Evaluation by the Naval Ships System Command estimated that it would cost $13,500,000 to repair and modernize Soley while the cost of replacement was $23,000,000. In view of these costs and the ship's age, it was recommended that Soley be scrapped rather than repaired. Her scrap value was estimated at $87,000. Consequently, on January 30, the Chief of Naval Operations informed the Secretary of the Navy that U.S.S. Soley (DD-707) was to be decommissioned on February 13, and struck from the Navy list on July 1, 1970.
On the 18th of September 1970 the USS Soley was used as a target ship for training purposes. Ths USS Adams and USS Barney both fired one RIM-24C missiles scoring direct hits. Following the missile shoot the two DDG's and three DE's were placed in a column and made two firing runs at 4500 yards. The following rounds were expended - Adams (15), Barney (14), Taussig (15), Cromwell (15) and Dealey (55). Hits were observed but water tight integrity was apparently unaffected. The Adams and Barney then closed to 2000 yards for another firing run. The Barney expended 4 rounds before her firing mount had a loader casualty, Adams then fired sixty-one (61) rounds rapid fire to finally dispatch the Soley.
The Soley sank at 1620Q on the 18th of September 1970 in a depth of 3800 Fathoms at Latitude 19-18N and Longitude 65-41W just NE of San Juan, Puerto Rico.
U.S.S. Soley (DD-707), known by her crew as "The Holy Soley" now rests peacefully in her grave on the Atlantic Ocean floor along with three decades of memories shared by those who proudly served their country on this fine ship in war and peace.