When does a repower not make economic sense?

[gssaharris]

I have a 2016 285 Freedom in very good shape that are cursed with a pair of BRP 250hp motors. They are so unreliable and parts and labor so scarce that I either need to sell the boat or repower with Yamaha's. If I repower it appears that twin 300's makes the most sense. My question is am I putting too much money into this boat if I wanted to get something bigger in two or three years or should I sell and start clean with a new model with the correct motors? Or as someone else said, when is it time to hold'em or fold'em?

 

[TMANN]

Just a poor guy's two cents as I couldn't afford a 285 to begin with, but those Evinrudes would be a non starter for me.

If you don't love the boat to begin with then don't throw good money after bad. Cut your losses and buy what you really want.

 

[kirk a]

Re-powering boats never makes economic sense. (Covid blip notwithstanding).

That said, everyone's situation is different. If you plan to sell in 2 or 3 years, you will not recoup all the repower costs, due to depreciation. That said, the boat will sell faster, and for more money with the Yamaha than the Evinrudes.

Your bigger driver is your peace of mind, and confidence in the power.

The longer you plan to keep it, the more the repower makes sense, from every perspective. Again, economic sense is not part of the equation - your boat is relatively recent, and for sure is "worth" re-powering as opposed to repairing.

As to the hold or fold. Can you live with the uncertainty caused by the existing motors?

 

[FREEDOM!!!]

How did you end up with Evinrude engines on a late model Grady? If you are planning to upgrade the boat in a couple of years, it wouldn't make sense to repower. Just fix your current engines up as best you can and sell the whole thing. Trade it in at the dealership on a newer Grady and let it become their problem.

 

[gssaharris]

The original owner was a Made In America type who insisted on Evinrude engines. I was raised on Johnsons so the 2 cycle issue was okay with me. I didnt count on the nonsense overengineered electronic steering etc that has plagued these motors.

 

[SkunkBoat]

BOATS don't make economic sense.
Don't repower to sell. Repower to run the boat with confidence for years.
If you are going to sell, sell it as is.

A 2016 has a lot of life left in it. It makes more economic sense than any brand new boat.
Strange that a 2016 has Evinrudes. What year are they? Was is repowered already once?

 

[FREEDOM!!!]

The original owner was a Made In America type who insisted on Evinrude engines. I was raised on Johnsons so the 2 cycle issue was okay with me. I didnt count on the nonsense overengineered electronic steering etc that has plagued these motors.

So the original owner had Evinrudes installed new? That alone will effect resale, even if they work just fine. But still not cost effective to repower.

 

[Fishtales]

It's a 2016 hull. No brainer. Pull the trigger and repower.

 

[Ky Grady]

Like SkunkBoat said, Boats do not make economic sense from the get go.

If you like the boat, and are comfortable with the boat, repower. If you're considering a move, then part company with it as is. Resale will be lower with the Rude's, but getting out from under it will be the plus.

I repowered my 2004 Seafarer 228 a year or so ago and have no regrets doing it as it has a home with me for years to come. Your 2016 is much newer than mine, so repower is a very good option,,,, only if you plan on keeping the boat. If you plan on a move within a year or so, you'll never break even on the investment of new motors.

 

[Mustang65fbk]

There are honestly several variables here... I think your biggest considerations would be how much you bought the boat for, how much you have into it total, how much a repower would cost you and what you plan on doing with the boat in the long run. If you just plan on selling it in the next couple of years, I wouldn't repower it as it's just an added expense that you might not see any profit from. Of which I'd honestly just fix what needs to be fixed, sell the boat and move on... even if it's for a slight loss. If you can do a repower and still be equal to or less than the fair market value of a similar boat to yours, then it makes sense to repower. That being said, if you're looking to repower with twin Yamaha F300's, per their price sheet each of those MSRP's at around $32k-$35k. So, you'd be looking at an additional $70k before installation and anything else. Of which I'm also a firm believer that just because you put say that $70k+ into a boat, car or other toy... it doesn't mean it's going to also magically go up $70k+ in value. Unless you want to do a repower and then own the boat for another 10, 15 or even 20 years... that's about the only time it would make sense to me. If not, or if you're unsure, I'd definitely fix what you've got, sell it for as much as possible and then buy a similar boat. There are boats similar to yours for sale on BT currently for around $150k-$160k. Like my boat for example, I bought it for $26.5k and value it to be around $55k+, so I've got about $30k of "wiggle room" there. So, if I did do a repower, I could easily do one and still be money ahead. That being said, if I bought it for say $55k or more and needed to repower, I'd likely just fix the issues, sell the boat and move on as a repower would likely be at least $20k-$25k for me. And I doubt the boat would be worth $75k+, even with a brand new motor on the back of it. Just my thoughts of course...

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[Fishtales]

The big negative of staying and selling is your gonna be a target for the chiselers out there. It likely is a long sell with some firm negotiators. You may run into someone that can do the install themselves and thus largely the motor cost and time for the install. Let us know what you do. I stand by my recommendations unless you are out of it in less than 2 years.

 

[JeffN]

I was facing the same decision many years ago with my '25 Kingfish. Opted to repower as I really didn't want to go with a new boat. Another choice suggested was to sell mine and get a newer model used boat but I had owned my boat for a while and knew it's condition and what I had. More importantly the boat served my present and future needs. That would not be the case with a used boat. I did look into that option but most available in my market range were were 10 years old or more with corresponding old power. In the end I repowered and was happy with my choice. I kept that boat another 14 years before parting with it. I was and am happy with that decision as I knew I would not be looking for a larger or newer boat. My advice would be if you are thinking about trading up in the next few years don't bother with the repower cut your losses sell/trade and move on. If you are happy with your boat and think you would keep it for a longer term years repower.

 

[SmokyMtnGrady]

New Motors = New Boat. It's going to be far cheaper to repower than to buy a new bigger boat. That hull is laud up with composite stern and stringers. It's got a lot of life in her. If you have the means, I vote repower. Two things will happen your enjoyment will significantly increase on the water and your boat's value will be enhanced. I repowered my 228 in 2017 with a 4.2 F250 with digital throttle. My boat is an 08 and I bought her new in the spring of 09. I have no regrets. Boats are nice toys with depreciation. It's tough justifying anything by $$$ and cents. I justify it by how much being on the water soothes my soul. In this way, having a well running craft is practically priceless is it not? I just justified the repower for you. .

 

[Mustang65fbk]

The OP mentioned towards the end of his initial comment the idea of potentially selling his current boat in 2-3 years and upgrading to a larger sized boat. Of which that makes me think that he's leaning in that direction and doesn't want to keep this one for the long haul. If that's true and he does want to sell it in 2-3 years... I wouldn't bother spending $70k+ on a boat that you're potentially going to sell and likely won't see of the money that you just put into it.