posted 04-23-2005 09:58 AM ET (US)
Let's look at these issues:"Why spend the cash if I don't need to?"
In general I would take the side that says "no, don't spend the cash," however, the economy of our country depends on strong consumer spending, and many things are purchased which are not necessities. Spending cash on purchases is one way to stimulate economic growth. Also, I like the cash purchase. There is too much consumer debt in our country, but that is a different issue. I think in general, one ought to spend some of their income on things that gives one pleasure, so a new outboard motor may be an enjoyable thing. Opponents on this issue will probably argue that spending on non-essentials should be reduced, and that instead you ought to put the money to use in debt-reduction (assuming you have some debt) or into personal savings. I think these are personal decisions, and it is hard to have a good discussion on this issue without getting too deep into your personal finances.
"Should I hire a mechanic to look at it and spend dollars on a 19-year-old engine or think about repowering?"
Here you raise several issues simultaneously. First, let's look at the issue of should you hire a mechanic. Because the motor is 1,000 miles away, I think you will probably have to hire a mechanic to work on it. I don't see any other option. The proponents of the other side of this issue will have to explain how you can work on the engine when it is 1,000 miles away, and I think we can easily win that debate.
Next let's consider the second issue: should you spend dollars on a 19-year-old engine?
This is a difficult issue. In economic terms, for every mechanical device there does come a point where the utility (in the economic sense of the word) of the device is reduced to the point where continued investment in it will not bring good return. However, the age of an outboard motor is not, by itself, a good factor to judge by. Instead I would judge on the overall condition and state of repair. If the engine was providing good propulsion up to the moment of the failure, it seems to me that this is evidence of its continued utility, and therefore strong consideration should be given to its repair. On the other hand, if the engine were not in good condition, had other problems which needed repair, and in general was not providing good propulsion, these factors would weigh against further investment.
Based on your description of the motor, I would tend to favor further investment in the motor. Particularly since the cost to repair is currently unknown. My position on this issue would be to recommend you determine the true repair costs, then make a decision regarding further investment in this engine.
Finally, lets examine the third part of this issue: should you think about re-powering?
I have to confess, I think about re-powering all the time. It is really quite a harmless activity if you can contain it, but I do believe that it can lead to actual re-powering. The more you think about it, I am afraid, the more comfortable you will become with the idea. This may lead to actual re-powering. Thinking about re-powering is one of those "slippery slope" situations. It is especially dangerous to spend time around people who actually have re-powered. These people will almost universally endorse taking a similar action, and then, before you realize it, you will find yourself getting more and more comfortable with the idea of re-powering. Many factors work in this situation: pier pressure is one of them. When you stand at the pier and see all of those other Boston Whaler boats with new engines, it is almost impossible to avoid pier pressure. The urge to conform is another. You want to fit in with the others. They all have new motors. Well, the result will be very strong motivation to conform, to fit in. Again, all of this just from the simple act of thinking about re-powering. Be careful. It can be dangerous.
My position on this issue would be to recommend isolating yourself from others who have re-powered to prevent being contaminated by their influence. Only think about re-powering during the evening hours, say after dinner and household chores are done. Don't let re-powering take over your head. It can really become an interference to other mental activity.