How Much Does a Restoration COST?

(270)-343-BOAT (2628)  P aul@woodiesrestorations.com

The 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 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 17 feet: Strip and refinish $1,500 per foot Upholstery $5,000 If wooden seat backs / bottoms flooring need replacement add up to $5,000 Re chrome $5,000  

Gauges approx $500 each incl removal and replacement $2,500 No soak bottom $1,500 per foot Frames, Keel, Stem or Chine(s) extra  Engine Rebuild $10,000 and to  replace $25,000 Want a new starter, add $250, generator $600, alternator conversion $1,000, carburetor rebuild $600, fuel pump rebuild $200, water pump rebuild/new pump $200 Transmission?  Extra Removal and replacement / detailing extra  Other work? structural work? plank replacements? Hardware missing?     

So as you can see a complete restoration even for a user boat could cost over $5,000/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?  etc.

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 neither is your car, or a new boat! You have a choice to write a check for the restoration/maintenance OR for the Depreciation; and 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 $60,000 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 Maintenance  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 $5,357). Cost of ownership was $5,357 after 10 years. New conventional  $22,000 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?

Financing is available whether your boat needs a full restoration or an extensive repair. Contact our senior Lenders at the Bank of Jamestown. (270)-343-3186

The Bank of Jamestown near Lake Cumberland Q: Can a wooden boat be financed? A: Yes it can.

Some banks, like some insurance agencies, have no benchmarks for the value of antique or classic boats and are reluctant to lend money for their purchase and/or restoration. However, The Bank of Jamestown ,  is familiar with our business. They recognize the value of a well restored wooden boat and are confident in the quality of our work here at Woodies Restorations. 

Contact  The Bank of Jamestown for more information on financing your wooden boat purchase!