe less, I don't know) The question is, if you put $4000 into it, will you have a boat comparable to what you can buy for that money? I'd say if the price of fixing (which will always go higher than you expect) is even close to 75% of the price of replacing, scrap it and replace it. A lot depends on how you value your labor, and how sure you are that you won't be surprised along the way.
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