Boat Restoration vs. Replacement
If you own an old and/or damaged boat, you might be torn between having it restored or replacing it with a new model. Deciding between these two options can be incredibly difficult, but you can make it easier by taking note of several factors. Here are some of the things that you should consider if you’re choosing between doing boat restoration and purchasing a new sea vessel:
The boat’s structural condition
When deciding between restoration and replacement, you need to consider the structural condition of your boat. If it’s still in basically good shape and just needs some TLC, you can restore it back to excellent condition and make it look and function like new. However, if the boat is basically falling apart and its structural elements need extensive rebuilding, you’ll probably need to spend a substantial amount of money just to make it seaworthy again. In this case, it can make better financial sense if you’d buy a new boat.
The boat’s market value
If your sea vessel is considered to be highly desirable by many other boat enthusiasts, restoring it can be a good decision. By doing so, you have a high chance of recouping the amount that you’ll spend on the restoration process since you can resell your boat later on for a high asking price.
The boat’s sentimental value
Even if the boat doesn’t have a lot in terms of market value, you might still want to keep it if it has sentimental value for you and your family. For instance, the boat might have been gifted to you by your grandparents and it’s one of the things that remind you of them now that they have passed on. Or maybe you bought the boat for yourself after scrimping and saving for years, and you proposed to your then-girlfriend (and now wife) while you were sailing on it. Either way, you’ll probably want to restore your boat instead of replacing it with a new one.