Join Date: Oct 2006
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I looked at a boat a couple years ago advertised as having a rebuilt engine. What it turned out to be was an old engine that had been seized, but was unstuck by this owner without any new parts. For good measure he sprayed the engine with a can of bright orange paint, covering rust, dirt and leaking oil. He claimed, with a straight face, the engine was "rebuilt."
So unless the owner can show you complete receipts from a professional shop, it's not rebuilt.
If the engine has been professionally rebuilt, yes, it does mostly reset the clock. It's still an old engine so the boat's less valuable than one with a newer engine installed.
Keep in mind that the rebuild doesn't automatically add value to the boat. Probably he had a worn out engine that would make the boat unsellable, and the rebuild is just one of his maintenance costs.
The prop shaft normally isn't replaced unless it was damaged. It might have been scored at the stuffing box and wouldn't seal very well, or it was bent, or corroded, or something.