T&T: iron tanks

[Dennis OConnor]

The issue I see here is the desire to buy an old boat for ten cents on the
dollar and have what approximates a new boat... I would like that too... It
just is not going to happen...
 
In that age of boat you have to understand that you will be changing out fuel
tanks, replacing windows (and repairing the water damage), replacing the
electronics, repainting, overhauling transmissions and props, and generally
putting half the purchase price into repairs in the first year...
Else you can go buy a new boat for 500 AMU...
 
My airplane is undergoing the annual inspection at this moment...  Going to be
roughly 3 AMU this year (AMU equals a Boat Unit) -  mechanically it is as
close to perfect as I can get it and only needs minor stuff... This is
in addition to the 18 AMU last year (overhauled starboard engine), and similar
amounts in previous years... I have spent the price of the airplane in the 9
years I have owned it in just keeping it up... And while I have put a total of
200% into it, I will only get 25% back out if I try to sell it...
 
There is a 41 foot trawler I recently tried to buy... The owner is asking
twice what it is actually  worth on the market...  All he can remember is how
much he has put into it... What he cannot conceive is that I will have to put
an additional 50%of the purchase price and 6 months on the hard into repairs,
overhauls,  and upgrades, to bring it up to the condition he 'believes' it is
in - picture Steisand singing Memories - before I splash it for the first
time...

denny / k8do