EPIRB FIRST
Never, NEVER, buy a used life raft that doesn't HAVE AN UP TO DATE INSPECTION. Over half of the used life rafts will not pass inspection. It's a 50/50 gamble, you may just be throwing your money away. Inspections used to go for 750, now it's more like 1000 to 1500. That's a year. You must fill a life raft to at least half capacity to keep it stabil. That means 2 people in a 4 man, at least 3 in a 6 person life raft, or it will not be stable. For coastal sailing an inflatable dinghy works fine. Don't worry about a life raft untill after you have a New EPIRB. For coastal sailing and sailing in more populated areas you will get a responce to your EPIRB in less that 2 hours in most places, faster in some areas. You can hang out in a life jacket for that time. Unless the water is too cold in your area you sail. Without the EPIRB the life raft will only prolong the inevitable. In cold areas on small boats such as Mac's an exposure suit may be a good option. Still, get the EPIRB. The new EPIRB's have GPS built right in them, strobes built in. The new EPIRB's send your posistion vessel ID and a homing signal. These have gotten smaller and cheaper over the years. The new personal locators can be just as good as an EPIRB, except their batteries only last about half as long. On the other hand the batteries in the personal locators are user replacable, so if you carried a spare set of batteries they would transmit for as long as the EPIRB, and you wouldn't have to send it in every other year for service, about 3-400. The personal Locators are small and can be clipped right to your life jacket. For a Mac in warm water a personal locator clipped to a good type 1 life jacket should do. Save the life raft money and get a second personal locator then if one should fail you would still have a back up, and all that would be cheaper and better than a life raft.