Is it ever worthwhile, financially?

[JASinIL2006]

Is there any truth to the whole "the two best days in a boat owner's life are the first and last day they own a boat."? Is it really THAT bad? Is boat ownership THAT difficult or expensive or... whatever? Is it possible that statement comes from (and follows) those who don't take CARE of their boat and neglect it and have to deal with the harsh realities of said neglect every year?

I suppose it's possible that quote is true, if you got into boating without really understanding the costs that can be associated with it. We've had so much fun with our boat, and I have enjoyed working on it, that there is no way that phrase is even remotely true for me.

Many of us who have restored boats have gotten into it unwittingly. We bought a boat that had problems without realizing it. The only viable option, financially, was to rebuild it. And I'm trying to process immensely. I now have a really well built boat and I know it inside and out. As others have said, I do not think it makes sense from a dollars perspective to buy a boat and fix it up with the intention of making a profit.

 

[jigngrub]

Is there any truth to the whole "the two best days in a boat owner's life are the first and last day they own a boat."?

That statement is probably true for landlubbers that really don't care about their boat. For me, those 2 days are the happiest and one of the saddest days.

As others have suggested, I suggest you start out small with the aluminum boat and outboard motor. This way you can tell if you really like being out on the water and if boating is for you. Your initial investment and wife's blackmail will also be smaller. You can find an aluminum boat in disrepair and fix it up and achieve the same satisfaction you would with a bigger boat. Aluminum boats are easier to work on and you'll be on the water quicker. Then as you get the feel and hang of boating you can upgrade later.

 

[zool]

The only way ive ever seen to take more money out of a project boat, than you put in is to put of a "free boat removal" ad, and pick up all the rotten glassers in the side yards near you, strip them of all saleable parts, haul the rest to the dump, and manage an ebay account....but even then, you still need a tow vehicle and trailer/storage area.

If you just want to get into a boat that's normally out of budget, then it can be financially rewarding, like others said above...My 28 was wasting away in drydock, and I was about to donate it to boat angel, but decided to go the other route instead, I will have over 25k in it, plus my labor when done, but that's just the down payment on a new 28 sportfish of any brand....that's financially rewarding to me.

 

[gm280]

At our timeshare in Oceanside, CA, we can rent a pedal boat and pedal around the marina for awhile. I'm unsure of how to operate something larger, so we never do. Besides it costs more. :-D But, I definitely wanna own a boat. Selling has never been a goal. I know well enough you can't get out what you put in. Restored an arcade machine (It was originally a Dig Dug cabinet with a basketball game in it and I repaired the monitor (cap kit) and converted it into a Primal Rage). It was fun to play for awhile, but then I sold it... lost a ton of money on it, so I know how that goes. A boat would only be a billion times worse. But... I also don't want to have to spend $10K on a boat I'm buying for $100-$500. Why not just spend that money on one I like, to begin with? Restoring an old junker to serviceability is nice, but I want to be able to get it operating and usable for maybe $2,500, total or so. I like what you said, gm280... because that's my viewpoint. I want to make that which is useLESS into something useFUL and be able to enjoy that sense of accomplishment... you know... my "Primal Rage" of the lake/sea! :-D But, living in Sierra Vista, AZ my start options are a tad limited and my wife insists, in order for me to be allowed to own a boat, she has to get the same amount I invest into a boat (she is really against the whole idea, period)... so that doubles whatever my budget is, right there... assuming she's not just bluffing me. But maybe she sees how badly I want to do this, and this is her best idea how to dissuade me? Make it financially ridiculous?

Luposian, you literally have to look at a boat as a hobby. Otherwise it will never pan out. Owning a boat still takes yearly maintenance and while the amount of funds needed totally depends on the type and size of the boat, it still is a hobby. So if you enjoy using your hands and like refurbishing a boat, then by all means buy one and fix it up. But if that doesn't sound enjoyable to you, forget it and look at something else to by your time. Unless you purchase a brand new boat, motor and trailer with a year's warrantee, you will still have to pay out for things needing fixed. It is the nature of the beast. So if that sounds like something you'd enjoy doing, pick a easy to rebuild hull and trailer and motor and work on it slowly and enjoy the effort... JMHO!

 

[64osby]

I would look at finding a way to get on the water for a day or two with your wife. Beg, borrow, steal, rent or charter. Go out with your wife and see how it goes. The goal would be to see if she could or would like boating. If you have a boat that she will not go on or like in any fashion you will not be able to fully enjoy it and it could possibly become a thorn in your side. Especially if she insists in one for one $$$ compensation.

Right now I have 3 boats, a small fishing boat that my wife could care less about. A nice 21' family boat that she loves to be on and a 16' project that she doesn't want to hear anything about, at least until it gets finished which might be next year the way things are going.

 

[Chad Flaugher]

My 2 cents... I bought a 1974 18' Cobalt for $500 on CL. Seats were trashed, but the rest looked okay. I got lucky!!!! We ran it all last year with little to no problems. Over the winter, I rebuilt all the cabinets, seats, and engine cover. My father in-law re-upholstered everything (Probably worth $2,500 value) I now own a boat that might sell for $4,000. Had I paid to have the work done, I'd be upside down, but by doing it myself we came out ahead. Now, I know what to look for, as I learned a lot. Good luck in whatever comes of it!

 

[bruceb58]

You will be spending WAY more than $2500 to get that boat usable. You will be spending just that on the sterndrive itself!

Go buy a used boat and you will be magnitudes ahead in both time and money

There is a reason that boat is in the state it is in. It was more cost effective to sell the parts than to to restore it for the previous owner.

If you look in the boat restoration area, someone is restoring a Bayliner Victoria Sunbridge. We sold the exact boat a few years ago in running condition for $4k. It had an almost brand new engine and a rebuilt upper gear housing for the Volvo drive. The person doing the restore has years invested in restoring his boat and a LOT of $$$$.

If you like restoring boats, that is an entirely different comparison. if you are only looking at dollars and cents, it is usually never worth it.

 

[produceguy]

It takes a lot of time and money to get just a fiberglass hull into a reliable seaworthy rigg. Sometimes you have to do it twice to get it right. When your on the water and having a great time with your family,it's worth it for me.

 

[Luposian]

The American Way (credit): "Have everything you WANT in life... and then pay for it, for the REST of your life."

 

[Luposian]

My wife's objection is not the boat (or ownership thereof), itself, but the fact we live far from any bodies of water (Parker Canyon Lake or Patagonia Lake are the only two nearest us) and she refuses to haul it (I am licensed to drive, but I don't like driving and am a nervous wreck doing so; maybe a vehicle like the Elio might work for me. Dunno). So, that's the biggest problem... who to find, who can/will haul it. I'd gladly trade that task for free usage of the boat any time they like! :-D

 

[jigngrub]

My wife's objection is not the boat (or ownership thereof), itself, but the fact we live far from any bodies of water (Parker Canyon Lake or Patagonia Lake are the only two nearest us) and she refuses to haul it (I am licensed to drive, but I don't like driving and am a nervous wreck doing so; maybe a vehicle like the Elio might work for me. Dunno). So, that's the biggest problem... who to find, who can/will haul it. I'd gladly trade that task for free usage of the boat any time they like! :-D

You can rent a slip (a covered space on a dock) to keep your boat on the water and never or just rarely have to tow it.

Which brings us to another question, what kind of vehicle do you have to tow the boat with?

 

[Luposian]

Vehicle to tow with = 2014 Chevy Equinox SUV or 2007 Chevy Colorado. Person willing to tow = me (my son might, but unknown); but I'm not an eager or confident driver.

 

[bruceb58]

Neither will tow a 25' boat.

 

[Luposian]

What size/type boat could either tow?

 

[bruceb58]

What engines are in each?

If each had it's biggest engine, the Colorado would tow the most at 4000# so you are looking at something around 18'.

 

[Luposian]

Wife says we got the smallest 4-cyl. engines in both vehicles. That's measured in litres, right? So, how much could you tow, comfortably (not straining the engine), with either vehicle? Size (length), type, and hull material of boat. Is aluminum lighter than fiberglass? Assuming aluminum is lighter, do they make cuddy's or cabin cruisers with aluminum hulls? Those are the two boat types I have my heart set on... :-D

 

[Scott Danforth]

your towing capacity is in the vehicles owners manual. however with the 4 cylinder, my guess is the Colorado may have a 2000# towing capacity. that would put you into a small 14' aluminum boat with an outboard. you would need more tow vehicle than you have to pull a cuddy or cabin cruiser.

The equinox has around a 1500# towing capacity.