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I'm with the guy who said that if it floats and is in decent shape, it's a good deal. A 27' boat for 7K even in this market is a good deal. One caveat, I don't think there's such a thing as "new gel-coat". Gel coat is applied as the first layer of the hull before layup. There are products that can restore some of it's original shine, but for the most part, once it's gone, it's gone. About all you can do in those circumstances is live with the chalky, dull finish, or paint it.