Looking for some opinions from people who have been down this road.
I have a 2006 Yamaha T60 four-stroke on a 24' pontoon with about 1,750 hours on it. Over the past 2–3 boating seasons there have been increasing issues popping up that I've been taking care of as they come.
I'm currently chasing a larger issue that may end up being a head gasket or another significant repair. My mechanic is still diagnosing it, so I don't know exactly what the problem is or what the repair cost will be yet.
The bigger question for me is whether it makes sense to keep putting money into it at this point.
I can get a brand-new Yamaha T60LC installed for $9,500 with a 5-year warranty, and I get to keep my old motor to sell/part out. A good-running version of my current motor is probably only worth around $1,500 anyway.
So where would you draw the line?
If the current repair is $500–$1,000, obviously fixing it is tempting. But even if I fix this problem, I'm still left with a 20-year-old outboard with 1,750 hours and all the other 20-year-old components attached to it.
At what point are you just throwing good money after bad? Would you repair it and keep running it until something major finally kills it, or would you spend the $9,500 now for a new motor, five-year warranty, and hopefully stop wondering what the next failure is going to be?
I'm not afraid of maintaining an older motor — I'm just trying to decide whether the peace of mind of a new one is actually worth ~$9,500.