Fixable
They are usually fixable. It isn't that easy as the gas and oil tanks need to be drained to get rid of the water. Then they tip the sled on its side, pull out the spark plugs, and pull like crazy to get all the water out of the crankcase. As long as it is started up relatively soon after being sunk (before rust sets in) they are usually ok. However, it is difficult to get all the water out of the foam seat, that can take a long time to dry out.
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