The Value Proposition

A free or cheap boat can quickly become expensive. Here’s how to evaluate if that potential project is the right choice for you.

Looking at a fixer-upper? A good cleaning, fresh coat of paint, get that old outboard running, and you’ll be on the water this summer, right? Maybe not. Anyone who’s gotten their hands dirty with a project boat knows these “deals” are rarely what they seem. One unexpected discovery usually leads to another, and you can quickly find yourself in over your head and out of your budget.

If lucky, you can resell it and get away unscathed, but most unfinished projects leave the sanguine skipper underwater.

However, if you know what to look for, you can save thousands of dollars with minimal work and materials needed. A boat with good structural integrity and functioning systems simply needing a refresh can be a great opportunity for the value-minded boater. The key to success is identifying what boats are worth the effort, as well as calculating how much time, money, and skill will be required. Here is what you need to know.

Structural Integrity

There is rarely such a thing as “too old,” because construction, maintenance, and overall condition generally dictate whether a boat remains sound, regardless of age. Fiberglass has a nearly unlimited lifespan, but traditional coring materials like wood often succumb to rot when plagued by water intrusion, leading to delamination and compromised structural integrity. Small soft spots can be addressed easily enough, but when structural components like stringers, decks, bulkheads, and transoms become soft, major (and costly) repairs become necessary. In these situations, the cost to repair almost always eclipses the finished value of the boat.

There are many methods for determining structural integrity of a hull, but basic practices include tapping cored surfaces with a sounding hammer for dull or hollow spots, using a moisture meter, taking core samples, looking for stress cracks, and a careful walkthrough looking for excessive flex when weight is applied to a surface. If the boat has an outboard motor, you should be able to put your weight on the drive without seeing any signs of flex in the transom.

A good marine surveyor can do a more thorough job and give a comprehensive overview of structural integrity.

By the early 2000s, production boatbuilders widely adopted use of composite cores like Divinycell and Coosa, which are lighter than wood and extremely resistant to moisture absorption, making them basically rot-proof. Boats with this construction are great value candidates, as major structural repairs are seldom needed. Unless you have your heart set on rebuilding a classic hull like an old Bertram, Sea Craft, or Formula, as well as the skills and/or budget to do so, avoid any boat that shows signs of rot or compromised structural integrity.

Taking Stock

After determining a boat has “good bones,” it’s time to take inventory of what else is necessary to get her ship shape, or at least serviceable and safe. Most refits include a healthy dose of cosmetic work, modernization of electronics, critical system upgrades, and engine overhaul or repower. Many of these tasks can be tackled by the average DIYer, but expenses can add up quickly. It’s important to understand exactly what’s needed and what it could cost.

Take good notes while inspecting the boat and create a list or spreadsheet of things needing attention. Get estimates, attach costs to each, and determine a total cost to get the project water-ready. I like to add an additional 15% (if not more), as unexpected costs will almost always drive your total up. At this point, you may consider revisiting the market. Is your cost nearing that of something turnkey that you could use tomorrow? Often it is, and this cost exercise is a valuable tool to rationalize spending a little extra to avoid all the complications and manual work inherent with a project. If you choose to move forward, use the cost analysis in your negotiations.

When performing your inspection, here are a few critical components to consider. This is not a comprehensive list, and a good marine surveyor can remove a lot of guesswork and assist in determining a refit cost.

• Cosmetics. After a good cleaning, most oxidized gelcoat can be compounded or wet sanded to restore their original luster. If too much UV damage has been done, painting is always an option, as modern two-part polyurethane paints can provide a brilliant shine rivaling the most pristine gelcoat. Upholstery and canvas can be re-created by a good artisan, but sometimes at significant cost. Most metals can be polished to a nearly new finish, and many woods can be restored despite decades of abuse.
• Electrical. Plan to replace some basic items like lights, switches, and batteries. Over time, copper-stranded wire can corrode and become green, impeding its ability to conduct and increasing its resistance. Ensure connections are made with proper marine connectors and heat-shrink tubing, and necessary fuses and circuit protections are in place. If the boat has a bonding system, look for continuity. The condition and existence of these aspects will determine whether the system needs a cleanup or a full rewire, which can be costly.
• Plumbing. Failed thru-hulls and hoses are among the top causes of sunken boats and warrant careful inspection. Pay particular attention to plastic thru-hull fittings that can become brittle after years in the sun. Check operation of any seacocks, which can seize if unused for many years. Also check the freshwater systems. Plan to replace aging bilge and raw-water pumps. Stiff or rotting hoses will often need replacing as well, and the new hoses may cost more than you’d expect. In many refits, a complete overhaul of the plumbing system is often necessary to ensure the integrity of the vessel, especially if it will be kept in the water.
• Controls. Visually inspect the steering system and engine controls for proper operation and signs of problems, including fluid leaks, corrosion on linkages, and cable damage. Ensure the boat shifts, throttles, and steers properly.
• Fuel System. Aluminum has long been the most used material for fuel tanks; but aluminum tanks are prone to corrosion when in regular contact with water, especially if flotation foam is poured around them in the building process. Rotomolded polyethylene tanks have increased in popularity, and while they have some of their own drawbacks, their resistance to corrosion and leaks makes them a good choice for anyone considering an older boat.

Taking a fuel sample is an important first step in assessing a tank, with any water in the sample necessitating further investigation. If you’re looking at a boat with a known tank issue, look at access to the tank. Some builders graciously include large access plates to facilitate tank removal, but more often, replacing a tank involves cutting the deck or side with extensive fiberglass work to repair.

• Engines. When considering a project boat, one of the most important considerations is the engine(s), as it can be the costliest component to replace or simply get running. The age of an engine is not necessarily limiting, but hours, service history, and overall condition will tell a story. An engine with good compression and clean fluids can easily last for decades, but a neglected engine can have a drastically shorter life.

On inboards, pay close attention to risers, manifolds, and the rest of the raw water cooling system. A failure could allow water into the block, doing insidious damage, even in small amounts.

Outboards have the bonus of being relatively easy to remove and reinstall, making them good candidates for project boats. However, in some cases, modern four-stroke outboards can be heavier than an older boat was designed for, requiring additional thought and consideration before repowering. Above all else, be realistic. Are you comfortable getting a season or two out of an old two-stroke or high-hour engine before you may be forced to repower?

If you’re not familiar with marine engines, have a qualified mechanic perform an inspection or survey. They can give you a better idea of what is needed to keep (or get) them going, as well as overall condition, but when it comes to any used marine engine, remember this: Nobody has a crystal ball, and the only guarantee is when it’s running. Knowing that, I always recommend getting repower quotes, even if you don’t plan to swap out the engine right away. Factor that cost into your project just in case. If you’re lucky, it could be years down the road, but don’t let the high cost of engines catch you by surprise.

• Additional Considerations. Larger boats include more systems, which equate to more considerations and costs. Generators, air conditioners, heads, and kitchen appliances are a few to keep in mind. Looking at a sailboat? Standing and running rigging, deck hardware, and sails all need to be evaluated.

If the boat is on a trailer, check tires for rot; look for corrosion on the frame, axles, and springs (if equipped); and examine winches and jacks for sound operation. If it has brakes, do they work? Saltwater has a nasty way of wreaking havoc on trailers, especially where the eye can’t see. All these things and more need to be kept in mind. Again, the use of a qualified marine surveyor can save you countless headaches as well as dollars down the road.

The You Factor

Now, with a thorough understanding of a boat’s condition and what it needs, have an honest conversation with yourself (and your family) about the project. Create a realistic timeline, knowing it will likely take a bit longer than planned. Compare time spent to value realized. Is a season or two of missed time on the water worth the potential savings?

Ensure you have a place to do the work. If it’s in your yard, spousal approval, or even city permitting may be necessary. If at a marina or boatyard, plan for that cost as well and make sure you have the yard’s approval; some don’t allow DIY projects.

Another thing to consider is your DIY skills. Do you have the experience and tools necessary to complete the job? It may be OK if you don’t have all the knowledge as there are some great teaching resources available, and there’s no better way to learn than working on your own boat. But be realistic about what you’ll be able to do versus what will need to be farmed out to a pro, especially when it comes to safety-critical components or fiberglass work. Do you want the final product to simply be seaworthy, or are you looking for a showroom finish? The cost between the two will be considerable.

The Bottom Line

When looking for value-priced boats and potential projects, it’s easy to get caught beyond your means and abilities, especially for those with limited DIY knowledge. This is notably true when budgets are tight and people are looking at the only boats they can afford, regardless of condition.

But if funds are the only thing between you and the water, taking on a project can be a great way to get boating for a good price, often learning new skills along the way. If you’re new to the lifestyle or unsure of your ability to inspect a boat, bring someone along with boat knowledge or, better yet, hire a pro to help you make a good choice.