More important would be the towing capacity after some 23 years of
deterioration and rust.

I've owned similar cars - an '87 and later an '89 Olds Custom Cruiser
Wagon.  Both had the 307 V8 auto.   I don't know what the towing
capacities were so, unfortunately,  I can't answer your question
directly.

Both cars were used to tow a small 13' camper with a total weight of
1600 lbs.  Both cars, being so heavy with a small V8,  were fairly
gutless.  On gentle slopes at 65 mph the cruise control wouldn't hold;
I had to apply gas manually.   Apart from that the job got done with
no problems.

If your Caprice has the 350 engine instead of the 305, my guess is you
would be quite happy with using it for towing.

I had to replace the transmission on my '89 at 135,000 miles.  Apart
from that, both cars were fairly trouble free.  Thus, I considered
them cheap to maintain and thus didn't  mind the poor gas mileage (19
miles per US gal hwy - better with fuel injection).

If you buy the Caprice, you will get it cheap, but you will have
trouble selling it.  Just got rid of the '89 - tried to sell it for
$750.00 - ended up taking it to the wreckers :)

Gary

the towing capacity should be in your owners manual. I would guess
around 4,000 lbs. Maybe consider a truck or Suburban to tow your boat.
I tow my 21 foot jet boat with a Suburban. It works great. I can see
right over the boat when I shoulder check or use the rear view
mirrors. Everything must be in tip top shape when towing. brakes,
radiator, engine, tires.

What's it got for a tranny?