To Buy or Not to Buy...

[Baroo Crew]

I'm new to the forum and hoping to get back into power boating by this weekend. We are looking at an older SeaRay that seems to be a good deal, but wanted to get some input before we go for a test ride this weekend. A good friend of a good friend has a 1976 220 SRV. The gentleman has owned the boat for at least 20 years and is known for taking very good care of his property. He is also very well-to-do and has all maintainance done by the marina. I estimate the hours on the 351 motor at 550 to 600. It's a freshwater boat (MI) with a newer used trailer for about $2200. We have 4 kids and hope to get back into boating with something that will hold us all and bring back the memories from our previous boat. We are willing to put some money into it (a given) but wanted to know of any experienced pitfalls of owning an older boat like this. Thanks for the input!

 

[ghuskin]

sounds like a "reasonably" good deal. before you purchase, you should get a mechanical survey and a hull survey. the last thing you want to do is buy a boat for $2k then have to put $10k into it, and it'll still be worth $3-$6k.

Take it for a ride. make sure it will meet your needs (will you use it for fishing, waterskiing, tubing?).

good luck!

 

[HavingFun]

If its been used every year and there are maintenance records then it sounds like a good buy. Has the outdrive been replaced? Maybe talk to the mechanic at the marina about what they would fix on the boat. A hull survey would make sense? Where would you go boating? We live in the Grand Rapids area and this year we are going to keep the Boat in Grand Haven. Rack storage at Barrett Boat works. Good Luck

 

[Presentation]

I’m always concerned with boats of this vintage and cost.

A reasonably priced survey that includes the mechanicals like a engine compression check will run at least $350 and that is conservative. Are you going to spend $350 to have a survey done on a $2,200 boat?

This same logic applies to repairs as well.


$1,000-$2,000 annual repairs on boats are common.

What do you do with a $2,200 boat that needs a $1,000 repair?

Let’s say you repair an item that costs $1,000 then 4 weeks later the boat needs a $1,500 repair?

Let’s say you also repair a item that costs $1,500 then 4 weeks later the boat needs a rebuilt motor for $4,000?

Say you spend $5,000 over the next 4 years on repairs. At the end you have a boat that will sell for around what you are buying it for.

What do you do when a part of the drive system fails and this part is no longer made? You buy a used drive of the same model off eBay or find a boat bone yard and replace the vintage part with another vintage part that is mostly worn out.

I’m not saying to not do it. I’m simply saying to go into this with your eyes open.

Vintage classic boats are expensive hobbies. Vintage boats have a similar cost as a vintage classic boat.

At a certain point a smaller vintage boat does not make economic sense. I’m not saying a newer boat does either but at least with a $75,000 boat there is no question on what you are going to do when faced with a $1,500 repair.

I do commend you for looking to spend your money on something the family can do as a hobby. I’d just hate to see you jump into something that a few months down the road is going to cause you to have buyers remorse.

 

[Still LauCo]

I’m always concerned with boats of this vintage and cost.

A reasonably priced survey that includes the mechanicals like a engine compression check will run at least $350 and that is conservative. Are you going to spend $350 to have a survey done on a $2,200 boat?

This same logic applies to repairs as well.


$1,000-$2,000 annual repairs on boats are common.

What do you do with a $2,200 boat that needs a $1,000 repair?

Let’s say you repair an item that costs $1,000 then 4 weeks later the boat needs a $1,500 repair?

Let’s say you also repair a item that costs $1,500 then 4 weeks later the boat needs a rebuilt motor for $4,000?

Say you spend $5,000 over the next 4 years on repairs. At the end you have a boat that will sell for around what you are buying it for.

What do you do when a part of the drive system fails and this part is no longer made? You buy a used drive of the same model off eBay or find a boat bone yard and replace the vintage part with another vintage part that is mostly worn out.

I’m not saying to not do it. I’m simply saying to go into this with your eyes open.

Vintage classic boats are expensive hobbies. Vintage boats have a similar cost as a vintage classic boat.

At a certain point a smaller vintage boat does not make economic sense. I’m not saying a newer boat does either but at least with a $75,000 boat there is no question on what you are going to do when faced with a $1,500 repair.

I do commend you for looking to spend your money on something the family can do as a hobby. I’d just had to see you jump into something that a few months down the road is going to cause you to have buyers remorse.

This is a thoughful post. Here is my experience:
Bought an old 20ft Cuddy Thompson for $2500, no survey.
Put $5k into it in two years, and we determined we needed to get a bigger boat.

Sold it for $5k, bought a 27ft boat. Decided we wanted a little bigger, with air/heat and a Gen so we could really use it.

Bought current boat. Kids are getting bigger, but this one should keep us occupied for another couple years!

There is no activity that bonds families like boating (at least none that I know of) so be prepared for great times, frustrating times followed by a severe case of itis.

 

[Hampton]

Offer the guy $5,000. That way, when it comes time to spend $1500, it'll be an easy decision. Man, was that sarcastic or what? Apologies. Any boat will likely cost a couple of grand a year in repair and maintenance. May as well get in cheap to help offset the cost, with full knowledge that the expenses are yet to come.

 

[Presentation]

Offer the guy $5,000. That way, when it comes time to spend $1500, it'll be an easy decision.

Now thats funny right there!

 

[gredmer]

Since you have 2 adults and 4 kids it sounds like your stimulus check should be $2,400.00
Sounds like a good deal if the boat checks out mechanically.

 

[Gunn]

Any boat will likely cost a couple of grand a year in repair and maintenance. May as well get in cheap to help offset the cost, with full knowledge that the expenses are yet to come.

Yikes! Maybe with a 250DA or 340DA, but...not a cuddy or bowrider. If it was, I don't think I could've entered this hobby knowing those expenses would greet me at the door.

I purchased my 1995 175 for $3,500. No survey, etc. Just careful observations with my own eyes and ears. I don't regret it. Most people who are looking for older boats do so far a reason, and (hopefully) feel comfortable doing so with machinery that is decades old....like me.

I saw the challenge in the boat I have. Couldn't wait to see it looking as-good-as-new. Spent about $700 the first year on cosmetic and safety upgrades and general engine tuneup. Spent gas money the second year. This year I fully serviced the outdrive, replacing waterpump, shift cable and all bellows for $350. A few bucks in waxes, buffing pads, etc. and it's looking sharp.

I just helped a buddy put a new-to-him upper-unit on his 1985 19' boat. $149.00 off of EBay; running great now.

A boat like that can be owned, and owned at a reasonable cost. I think you just have to have some experience in dealing with it and not afraid to DIY.

FWIW, I'd love to have a 1976 boat that looked brand new! :smt001

 

[Hampton]

Agreed, but as soon as I type $500/year, it'll be $2,000 and someone's kids will go hungry - Murphy and all that. Our first boat was, literally, free for 4 years and we bought it new!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! - Only simple maintenance, and I did all of it. We sold it for what we paid for it ('89 Classic 190 open bow with Merc 5.0 LX and Alpa Drive). Our 250 cost very, very little over the 10 years we owned it, except for paying $60,000 incl trailer, tax, title, license... and selling for $26,500 10 years later.

 

[Baroo Crew]

This forum rocks! I really appreciate all the great input from everyone. I definitely look at boating as a way to spend time with my family and have FUN! We have a small fishing boat that I wrangled for $450 (good trailer, 3 seats, motor) and we call it the REEL DEAL. I'm hoping this '76 SRV can be her sister vessel, the REEL STEAL. I'll be taking her out this weekend for a run and I'll let everyone know how I make out. Thanks again for the all the feedback and great suggestions.:thumbsup: