Yep, someone cut the tongue and that trailer is worthless anyways (except for holding a boat in your yard)
No one can tell from pix how the deck is, the stringers, the gelcoat.
Is it worth it?
If you have some experience with fiberglass and are going to have fun rebuilding it for a year and you are going to use it for 10 years after you buy a motor and trailer, and be the guy who rebuilt the '78 V20 because its cool....
If you just want to go boating...pass.
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