Evaluating a Potential Project Boat (Assess how much extra work you're…
Evaluating a Potential Project Boat
Does it have a trailer?
Major rust (not just surface rust)
Truck connection (power, sturdiness, etc.
Tires (can you even get the boat home?)
Lighting (doesn't necessaryily matter hugely, but will need to be addressed prior to sale)
Does it have motors?
Reasons you look at motors: they're incredibly expensive. A great motor with a trashed hull can still be a great deal - easier to work with what you already have, instead of buying a hull and trying to source motors separately.
Sometimes relatively easy fixes can be very rewarding - such as an outboard motor needing the carbs cleaned, but the seller reduces the price to compensate.
Is the hull itself in good shape?
Fiberglass damage (not just gel coat)
Assess how much extra work you're going to need to do to get the boat ready to sell
What do the motors need?
Consider rewiring needs
Do all the pumps work?
Exterior work - cosmetics on the hull, trim, etc.
Getting the trailer road-safe (tires, etc.)
What is the boat potentially worth?
First, use NADAGuides to lookup an approxomate value (you may not have all required info, that's okay)
Used crazedlist.org or searchtempest to locate actual listings on Craigslist within your state or region
Check boattrader.com for similar boats, either regionally or nationwide, depending on the rarity of the boat
This should get you to at least a range of boat values.
Consider seasonality and other impacts such as tax refund season (many ppl buy boats)
What is the boat worth as-is? Or, what should you pay for the boat?
Motors/power will have the biggest impact on current value
Trailers can frequently be found cheap - but it's hard to sell a boat without one.
How motivated is the seller?
How long has the boat been sitting?
Is this a saltwater or freshwater boat? Where has it been used?
This article is about trailerable power boats; we have more experience with outboards.