This is Part III of a series on the “Cost of Owning an Old Boat.” Part II is How to Own An Old Boat and Not Lose Your Mind (And All Your Money); Part III is Can I Really Fix My Own Boat?
There are lots of old boats out there, and the price tag is tempting, when compared to a new boat. In this area (mid-Atlantic) you can get a 70’s-era Pearson 35 for $15k – $20k. A new 35-foot boat will run you well into six figures. Most of us don’t want a second mortgage, so we are willing to consider the 40-year-old boat. But what do we get for $20K?
It varies with each boat, of course, but at a minimum you will get a boat that may have some hull blisters, leaking plastic ports, an outdated sanitation system (rebuild the toilet, etc), a freshwater system that needs replumbing (new hoses, new pump, new gaskets), electrical system that’s been patched into – sometimes unsafely, and an engine that you know nothing about.
On deck you will get a set of running rigging that may be old, or need replacing, and perhaps the original standing rigging. The gel coat may be tired on deck, or may have been repainted, as has the topsides. It may have sails that are 20-years old and need replacing. All the wood needs attention above and below deck, and the whole thing needs a really good cleaning. Sometimes a bulkhead needs replacing because of old ports leaking water on them. For years.
But, isn’t there a “good” old boat out there for sale, if you look carefully?
Um. . . yes. Usually not for a bargain basement price, although there are great deals to be found, certainly.
Well-found boats are usually priced accordingly, though certainly more affordable than a new boat. Here’s the catch, though – how would you know if you found a “good” old boat? Ah, you’ll take a surveyor with you! That may help . . . I’ve heard both good and bad regarding experience with surveyors. If you are going to engage one, you should hire the most picky, critical surveyor you can find – because you don’t want him to miss anything. Certainly you should NOT hire the guy a yacht broker or boat seller recommends.
But what should you expect when you find that “good” old boat? Should it have no problems at all?
Now, here’s the truth: All boats have dirty little secrets, even the “well found” boats. There is always something that needs renewal, rehabbing, or refitting. Urgently. That’s because boat maintenance is a continuous cycle of getting ahead of a disabling problem before it gets the upper hand. Boats that get behind on the continuous cycle are boats that develop severe problems.
So, say you’ve found a great, old boat that is worth what you are willing to offer for it. Here’s the question you have to ask: What’s the next big thing you have to replace or refit on this boat? In fact, that is the question for your surveyor too. How much money in the near term do I need to spend to stay ahead of a disabling problem? Never mind the long-term out look – it is predetermined that you will spend a fair amount of money as time goes by.
What if you find something that you and the surveyor missed, and the owner didn’t know about/didn’t tell you about? Well, that’s a strong possibility, because it’s really hard to cover all the bases when you only have a couple of hours to look over a boat. In fact, I guarantee you will miss stuff. But there are ways to own an old boat and not lose your mind or all of your money. And that is the subject for a subsequent post. . .
Read more of Rick Bailey’s posts on his blog, MiddleBaySailing