The Cheapest Boat I Bought: A Journey Through Restoration

Boating can be a rewarding hobby, but it doesn't come cheap. While many enthusiasts look for top-of-the-line vessels, I’ve found that sometimes the cheapest boats offer the most rewarding projects. I’ll share two of my personal experiences, each with a unique story behind it.

1962 Lone Star Malibu - A Stylish and Affordable Runabout

Back in 1967, I made one of my most memorable boat purchases for just $25. Yes, you read that right - a 1962 Lone Star Malibu, a 14-ft aluminum runabout, was available for that price. This small runabout was a staple in the American water sports market, especially in the late 50s and early 60s, when families of four could enjoy the water with a very reasonable price tag of $525, which is around $4,000 in today's dollars.

What set the Lone Star Malibu apart from other aluminum boats of its time was its stylish design. Featuring small tail fins, it looked more like its fiberglass competitors. This boat not only offered affordability but also a touch of luxury for its era.

I acquired this project through a unique exchange, trading a 300 window air conditioner for it. While I might have overpaid in hindsight, the boat needed a complete restoration due to its age and neglect, including a missing acrylic windshield and 30 years in an open field. After a year of stripping down to the bare aluminum and restoration, it now stands as a shining example of what can be achieved with careful attention to detail. To this day, it’s worth around $2,000 in its current state, making it a great project boat for anyone looking to dive into the world of boating and restoration.

For detailed accounts of the restoration process, check out my blog posts categorised as Lone Star Malibu on my site.

65-ft Somerset Houseboat - The Great Refit

One of my most unusual acquisitions came from an unexpected source: an insurance claim. After a 65-ft Somerset Houseboat sank in its moorings, it was up for sale, but not just any sale. In Dry Storage, I discovered the Serenity, a project waiting to happen. Initially, the insurance company listed the asking price at $11,000, but I saw it as a starting point, knowing a high-end auction might fetch $20-30,000.

The boat was in rough condition, but it was clear it was a solid vessel that could be refitted with a bit of work. On a whim, I made a low-ball offer of $5,000 to the insurance company. To my surprise and horror, they accepted, meaning I would be acquiring a previously sunken houseboat at a price lower than scrap value!

Located in the remote Middle of Nowhere Utah, accessibility posed a huge challenge. Eventually, it took nearly 18 months to complete the refit, spending weeks each time, driving around 8 hours each way. The total investment for the refit and survey came to around $80-90,000, and I recouped my investment, even after the additional cost, with a little profit to spare. This project was the perfect mix of challenge and opportunity, showcasing the reusability and potential of old, seemingly unloved boats.

For an in-depth look at the restoration process and the subsequent refit, visit my blog posts categorised as Serenity Houseboat on my site.

Conclusion

My experiences with these two boats highlight the potential in seeking out affordable, vintage options. Whether it's a stylish and affordable 1962 Lone Star Malibu or a massive Somerset Houseboat in need of a restoration, there's a rewarding project out there for everyone. Boating doesn’t have to be expensive; it's about finding the right challenge and turning it into an enjoyable and fulfilling hobby.

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