Updating my Sea Ray or purchasing a newer one?

My wife and I are somewhat new to boating life (been doing it for a couple years now) but really enjoy spending weekends and as much vacation as possible at the boat. We are looking at the possibility of doing some remodeling on our current boat versus buying a newer used boat. Can you give me your thoughts on which direction you feel is best? Here is some additional info...

My current boat is a 1988 Sea Ray 390 Express with 454's that have about 1,000 hours on the engines. There is absolutely nothing wrong with the structural integrity, the engines or generator on this boat. It is in great shape and I would rate it a 8.5 or 9 out of 10 for a 1988 boat. If we decide to keep this boat we want to make it more comfortable and enjoyable to stay in and use. We would want to do the following if we keep this boat.

1. Add a Bow and Stern Thruster ($21,000). I know a lot of people are going to say learn how to drive but this is for my wife's insanity. She gets stressed on windy days and would rather sit at the dock than go out for a ride. She wants to be less stressed when docking and also worried what to do if something might happen to me while out on the boat. She wants to be able to dock herself if needed. She will not try it without thrusters. So this is a must to make her happy. Happy wife is a happy life.
2. When we purchased the boat a couple years ago there were no seats, besides the caption seat, in the cockpit area. We want to add the seating back into our boat. I am having a hard time figuring out exact costs on this but my guess is it will be someplace around $5,000. If anyone has any good info on where to get this let me know. May need to just do custom...
3. I would like to look into putting new synthetic teak flooring on the deck. This is not a must and most likely will be a winter project. The cost will be between $3000-$6,000.
4. Little odds and end things like putting a new shower faucet on, etc. This might add up to $500.
5. Updating the electronics - $2,000 - $3,000

We are looking at two newer boats in different price ranges.

1. The one boat we are looking at is a 2001 Sea Ray 380 Sundancer with Thrusters. This would run us around $120,000 or so.
2. The other boat is a little newer and has Axius. It is a 390 Sundancer and will run us in the $220,000 to $250,000 range. These boats look extremely nice and the technology has changed so much in the last 25 years.

Any input on which direction you would go? Here are a few questions.

1. Is putting $35,000 in a 1988 boat wise? It is in great shape for the age of the boat but that is a lot of money on a 28 year old boat and we could almost use that same amount of money to get into a newer boat.
2. What would you do if you had these three scenarios to choose from?
3. Also if we do decide to purchase a new boat we would need to sell ours. Has anyone had success selling themselves or do you recommend using a broker? We would price this very competitive to give us the best chance to sell before storing for the winter.

Thank you for any input. I appreciate the help from more experienced buyers. I am on my first boat and I know eventually it will be time to buy a new one. Just trying to figure out if now is the time.

Sell the boat. Shop for a newer one with amenities you need.

Same here...sell the current boat and take advantage of the newer technology and amenities that come with a newer boat.

390 is a great boat, before spending any money on it, I would recommend a complete hull survey to make sure you are spending money on a solid boat. Understand the upgrades you are talking about will be for you pleasure only, and will not increase the value much. But, you will still have alot of money left by not buying a newer boat. You dont say were you are, lake or ocean. Bow thruster would help, I would wait on stern to see if the bow thruster is not enough. If you do sell, I would recommend a broker, it will give you world wide exposure, you as an individual cant market as well. Make sure you research a broker, find one that will actually work for you. I am a broker, and I can promise you, there are a lot of brokers that will just list your boat and do nothing to try and sell it.

Thank you for the comments so far. I am located in Michigan on Lake Huron and the boat has always been a fresh water Great Lakes boat.

Been where you are....bought a boat years ago, (Carver aft cabin....42 feet of 1991 "stuff" to update). Because it had diesels, and the mechanics and hull were sound, (the interior was what was tired and dated), I thought it was worth updating with all new electronics and a completely remodeled interior, including custom made curtains and bedding and getting all the furniture not just recovered but all foam replaced. Spent a LOT of money doing all this.

In the end, when we wanted to sell, brokers priced our boat maybe $5K higher than the boats that had never been upgraded and updated. We had spent about $50K. (NOT an exaggeration...I went hog wild with the electronics and Cathy went crazy with custom fabrics.)

Did we love the results of how our boat looked and all the new gadgetry? SURE! Everybody who came to see the boat loved it too!!

BUT.

It did NOT add a whole lot of value to the boat, and while the nametag "Carver" had something to do with that, I suspect if it had been a Sea Ray the results wouldn't have been a whole lot different. Maybe a little, but not a lot.

FWIW, I have heard similar stories to mine from EVERYBODY who ever did what we did. So I am not alone, and you won't be either.

Do the upgrades if you're going to keep the boat. And with the amount of $$$ you're talking about, I mean keep it "forever".

Or sell and get a newer boat that is worth more before you spend that kind of dough.

If I could spend $250K on a boat, I would buy the newest boat I could for the money, not the biggest, but that's just me.

If you're talking about spending 1/2 that, maybe buying the newest of the size you really want makes sense, but again, just my opinion. Others will disagree, some strongly I suspect.

Good luck in your path, whichever you take!

My opinion is that is too much $$ to invest in a 28yr old boat unless you really plan to keep it for a long, long time or just simply like that boat - nothing at all wrong with that. Option 2, the 380 would be my preference. Maybe invest some $$ in the current boat on the little things that would help you enjoy it more during the time it takes to sell it and buy a new one - but would definitely pass on the big ticket items. Maybe this doesn't matter to you - but it's possible that you are currently in a good financial position on that boat and could sell it for as much, possibly more than you have it in it -- you spend $35k on it and you would never get even close to even on it. Think about where the proceeds from selling this boat + $35k could get you in terms of another boat.

I had a 1988 390EC for 9 years and went thru the same Q&A you are asking yourself. Here's what we decided:

We both loved the boat, but hated the maintenance and operating costs. Generally, We like the 390 so much that we would probably still own her had she been diesel powered. I looked at repowering and ended up with the conclusion that the cost was not a sound investment because we would never get any more out of the boat than what a decent diesel 390 would bring. The cost, therefore, just added to the overall investment in the boat. In your case, you are overlooking one major expense.....the engines. At 1000 hours, gas 7.4's are already past their normal life expectancy. I know, people will say that there is no reason you can't get 2000+ hours out of the engines, but the truth of t he matter is that all it takes is one riser gasket to fail and the engine is a goner and you are motor shopping.

We decided to shop around and see what else was available in similar diesel boats. We discovered that a lot was available. The other thing we discovered was that there had been a ton of changes in construction and in the fit and finish as well as the looks since the late 80's. We considered a 370DA, a 400DA, the 450DA, the 500DA and the 370EC. As it turned out, the 450 suited our needs better and was the newest design from a construction standpoint......I went thru the rotten seat base thing with my 390 and didn't want to enjoy that fun again. Our dealer was in the process of trading for a 9 month old 450DA that they sold new, so we put the 390 on the market. It sold in a week and the 450 was available in a bout 6 weeks. We bought the 450 with Caterpillar diesels and full electronics with plastic still on some of the interior.

As much as I loved the 39, the later model 450 has been a real eye opener. My maintenance costs are literally a fraction of what we had to spend on the old 390. The operating cost is about 1/2. Even thought the 45 is a much bigger boat, she is a ton easier to handle due to the engine torque and prop size......I do not have a bow thruster and really don't need one. Trading up was one of our best boating decisions.

As far as your options go, I guess you have to weigh the cost vs. the benefits. To update/upgrade your 390 will essentially double your investment with no hope of ever getting the added investment in upgrades back. They might make the boat sell faster, but won't net much of an increase in value. A 2001 380 is a great boat but is generally a smaller boat than the 390. Personally, I am not a fan of all the electronics on later Axiuus or Zeus boats. If you own one, you will be a frequent customer of your dealer's service department....and not every dealer has Axiuus experienced technicians. If I were in your situation, I wouldn't want to give up size/space just to make a change. I would be looking at '96-'99 450DA's, 1997-2003 400/410DA's all with diesel engines. You will spend 1/2 the cost of an Axxuis/Zeus boat and have the same space or more than your present boat has.

FWIW........you asked for opinions and there is one.

Thank you for all the great responses so far. This is very helpful.

We went through the exact same considerations when we owned our 2003 360 DA, which we owned for 5 years (also our first boat). We really liked the boat but it needed some improvements, especially with electronics. BTW I think if you keep your boat and do upgrades, your estimate for electronics at $3000 is way too low. Our decision making process led to some critical wants: Diesel engines, 2 private staterooms, 2 heads, and the ability to have a center console dinghy. These "wants" (not needs) were related to expanding families of kids and grandkids, and the desire to get a boat more suited to longer excursions and time aboard when we retire. This process resulted in the decision to not invest more money in our 360, and we bought our 2004 420 DA. We also looked at 450s briefly but they felt too big to my wife, and the added expense of moorage wasn't worth it for us. Good luck with your process!

Get a 2017 450 Sundancer on order now, just what you need going forward.

If a hull and running gear survey all lent credence to your 8.5 - 9 out of 10 condition for a 28 year old boat, I'd keep the older boat. Your boating season is not going to get any longer with a newer boat. What do you have up there....4 months of real nice weather? I don't know.

The taxes on a newer boat will be more.

The electronics you need depend on the boating you do. Are the electronics you need on the newer boats?

All production boats are a compromise. You can gut your current one and make it a one of a kind that is YOUR boat.

There are a couple of threads on 390 restorations here. They may help you decide.

Good luck with whatever you decide.

Rule #1. Cars and boats share the same feature that when you put money into them, you'll never see it back.

That being said I've dumped huge buckets of money into Chez-nous because I plan to keep her forever. That or I'm and idiot and forgot the first rule above. Personally I'd go for your second option; you'll like having a newer boat. Option #3 and you'll be paying too much in depreciation.

Finally for what its worth, I'm with Frank in loving the mid-90's 450 DA.

FWIW, I've got Axius on my boat and absolutely love it. I say go for the newer boat and enjoy the updated technology.