value of old yachts and costs of refit

[chubby]

Related to my post on AF removal, a wider question is the value of old second hand yachts, costs of refit and when does it become uneconomical?

Given a 32 year old GRP boat, heavy displacement long keel etc, bought for 33K 20 years ago and a bit like an old smelly labrador, grown up with the family but getting a bit long in the tooth but still comes when it is called.

What would it be worth now in a depressed market and a niche boat? I have assumed about 25K or is that optimistic?

What is it worth paying for major refurb items? We re engined about 5 years ago for 5K and I though tthat good value. Now considering how much to spend on the bottom, could be up to 5K but once you get onto topsides, mast etc you could end up paying out a high percentage of the value of the boat.

This makes me ponder what is worth paying, what will add value or will it stil be an old boat, offset against all the costs of changing. When are you throwing good money after bad and it is time to sell for what you can get and move on?

By temprement I am keen on sailing rather than boat restoration, I realise there are some who enjoy restoring old boats for the historical value and would think 32 years a youngster but i just want a functional cruising boat.

What do forumites think?

 

[Bobobolinsky]

If it is still a functioning boat, then a little TLC is in order rather than a full refit. Upgrade of electronic equipment, domestic systems, rigging and sails, spread over two or three years.

 

[Tranona]

Suggest you look at it from a different perspective. The current market value is irrelevant if you are not thinking of selling in the near future. The only thing that matters (if you want to keep sailing) is the cost of the alternative. Look at the price of a boat at least as good as yours and how much in transaction costs it would be to own that boat (ie selling yours and buying another) compared with the costs of the refurbishment of your current boat.

If, say the difference is £15k, taking into account brokerage costs, survey and probably upgrading the "new" boat, then £5k spent on your current boat is a bargain. Amortized over the future life of the boat means it is not a lot of money.

Must stress, this approach only holds good if you take the long view. If you foresee changing in the near future then obviously the market value in relation to expenditure assumes a greater importance.

It is, however, only a decision you can take, but it is clear that many people (including myself) have gone down the route of constantly updating existing boats because in the long run it can be more economical than constantly changing boats.

 

[GrahamM376]

Much depends on whether you want to keep the boat or upgrade. Treating blisters yourself is a lot cheaper than the amount a purchaser will want off the price as soon as "osmosis" is mentioned. If you like the boat and want to keep it, then spend the money.

 

[Bosun Higgs]

What is it worth paying for major refurb items? We re engined about 5 years ago for 5K and I though tthat good value. Now considering how much to spend on the bottom, could be up to 5K but once you get onto topsides, mast etc you could end up paying out a high percentage of the value of the boat.

T

If you dont keep it up to date it will be worth less than if you do so, but the difference will not be the full cost of the updates. So you have to say to yourself that, for example with the engine, you spent 5k, you have used 3 k of that since the engine was replaced and the remaining 2k is added onto the boat value. In short a poart of the update cost is consumeable just like the diesel you put into the boat.

Boats are toys. They cannot be treated as an accounting exercise. They are half way between a house which generally appreciates and a car which is usually a dead loss.

 

[savageseadog]

Upgrading can be done very cheaply with boat jumble and ebay stuff if you have the time

 

[William_H]

New boat old boat

Without doubt if the boat you have is satisfactory to your needs keep it.
However if you want something different the only way to get something different is to sell what you have.
You will get pleasure out of money spent on the existing boat, if it really needs it, but you won't get the money back by selling it.
A boat is not a car. It will not always stay shiny but unlike a car it will always stay serviceable given necessary maintenance. Long in the tooth means nothing. good luck olewill

 

[aitchem]

Best policy is....continual upgrade and improvement.

 

[Poignard]

. . . a bit like an old smelly labrador, grown up with the family but getting a bit long in the tooth but still comes when it is called.

I love that description

(You might also add: "leaks a bit")