...a 40 year old boat in the midwest equates approximately to a 10 year old car!
...our boat...I keep it on a lift with a full canopy...
Ed--if a boat is kept for 40 years, under a cover, on a lift, the way you keep yours, perhaps you might find
1 that equates to a 10-year old car (I doubt it). But most 40-year old boats are ready for a complete refit. Hoses will be stiff--some even cracking; same with rubber pump impellers and seals. Instruments will be far beyond obsolete, if even still functional. Anything with a wire on it will likely have some signs of corrosion. 40-year old upholstery will surely need some kind of attention; same with canvas covers. Etc.
Not saying they're all projects, just that one should be realistic about expectations.