Repowering with new is not cheap. But, many do it and are quite willing as the alternative is a lot less than a new build. The recent Makobuilder thread with a new EGCO 4 cylinder marinized Tier 3 engine is a good example of someone trying to save a few bucks. Insequent and OC Diver bit the bullet and made a boat very happy,
A drop in Cummins 220 HP reman is a good way to save a few dollars too. Or rebuild that Cat 3208. The list of alternatives to a new Tier 3 are numerous for older vessels. Moral of the story, take care of those old ones as it appears Hawgwash found with the vessel that started this thread.
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