Why Scrapping Your Boat is Cheaper Than Fixing It

The Hard Truth: Should You Fix or Scrap a Boat?

If you’re reading this, chances are you’re lying awake thinking about storage fees, endless repair lists, and that boat project that’s gone completely sideways. You might have bought a “bargain” that quickly spiralled out of control, or perhaps your beloved vessel has simply reached the end of its practical life. You’re now thinking should I fix or scrap a boat.

Here is the hard-nosed financial reality: For an older, tired, or significantly damaged vessel, scrapping is almost always the smarter financial choice than attempting to fix and sell it.

The Siren Song of the Fixer-Upper

The temptation to fix the boat, polish it up, and recoup your investment is strong. But consider your primary goal: Is it to make money, or is it to stop paying storage fees, avoid endless repairs, and quickly get rid of the liability?

If your goal is the latter, to pull the plug on the project and save yourself a fortune, then scrapping offers the clearest, swiftest path. Trying to fix and sell is a financial gamble that can drag on for months, or even years, while those bills keep piling up. Scrapping, on the other hand, is a guaranteed, swift end to the liability.

The Financial Case for Scrapping

The truth about old boats is simple: Scrapping a boat is almost always cheaper than the cost of major repairs and long-term upkeep.

If you are facing any of the following major expenses, choosing to scrap the boat is the financially sound way to close that chapter and stop the bleeding:

If the boat requires any of these major interventions, the money you spend will almost certainly exceed what you can sell the boat for, even if the repair is completed perfectly.