Tactics for Buying an Old Boat for Restoration

[WetBandit]

I am taking my time searching for the ideal boat to aquire for my first restoration. Now, with that said, when I do find something on the side of the road, on craigslist or some other place, how much under the asking price should I offer? I know there are a ton of variables in this equation. But I would love to hear your experience scoring a good find. Was it luck? Negotiation? Begging? The reason I ask is because I know that once I get started with my first restoration, I will become obsessed with every detail as I finish any project. So I figure any tips to lessen the initial investment will only help That said, I am also being somewhat picky in what I want and it may take some time to find what I want, so when I do find it, any advise is scoring a potential find would be helpful.

 

[redneck joe]

free works, or have them pay you to haul away. See my sig line.


And welcome to the forum you've found the right place.

 

[jigngrub]

If the boat looks like it's worth the asking price, ask the owner if he'll take less. If the asking price looks too high, make an offer.

Some people set their prices firm and fair and can get insulted if you try to low-ball them. Others jack the price up intentionally so it looks like they're offering a good deal when they come down on the price.

 

[WetBandit]

Thanks Joe, love the sig line. That will surely be me - free boat that makes me broke. Sound advice jig, seems like buying anything else. I suppose timing is everything. Maybe late summer to fall is ideal as most want a boat gone before winter. Then again, the ugly hull I am likely to buy (or haul away free) will be from an owner who wants it off their lot during spring clean up

 

[undone]

Identify the type of hull you want and search for that, don't get something you don't really want or need just because it's free or cheap, but don't spend much for what you do want because anything over 15 years old will probably need a total rebuild, so the repair costs will be the same no matter what the age of the boat. The deciding factor would be the exact motor on the boat, bigger and newer is better, a non running motor with a bad lower unit would be considered worthless.

The quality of the brand will mean little because you will be redoing everything that was done poorly in the first place. A 30+ year old premium brand boat will probably need the same amount of work as a cheaply built entry level boat. Again, its all about the exact type or design of boat you want.

You will find junk with an asking price of many thousands, and free boats that are worth more. When you see a hull in a side yard that is full of leaves and grass growing up around it, stop and ask the wife if it needs to be removed.

 

[pckeen]

Waiting around until the right deal comes along. The reality is there are a ton of 'restoration' projects out there that people want way too much money for. Hang around, then pick up a boat at the right price when you meet a motivated seller.

 

[bigdirty]

My $.02 here...

If it's a boat you plan on doing major resto/work on, there are a lot of things you can use to your advantage when trying to get a deal (in some cases), and it might work to your benefit to not TELL them you want a project.. For example, if it has an OMC stringer drive(s) and you are willing and able to redo the transom and re-power with newer gear, you should be able to get it for almost free as they arn't worth much, even in good working condition. Same as the 'king' cobra drives, there are literally NO new parts available any more. Also, IMO, you should bring a compression tester when you go to look at anything. There are old motors out there that are in great shape and just purr...and new ones that have had the nuts run out of them and are ready to die. If its on a trailer, check the tires, brakes, lights, and if its an old rusty looking hulk, plan on spending some money there if you're gona tow the boat for any distance. A half decent boat on a craptastic trailer still isn't worth much..

Obviously if the hull is very faded, severely scratched and beat up, showing many many stress cracks, or has transom issues, it can be a good bargaining tool. Everyone likes and wants a shinny boat :lol: and trust me, it's some work to bring back poor care and maintenance on an old hull.

Next would be interior/seating and canvas/top and general aesthetic issues... poor condition here, and worn/dirty ripped and torn fabrics are a HUGE killer on the price of any boat, regardless of age IMO. Mainly because of the cost to re-do and repair (which again, is quite a bit cheaper if you diy)

I picked up my current boat for $1500.. spent 2 months and another $2000 or so, and now I have a great boat that I know everything works on and is solid.. and have had an offer of $10k for... :laugh: So what kind/size/type of boat ARE you looking for?

 

[WetBandit]

This is all really good advice and exactly what I was hoping for. I think the most important thing is patience, which I have a lot of. I suppose if I didn't have patience, I wouldn't be her would I? I have to admit, I do enjoy the search - browsing Craigslist, pulling over to look at a boat while on the way to someplace (drives the wife crazy). I was fortunate to have married a woman who has lake house access on both sides of her family. I grew up poor. I think my engrained do it yourself ingenuity out of necessity combined with my current position is a bad recipe for boat restoration obsession

 

[sphelps]

I think my engrained do it yourself ingenuity out of necessity combined with my current position is a bad recipe for boat restoration obsession

Grinding fiberglass will help cure that obsession !
Are ya looking for a tinny or a cool old glass boat ?

 

[tpenfield]

I think a big challenge and related tactic would be to identify the sellers that understand that the boat they are selling is a restoration candidate. You'll be wasting your time and possibly your money if you try to deal with someone that is selling a 'restoration boat', but does not understand that, or is trying to pass it off as a usable boat.

 

[WetBandit]

Grinding fiberglass will help cure that obsession !
Are ya looking for a tinny or a cool old glass boat ?

I am looking for a small tinny runabout due to my towing restrictions. I would love to do an old glass though, someday.

 

[undone]

Going aluminum means you can forget much of what has been said, tinnies go for more money and they need far less work to restore.

 

[52FordF2]

Look on Craig's list. Type in free boat, junk boat, project boat, parts boat, sunk boat. :facepalm: :lol:

You'll find lots of cheap boats, remember to try to get a title for boat and trailer. Otherwise you'll have to work with the DMV of your state to get it titled.

I actually walked away twice on my first free boat, now I have two freebees. I think I'm a glutton for punishment.

 

[Bondo]

This is all really good advice and exactly what I was hoping for. I think the most important thing is patience, which I have a lot of. I suppose if I didn't have patience, I wouldn't be her would I? I have to admit, I do enjoy the search - browsing Craigslist, pulling over to look at a boat while on the way to someplace (drives the wife crazy). I was fortunate to have married a woman who has lake house access on both sides of her family. I grew up poor. I think my engrained do it yourself ingenuity out of necessity combined with my current position is a bad recipe for boat restoration obsession

Ayuh,.... Alota Great advise above,......

If yer into a restro just to get on the water, 'bout any boat that floats will do,....

If ya wanta do a resto, 'n possibly have some Value when completed(as if a boat is Ever, Done),.....
Think free/ cheap, "Classic" hull,.....

My Boss 'n 'is brother are into High-Liners,... 222 the Best,....
I've got an Old Town, Atlantis beside my shop,.....
'n a Nova 230XL in the driveway,... not that it's truly a "Classic",.... it ain't a bilgeliner either,....

 

[jc55]

Identify the type of hull you want and search for that, don't get something you don't really want or need just because it's free or cheap, but don't spend much for what you do want because anything over 15 years old will probably need a total rebuild, so the repair costs will be the same no matter what the age of the boat. The deciding factor would be the exact motor on the boat, bigger and newer is better, a non running motor with a bad lower unit would be considered worthless.

The quality of the brand will mean little because you will be redoing everything that was done poorly in the first place. A 30+ year old premium brand boat will probably need the same amount of work as a cheaply built entry level boat. Again, its all about the exact type or design of boat you want.

You will find junk with an asking price of many thousands, and free boats that are worth more. When you see a hull in a side yard that is full of leaves and grass growing up around it, stop and ask the wife if it needs to be removed.

Outstanding advice...every word.

 

[WetBandit]

Thanks everyone. This is all great stuff. I will continue to be very patient and use your advice when the time comes. If the restoration is half as fun as the hunt then I have a feeling one boat won't be enough. I assume there are many here who share this sentiment

 

[redneck joe]

........... I have a feeling one boat won't be enough. I assume there are many here who share this sentiment

Yep that's called MBS. I'm in remission at the moment; only have one.

 

[jbcurt00]

Yep that's called MBS. I'm in remission at the moment; only have one.

Having an Admiral w/ a frying pan handy helps most stay in remission

 

[WetBandit]

Having an Admiral w/ a frying pan handy helps most stay in remission

Yes, my Admiral has successfully talked me out of a few already.

It really is amazing how differently people price their boats though. Some are just utterly ridiculous. I guess the challenge is trying to get people to realize what they don't have when they are selling, or simply walking away and waiting for the next one. I just find it amusing how many under 20ft boats are for sale for $5,000+ that need a complete restoration and they are 20+ years old. And that's with a motor that "needs a little work but turned over before I covered it 5 years ago." I often wonder what these boats eventually do sell for.