Encapsulation can have other issues so one needs to make a decision based on many factors.
Personally I would buy a bolt on external ballast before encapsulated, but I sail in Maine and the North Eastern US.... For a rocky granite coast encapsulated ballast would probably be my last choice, unless really well executed. Caliber is a builder who executes encapsulated ballast quite well with a fore edge crash box which is sealed off from the encapsulation.
I have seen far too many encapsulated boats hit rocks and then require months of
drying out the keel before any repairs can be made. A proper repair of an encapsulated keel can take eons to dry properly. Builders also cut corners and try to use cement, boiler punchings, scrap iron etc. etc... This results ina keels section that is wider / fatter than necessary had they used lead.
A few years ago I watched an Island Packet sit on the hard burning up an entire sailing season before it was dry enough to repair. How does one put a value on missing an entire season..?
On the other side I have seen external lead inspected, dried, ground & patched up while still in the slings and dropped back in all in the same day.
I have also seen encapsulated keels split open in the winter due to entrapped water (see pic below), likely from an earlier grounding and improper dry-out time... Sometimes the water comes from above. In some instances I have seen internal ballast which was driven right through the cabin sole and into the vessel thus voiding the very thin "water tight" membrane over the keel and allowing the boat to take on water.
While there are some builders who did encapsulated well, such as Caliber, many do not and the dry out times after a hit can be extensive to correctly repair the damage. This can mean an out of commission boat for a good part of the sailing season, if you find hard bottom.
This was one of my customers boats with internal ballast. The internal ballast got wet, it froze and split the entire keel bed meaning more water drained into the encapsulation. It became a constant battle. Note the upwardly cracked fiberglass between the bilge hoses... The customer wound up selling the boat.
Some builders even used boiler punchings and when they get water logged, then freeze..
For those who don't think
bolt on is robust enough this was a Hunter 340, a boat many pooh-pooh as a "production boat". Pretty darn tough, if I do say so myself....
Check out this chunk out of a lead keel below!!! That was a HARD HIT, about as hard as it gets. This boat did not sink nor lose the keel. It was not even leaking. All keel bolts were still intact despite there being only a few of them compared to some other builders in this size range and this was. It was remarkable that just five bolts survived this sort of punishment.
This was a FULL BORE hit to solid immovable granite. Both the keel and hull survived to sail another day. While the keel was re-set, it was more to inspect and die test the bolts.
If that 4100 pound lead keel on a 11,000 pound Hunter 340, with only 5 keel bolts, can handle that, how do you suppose the 3850 pound 12 bolt keel on this 36' 8900 pound day sailor would do? It would likely move the granite!!
That said the keel stub of that Hunter is nearly 3/4" thick and the O'day 322 I have seen and measured was approx 1/4". Too thin for my tastes....
There are vast differences in quality among encapsulation built boats as well as external bolt on. Buy a well built example of either type and you'll be doing well.
Buy a boat with multiple known keel failures and you'd be best do your home work and probably hire an NA to go over the design and offer his/her ideas......
World cruiser brands such as Morris, Passport, Hinckley, Halberg Rassy, Malo, Cape Dory, Gozzard Yachts, Valiant, Pacific Seacraft etc. etc.. are all examples of builders who choose external ballast. Most of these boats are some of the most coveted cruisers ever built and very, very rarely have keel issues..
I always loved this quote by famed designer Bob Perry to my post above:
"
I too would prefer external ballast."