I sold my '99 Grady 208 in '06 due to lack of use. I miss her.
Picked up an 21' Trophy for $2k and sold the engine for $1,150. Only had $850 invested at that point, so I upgraded to a '95 Evinrude for $2k. Built a full enclosure for cheap and she's ready to roll.
My total investment is about $3k.
She is certainly NOT a Grady, but she's seaworthy, runs like a top, and if I don't use her, so what? No payments to worry about, and I can easily sell her for double the cash I've invested. Sweat equity pays, if you are handy and have the time...
-TH