Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O free

The history.... Friends family owned this boat the last 10 or more years. I have been on the boat several years ago skiing/wake-boarding and the boat always preformed very well. 2-3 years ago it developed charging issues. Stator replaced was fine for a while then the problems returned and the boat became unreliable and thus unused.. (thanks to iboats I'm looking into the alternator upgrade and fab'ing up some brackets, more on this later)
I'm fairly handy with a wrench but no super guru mechanic by any stretch. So, here is the deal. The boat is free all I have to do is come get it. The interior is shot due to lack of covering. I plan to strip it anyways and do a budget plywood, foam and vinyl interior that is purely functional and not looking to win any prizes for best in show. I drove out to take a peek at it with all the intentions of saying "No thanks, too much for me", but after a 10 minute hillbilly certified inspection I walked away with tiny voices in my head repeating "shes got potential".

List of known issues as follows.......
interior shot...assumed this prior to looking at it
Alternator upgrade mod needed
No clue if the boat was properly winterized, possibly not but when I removed the Cooling cap and it was full of antifreeze, but no clue about the exchangers/lower unit and beyond (the joys of discovery).


List of positives (or is that self rationalizations)....
All controls and steering function smoothly and wiring is non-molested and factory in appearance.
The hull is in real nice shape, no stress cracks visible on the exterior transom, no cracks visible on the inside of the transom or what could be seen of the stringers (which is very little).
I assumed the floor was shot, when I climbed aboard I stomped around the interior of the cabin and it all feels as solid as a basketball court (was shocked and amazed). I stomped with full power and intentions of breaking through and could not even feel so much as a flex from the console to the transom and all along the sides and out in the open.
Gel coat is faded and I could care less if it was or wasn't...paint may be an option if she can get running decent.
All hardware is there, nothing missing or removed mechanically.
Decent trailer that alone has to be worth a few hundred dollars.
Even if the boat never gets resurrected and used again, there has to be at least several hundred dollars in functional parts and hardware there.

End game ambitions....
What would be nice and my hopes are to possibly have a decent running functional boat. We have a lake house with a dock, no boat and no budget big enough to buy a nice used boat. The lake is a small shallow lake and the boat will never leave that location unless its a trip to the scrap yard. I would be up for a $1500 in parts gamble and a 100 man hour investment if the boat could become even a remotely decent runner. I could be wrong but I do feel that the hull is a good, safe and sound condition. If it could run remotely reliable I would consider it a grand success. I have zero cares about its presentation values and merely looking for a functional "I don't care" boat to get to the watering holes and maybe pull a kid or two on a tube or just throw a line out in hopes of catching a nasty old channel catfish.
There is a small crack in the hull (concrete dock impact I'm told) but it is just below where the rub rail/boat cap line is and its maybe 4 inches long. Honestly I don't care about it and if I decide to paint the boat I may spend another hour covering it with some resin and cloth, sanding then painting. Only if the engine becomes reliable enough to warrant finishing the interior seating and carpeting.

Your mission should you choose to accept it is: talk me out of this nightmare money-pit of a boat and tell me to just keep saving until we can afford another decent money-pit, or consider it a $1,500 gamble and at the end enjoy a good laugh on the way to the scrap yard with it. Deep in my gut I have a good feeling it could be a decent beater boat, but again is that just self rationalization. Keep in mind I am aware of all the other nickle dime things that I assume will need attention such as bellows, impeller bearings and the sorts. From all the boats I have looked at in the past weeks, this boat is right in line with what else is out there for $2500-3500 from what I have seen. It sure is hard to beat free especially when 9 out of 10 boats I've looked at in this price range aren't much better, if not worse. In my gut I dont feel that I would be any more worse off with this boat than many others in that before mentioned price range (or again, is that my brain rationalizing all this).
Thanks in advance for your time and welcome all feedback, both positive and negative.

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

Moving to Boat topics.

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

Sorry mods, I thought my questions were more merc related as apposed to general boat questions but in hindsight I can see why it was moved. My apologies.

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

You couldnt be any worse off than I am with mine, complete restoration, however my drive is good and the engine runs like new. Take it make it solid before you do the interior and see where your at. Check the prices on all the fluids and impeller and bellows and etc etc etc.

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

If it sat uncovered for years there may be rot issues. Check the transom & the deck/stringers for wet or rot. If the interior is shot the stuff under the deck may be also. Got to the restoration forums & search to find the best way to check both items. Don't invest $1,500.00 in a boat until you know if it's rotted or not. Even if it is rotted it may be worth rebuilding.

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

Why not use the search function and read up about the motor........ needs a hull repair and interior...... I would say it is priced about $1250 too high providing the trailer is worth $250

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

Been there.... I don't think $1500 + 100hrs labor will be enough. You'll be dumping $3000 and lots of time into that boat real quick. If you start getting into a shot motor or outdrive, price only goes up.

I would establish a budget of $4500 and then shop and buy a boat that is ready to go. Just saw a well maintained 1993 Wellcraft Eclipse 19' with 4.3 merc + trailer at the marina - $4500.

Seems like the cost spread is $1500-$2000. IMO, I would rather spend my time shopping and finding a ready to use boat vs. boat restoration.

Good luck with your decision!

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

thanks hellion68.

Fisherball: I agree with everything you stated and pretty much wraps up all my assumptions I had prior to looking at it. No joke, the floors are rock solid at least from deck side. I will (if I go with it) drill some inspection holes and see what the condition of wood is. At this point though I'm more concerned with the engine than anything else. If she wont go then everything else is irrelevant.

Bob_vt: That has kept me busy for several days now. The wealth of information available here is priceless and motivating. laughing at your estimated value and you may be right, a grand to high for a free boat. Sadly we blew our wad on the lake house property so funds are pretty tapped for a few months with home renovations. Got a HUD home for about 42cents on the dollar.

Thank you guys for your valuable input. Keep it coming!

calvinator: You do make good points and sound pretty right on and I think I know that. I just cant keep from habitually lying to myself about it.

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

If you have $1500 to spend....... look for a tin boat or a smaller boat with an outboard such as a later model merc or johnson/evinrude. You will be miles ahead in the long run.

I am not fond of the 470/3.7L and I have owned them. The truth is an aluminum boat is lower maintenance and repair cost. This just may not be the time for you to be on a "boat purchase mission" along with your other expenses.

I realize it may not be the answer you wanted to hear

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

Bob_vt: Your right, not what I wanted to hear. However, you are more "hit the nail on the head" right than you realize. Deep down I know to walk away, it's just that damn temptation of free that makes it all that more difficult to walk away from. The boat may be free, but the image in my head of me driving "that" boat are as far from free as one can get. Sound advice from a well seasoned professional is the best tip so far, and I thank you for that. Maybe I should just take the cash and order a truck load of beer, buy a blow-up raft and enjoy weekends at the lake house.
One last question, where's the "Patch & Mod your raft forum section"

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

Let me tell ya a story.

I got a free 20ft Lund at Easter of this year. Picked it up and tore into it, I had 5k to spend and thought all would be good. After taking the floor out and the engine, the stringers etc I sat down and added up my materials list. Well 5k was not enough to do it right and I still would have needed gel-coat work on the hull and to do interior along with motor work...etc.

I looked at my wife and said I am kind of a fool, so off I went to look for a boat that was more "together". After 3 weeks of looking at 30 some jewels..lol, we got one, After doing the maintenance that one would do in the Spring anyway all was good, we have had it out every weekend since the purchase without issue. Boat looks very new and was well taken care of for an '87. The Lund, well I have the 302 that was in on my floor, and the lower unit and about everything but the hull with me. The hull was scraped and the trailer going back to my uncle who gave me the boat to start with.

Hope that helps with what can happen,

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

Two questions popped into my head as I read the above.

1. Do you want to boat this year or next year is the real question?
2. You mentioned work that needs to be done on your lake house, do you have enough free time that is caling out for a free boat to work on too?

Answer those questions honestly to yourself and theres your answer.

I've got no room to talk, I saw a cheap boat I liked last summer and went for it. I'd really like to have it in the water by the end of the summer but am starting to see the light that it will probably be next year.

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

shoot I'd snap up that free boat so fast it'd make your head spin.... it isn't around here is it? lol

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

The boat is free all I have to do is come get it. You cannot beat the price--and, it's a Wellcraft. This is a high quality boat with ageless styling.

I too had a 470 Mercruiser--until a thrust bearing bolt dropped into the oil pan and it partially seized. I got all the machine work done, but never got around to reassembing my motor. I have any part you might need for this boat--including a stator and the water cooled voltage regulator. I also have a good 23 pitch Mercruiser stainless prop.

I too say to pull the upholstery and check the floor/decks for any soft spots. If okay, then address the mechanics. I would suggest checking all fluids, put fresh gas in the tank, put a strong battery in the boat and see if you can get it running easily. Don't forget to put a water muff on the lower unit.

Most 470's had heat exchangers, and the engines had antifreeze and thermostats like automobiles. I would check the cooling system, etc. before running the boat.

After the engine runs for awhile, perform a compression test on the engine. If all cylinders are close in compression, you're probably good to go on addressing any other mechanical issues. On any used boat, you'll always want to install a new water pump impeller and change the lower unit fluid/oil. Also make sure trailer bearings are good and lubricated.

I would suggest not changing any bellows unless they are bad. If bad, change them all. This is a job best left to a professional boat mechanic that does a lot of Mercruiser work. I could never get my bellows to seal properly, in spite of using Mercruiser bellows sealant. It's not a very time consuming job (in man/hours) for a professional mechanic, but it can be a frustrating job for an amateur (like me.)

I'm hopeful that you can get this boat easily up and running--and it won't be a "beater." A Wellcraft is something to be proud of.

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

Thank you everyone for all your input. Honestly I am overwhelmed with indecision on this one. I do have the time, but I don't have 5k. If I did I would just go buy a turn key boat. I think I'm just going to enjoy the weekend and spend as little time thinking about it as possible and re-visit the idea next week. I hate to pass it up, but I hate to get caught in a never ending financial sink hole.

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

The 470 on my 1980 Grew has over 3000 hours on it. Now, I should modify that by stating that it was seriously over revved for the first 500 hours as the prop was pitched low and we did not know the redline. It smokes a bit for the last 5 years and really has not been used much the last 4. You cannot find parts for it but what is there is tough. For the price of a few major accessories you could repower.

So what did we do with the old slug we had since new? Well, about 7 years ago, we put in a new interior made to match the original but a lighter color, added a flying tarp to the canvas to give the kids more shade, polished the hull after repairing the 20+ years of beaching gouges in the keel, redid the side striping and restored all the teak. It looks nice now and is just as old as it was before. We had no rot on any stringer or floorboard and had owned it since new. (It also did not have a hole in the hull)

Was it worth it? No. Am I sorry we did it? No. Do we still use it a lot? Lord no, the new boat is so vastly better. (but it cost more)
Did this help you? Probably not.

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

I'd say check the mechanical stuff and if compression checks out, etc. go for it. Everything in life is a gamble and I think estimates of putting 3000 into it are a little insane. Put as little into it as possible, do the mechanical work first, shouldn't be more than a couple hundred bucks (bare minimum, impeller is maybe $50 in parts including gaskets and all, not sure what the stator or alternator switch will run you but shouldn't be too much, might have to clean the carb). Get it on the water, does it run OK? Then start thinking about reworking the interior.

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

almostaboater said:

I'm fairly handy with a wrench but no super guru mechanic by any stretch.
So, here is the deal. The boat is free
10 minute hillbilly certified inspection I walked away with tiny voices in my head repeating "shes got potential".

Click to expand...

That tells me pretty much what I need to know about you, You're just like me :facepalm:!

Don't worry about freeze damage, if the ends of exchanger are not bulging out you should be OK. When you ger er home, do a quick compression check, to see where you are there (very important on a 470). Go from there. Look at it this way, the prop is worth $100, and you could sell the trailer and part out he engine probably for another $500, and the outdrive is worth at least that. What you got to lose? I say GO FOR IT. Come on back here for any advice you need.

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

I had a 470 as well. It was an 84 but very well taken care of. It was great for us skiing and tubing and great on gas. As you are finding out parts are somewhat hard to come by so worse case you part it out and make a couple bucks. People are always looking for 470 parts (I know that comment doesn't sound good).

Re: Help!!!!!!!! talk me out of it.......late 80 something wellcraft merc 3.7 I/O fr

**UPDATE**
First, allow me to thank everyone here for their time and wise input. Some of you expressed interest in the free boat, It was only free to me or other family members. I'm told it will be put on Craigslist (Columbus,Ohio) and sold as a whole and I have no idea how much.

Second, We pulled money from our personal funds and purchased a turn key pontoon. It just fits for what our needs are and got a pretty good deal. 2006 with a 2006 60hp merc 4cycle outboard that was on craigs for 9k, we offered 7500 and they excepted.
The thought is in a couple years we should be able to at worst get 5k from it so our actual cost of ownership is very low compared to the nightmare I was facing prior.
Got the boat home last night, after complete inspection the boat was launched and docked (just have to flip the title and get reg'd and good to go). Next week taking it to the marina and having a full maintenance check done on the outboard just to get her current on fluids and inspection.
Again. Thank you everyone for your help, now we can concentrate on the house and just enjoy the boat when we want.