Answer, It depends!
It depends on what the planned end use of your boat (user, show or something in between), the condition of your boat prior to restoration and on:
- the scope of work you desire
driven by the level of quality you desire - I.E. strip and refinish? upholstery?,
Chrome?, Gauges?,Plank / wood
replacement?, Trailer work?
New no soak bottom? Need to find
original hardware?
- Length and Beam of your boat
Restorations can cost into the 100s of thousands of dollars for better than original condition show quality - See the article Lovely Rita's Riva, Vintage Boating Life issue #17 - or they can be much less for a well maintained user quality boat.
Typically, but not always our customers desire a good, reliable, user boat - similar in quality to contemporary conventional construction.
General guidelines for good user boats up to 20 feet
- Strip and refinish $12,000
- No soak bottom $1000/ft 20,000
- Engine removal / rebuild / replace 6,500
- Other work? structural work? plank replacements? Hardware missing? ?,???
So as you can see a complete restoration even for a user boat could cost approximately $2500/foot. However, the cost could still be managed down... does the boat need a new no soak bottom or is the existing bottom in good condition?..... is the engine running?... maybe it just needs a tune up. What is the condition of the upholstery?
Ultimately the costs depend on the scope of work required to get your boat to the condition you desire!
What is it worth when we're done?
It may not be worth as much as you spend on it ..... but the cost of ownership compared to a new boat of conventional construction is better.
In this scenario:
- The cost of a Classic boat and restoration $40,000
- Value immediately after restoration $30,000
- Cost of a new conventional boat$40,000
- Value when you drive it from the dealers lot $30,000
- Value of classic increases 3%/ year
- Value of new conventional boat 45% of original after 10 years
- Classic gets maintenance coat of varnish every 3 years
- Assume all other maintenance is same cost
- Difference between cost and value at end of 10 years
- Classic $40,000 value, $45,257 cost ( original purchase of $40K plus maintenance of $5357. Cost of ownership was $5357 after 10 years
- New conventional $22000 value , $40,000 cost ( original purchase and OK lets pretend there was $0 maintenance just for fun) - Cost of ownership was $18,000 after 10 years
- What could / would you do with the extra $13,000?
