I've been having this argument with my brother all week. He just bought an older CP that needs some glass/stringer work, and then the whole top half needs to be re-gelled. My argument is this, you need to be very careful how much money you invest in an older hull. I can understand restoration projects, especially ones with sentimental value (old family boat or something). But when I see folks investing 4-5k in new stringers, glass work, and custom paint in a 1970-1980 something jet hull, It brings me back to the boat I totally re-did and was shocked how little it was worth when it was done.
If I had put the money towards a new hull, I would have had a 20-30k NEW boat, instead, I ended up with 20k in a $7k boat, and even that was a tough sell. My brother is looking at 1500-2000 work into a 80 something CP. Because of the name, it would probably sell for 3-4k as is. The trailer, pump, mill, are in great shape. He's re-doing everything else (carpet, gauges, steering, wiring, hardware,). If he sold the hull, and put the money he was going to pay towards a new hull, he'd be into a custom, all gel, 2010 new boat that are HIS colors and graphics for only a few thou more. Instead, he will wind up with an 80 something boat that has been repainted. (any boat that has been repainted is never the same an an original all gel boat)
I'm not saying that no boat is worth re-doing, all I'm saying is that these things tend to be a can of worms and most of the time, you end up spending WAY more than you intended, and $ adds up real quick. Ask anyone that has taken on a project like this and they will all tell you the same thing. I know it happened to me, and when I was done adding receipts I about fell over.
If you are hell bent on re-painting a boat, use somebody that knows boats and works with glass. Automotive style paint will not hold up like gel and end up cracking and chipping. If anybody needs it, I get a really good price at Genesis Boats for gel/glass work and they do an outstanding job. Hit me up and I'll get you in with Joel. Just my .02....... RD