I’ve owned more boats than I have fingers and all of them have been used. In fact, I’ve never owned a brand new boat. Oh, I commissioned dozens of new boats during my yard management days, but I don’t covet a new boat. Given depreciation and added equipment, you can usually get a better value for a lightly used boat. You might even be looking for the proverbial fixer-upper.
Not too far from my house is one of those boat and car donation centers where people donate their old beaters to charity. I can’t help myself; every time I pass by, I’m checking out the inventory. It’s weird, I DO covet a brand-new luxury car but not a boat—give me a boat with a problem and I’m motivated.
Of course, I only have a few friends who understand my pride in fixing a used boat. I’ve given it life, a second chance…but don’t tell my wife I’ve got another one. Fixer-upper boats usually have more than one problem, and they take time and money to repair—no matter how handy you are. So it might sit awhile in your driveway while you search for parts, and the energy to dive in.
I have my favorite parts stores and internet sites to find what I need, along with boat-owning friends who enjoy telling me how they replaced some holding tank or solved some other boat maintenance problem. You probably won’t make any extra money taking on a fixer-upper, but you should enjoy sailing it after it is re-launched or you’re not really getting the idea of it—it is about overcoming adversity, a challenge, or attaining a goal, and how that makes you feel—pride of ownership.
Here are my rules for a fixer-upper:
- Have a convenient place to store your boat for free while you work on it
- Know what it would cost to fix the problem(s) in a professional boatyard
- Empty it, clean it, and cover it before starting work
- Make to-do lists of projects and parts needed to help visualize the project
- Never sell your boat until it floats again
Here’s the good news about parting with a fixed-up boat. You’ll know it is time to sell when you start peeking into the donation lot to check the inventory.