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wrote:
Off all the "doesn't make economic sense" decisions that I have ever
made about a boat,
I just made the granddaddy of all.

Our beloved boat is going under the knife for an extreme makeover.
Bottom will be completely stripped, barrier coated, and bottom painted.
Hull and house will be repainted.
Two new scuppers cut in. A bow thruster installed. Cabin windows
rebedded, and some water damaged teak veneer replaced. Teak and holly
soles will be refinished in all three cabins and the head. All exterior
teak will be taken down to bare wood and an initial "soak coat" of
varnish applied. (I'll have to build up the rest of the varnish this
summer).

Our expense for this project will be close to 60 percent of the boat's
current value, and it will probably only increase that value by 20-25%.
Like owning a boat to begin with, not such an astute financial move.

However......replacing our boat with anything we would consider a
serious upgrade would cost so much that the *sales tax* (for which one
has nothing to show) on such a purchase would cost more than making our
24 year old boat cosmetically close to "new" again, and with the new
engine from two years ago in place and running perfectly we will have a
nearly new boat when finished.

(Insert graphic image of a flock of winged G-notes taking flight and
disappearing over the horizon.) :-)

Biggest downside is the "10-week" estimate of the time required to
finish the work. Spring will be well underway before we get our boat
back, but she will be a headturner, for sure.

Chuck,
I have to disagree with you, it does make complete economic sense, as
long as you plan on keeping the boat and do not plan on selling the boat
and realizing an increase in your sales price. The cost of the work you
are doing on your "old" boat, probably is less than the depreciation you
would take in the first year of a new boat.

And, she is like a member of the family, you can just "put her down"
because she is old.

--
Reggie
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That's my story and I am sticking to it.

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