I have a hypothesis, take an old boat and spend 50% of the price of a new boat and you will have the equivalent of the new boat. I'm looking for someone to test this hypothesis and Kito might be well on his way. Of course DIY labor is not included in the 50% since no money is exchanging hands.
I concur..
All boats are bottomless pits but a fixer upper is rarely a "deal", even if free... Spending a little more on a boat in good to pristine condition pays off in the long run in more ways than one. I have seen this repeated over, and over, and over, and over again...
One customer & first time "big boat" owner knew everything and refused to take mine or other friends sage advice. We tried to talk him into a very, very nice, & exceptionally well maintained, Sabre 34 MKI for a 33k asking price (read; bargain). This boat was absolutely pristine and had been indoor stored every winter with HEAT... The owner had been fastidious. The boat has been 97% trouble free, I know because another customer bought it without so much as even dickering on the price, and I work on both of them...!
When all was said and done he ignored our advice and chose the 27K asking, 25.5K buy Sabre 34 MKI (read; complete and utter piece of crap). He saved 7.5K up front and thought he was beating the system, the system beat him, right in the arse, with a Frat paddle....
The end of the story, even now, is nowhere in site and at this point, 30+ months later, he now has, at last count, 65K+ invested in a boat still worth, on a good day, 27k at best!
Here's what he's had to do so far:
New furler, new sails, new interior cushions, complete strip & refinish & varnish of all interior wood work (smelled like diesel due to a diesel leak that had been ignored), new running rigging, new chain plate knee, New holding tank and hoses, fixed mast step, paint entire hull & deck, recored parts of deck which led to repaint of deck, new chain plates (had been allowed to leak for far too long), new steering cable & chain, keel reset (hat hit a rock and was not disclosed) new exhaust hose, new exhaust manifold manifold & elbow, new water pump, new batteries, new wiring, new DC panel, new mast wiring, new standing rigging, new electronics package, (wind speed & depth DOA), new head, new plumbing, new running lights, motor mounts, new shaft, cutlass and prop, etc. etc. and on and on.
He's still going to require an engine rebuild or replacement at some point as the Westerbeke was very poorly maintained and has been a money pit (over the winter it needs an oil pan). By the time he finishes he will have well over 70k into a what is still really a 27K - 30K boat, on a good day.....
Cheap boats are no deal.... I have about ten stories nearly identical to this one a few even worse but this one is really an eye opener because I work on boat boats and have physically seen the hemorrhaging of money on the "fixer upper". That 7.5K savings, over the pristine versions, was gone in about three weeks...........