Should I get this FREE project boat?

[JASinIL2006]

This is a tough market for buying used boats. Prices are ridiculously high compared to pre-COVID times. People are asking (and getting) outrageous prices for pretty crummy boats. I suspect the Restoration forum will be having many, many new visitors in the coming months and years as unwitting buyers purchase junk that has been sitting around unsold for years. It's a very risky time for a first-time buyer to be in the market.

 

[Scott Danforth]

It's a very risky time for a first-time buyer to be in the market.

could not agree more.

 

[racerone]

Lots of junk getting into the hands of first time buyers.-----Local marina says they get calls every day from folks with the bargain they found but it will not start or run.

 

[Lectro88]

Being Optimistic...
This is a boat you would probably give up on too after a year or 2 and $5-$10K in and no end in sight. and after the woman left you.
You are looking at easy $10K-15K if you do the work yourself. And I would say 100's of hours would not touch it. You are in 1000's hrs of labor.
That boat is 3-5 years of work for homeowner johny to re-do.
There is not 1 single place you can find on that boat that doesn't need work or parts.
And you... I hope are well adversed at fiberglass, electrical, and mechanical... to start, then upholstery, gel coat, would be helpful.
AND finding parts that fit and mesh is a NO Go.
That boat has Money, Labor, Sucker. (money sucker)(labor sucker)and any other use of the word. all over it.
Money Pit.
Never Ending Story.
The deal breaker for me is all the missing parts. Having to locate and match up is going to be like a dog chasing its tail.
Run...

 

[Lou C]

No

 

[eSail]

This is a tough market for buying used boats. Prices are ridiculously high compared to pre-COVID times. People are asking (and getting) outrageous prices for pretty crummy boats.

could not agree more.

Not just boats, also RV, Pool (inground / above ground), Gardening supplies, and for crying out loud HOUSING!

Folks forced to stay home or cannot travel abroad flocked to local activities such as backyard or of course boating/RVing.
I am wondering in long term, would this be beneficial to RV / Boating industry (by bringing more participants) or harmful!?

It's a very risky time for a first-time buyer to be in the market.

I am monitoring the market to get familiar with options/prices and intend to purchase this winter (off season).
What do you think about this strategy? OR do you think until pandemic is "over" it will be the same story?

 

[eSail]

Lots of junk getting into the hands of first time buyers.-----

Thanks for sharing, this with newcomers like myself!
I hope more people do their due diligence and forums like this are a great places.

Local marina says they get calls every day from folks with the bargain they found but it will not start or run.

Honestly, If they bought a boat without hiring a surveyor or at very least try to run it before the purchase, they deserve getting lemons

p.s in other news, a great time for existing boat owners to exit!

 

[Lou C]

Honestly save your money till you can afford a late model boat 20' range with a 4 stroke outboard. That "project" is likely to have the effect of causing you to HATE boats and boating. Just about garanteed.