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New or Used Cruising
Boat -- Our Decision
12/23/01
Blaine Parks
I always find myself drawn to the articles written by the ‘boating
experts’ on whether to buy a new or used boat to take cruising.
There are, of course, as many opinions as there are experts.
And even a few who can’t make up their minds.
Well, we’ve tried both approaches and have fielded questions on
the topic from many of our cruising friends.
So, here is one opinion from a
‘boating amateur’ – one who is currently cruising and not
writing this from a cubicle.
If you’ve read anything else on our website, you know that there was a
time when Janet and I were busy chasing and saving money to make our
cruise a reality. We worked
long hours, ate too much fast food, and slept short nights.
We read every sailing publication we could find in our scant spare
time. We didn’t own a boat
yet and were interested in the myriad of opinions on what type of boat
would be best for live-aboard cruising.
Based on our research, we bought a 9 year-old Island Packet 35.
Based on our experience, we sold it a year and a half later and
purchased a new Island Packet 40.
So, what made us go from a quality used cruising boat to a new one?
Time and a return on our money/efforts are the two things that
immediately come to mind. All
our reading led us to look for a used, well-built boat.
The idea was to find a boat already equipped with the cruising gear
we wanted (electronics, dinghy, sails, spare parts, etc.), but with the
value of a ‘used-boat price.’
Our personal problem was with having the time, after our purchase,
to repair, replace, or install gear that would be needed before going
cruising.
About six-months into ownership, we made a list of all the things that we
felt needed to be done before leaving the dock.
Because we were the third owners of the boat and weren’t sure how
she’d been used (or abused), our list included things like replacing the
running rigging, inspecting and replacing some standing rigging, and a
new mainsail. Our cruising
plans included a majority of our sailing to be done offshore and the
safety of the rig was of monumental importance to us.
There were also the numerous projects to move, repair, or add items
that would turn this boat into our cruising home.
When we tallied up the list, we were looking at over $40,000 worth
of work. Remember, we were
still racing to and from the office or airport saving money for our
cruise. Because of our
limited time, most of our work would have to be contracted out.
We had already put $6,000 into the boat when we came up with our $40,000
list of additional work. Because
of our investing mindset, we questioned how much of this $46,000 could be
recaptured when we sold the boat. The
answer was, ‘very little.’ Boats
are supposed to come with sails, running and standing rigging.
While we might get a premium for their newness, most of our
investment would be for our peace-of-mind and not a returnable investment.
When we added up our total financial commitment to our used boat, we
weren’t very far from the price of a new boat that already had all new
gear. Our decision was
pretty quick and, as I recall, came as I was cussing existing
refrigeration and air conditioning installations that just couldn’t keep
their pumps primed. That
one decision was the beginning of a wonderful preparation and now cruising
experience. We sold our IP-35 for almost exactly what we paid for her
(minus our $6,000 in additions).
We probably worked an additional six months for the extra money.
We were dedicated, some would say fanatical, investors.
Every spare dime was stored away, growing interest, somewhere. We settled on the Island Packet 40 because of our experience
with our earlier Island Packet. The
gear might have been breaking, but the boat and the items provided by
Island Packet were still going strong.
We wanted a boat with that kind of staying power, not to mention
their historical resale value. And,
thus far, ‘Charbonneau’ has lived up to her pedigree.
So, what would be my amateur advice to someone shopping for a boat and
contemplating the cruising lifestyle? First, consider the total amount of money AND time you can
commit to your boat purchase. If
you have the time, skills, and desire to bring an older cruising boat back
to life, you may actually find ‘value’ in the used boat market.
Be prepared to find problems that the previous owner and surveyor
didn’t disclose. But, if
you have the time and skills to do most repairs yourself, you may come out
ahead in the long run. If we
were to buy a used boat again, we’d look for one in good shape with
almost no extra equipment. Most
people end up replacing the older gear anyway.
By purchasing a boat with little existing equipment, you can
install what you want, where you want it.
Remember to be realistic regarding your skills and the time/effort
required to bring the boat up to your cruising requirements.
If, like us, you can make more money by working than you can save by
spending that same time working on your boat, consider the purchase of a
new boat. We found that many
of our friends have ‘pet-peeves’ regarding what or where the previous
owners had installed things on their used boats.
Every mistake on ‘Charbonneau’ is ours.
We love where all our gear is installed and, like most owners,
would argue the benefits of each decision with other boaters.
In the end, we have a quality boat capable of crossing oceans that
is outfitted to meet the specific needs of the Parks family.
We chose both new and used in our search for our perfect cruising boat.
We learned lessons from both approaches and are better for the
experience. In the end, we
subscribe to the new-boat philosophy of getting exactly what you want and
maintaining it over the life of the boat.
It’s probably not the majority opinion among the ‘boating
experts’, but then retiring in our 30’s wasn’t exactly a majority
opinion either.
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