So We Bought A Boat

In an effort to teach as effectively as possible, and to remind us of the troubles we had back in the old days; we are sending out our worst boating candidate (Frank) out on his own, to buy a boat!
There are a few rules however, to which he must agree to abide:
He has a fixed budget to buy the boat
He will get no help from us
He has to buy an old boat, so that we have some juicy problems to solve!
It has to be a power boat.
He has to take it out onto the water himself for the first time
He has to write everything down for us all to laugh at!
So, first for the budget. Well we want an old boat, he's in the UK, and it's just coming out of winter time so it's a good time to buy. Therefore we think £1500 (UK) should get us something slightly interesting.
Bare in mind that Frank is a total novice; all he knows is that he likes the sound of boating. He's never stepped onto a boat, let alone driven one.
To start our story, firstly let us introduce Frank. Boy, this will be fun!