The Offshore Voyaging Reference Site

Why Cheap Boats Are Not Inexpensive

An irrational drop in price makes a boat cheaper. A rational drop in price makes it more expensive.

Originally Gautam Baid about investments, modified for boats by me

Never truer words were said. Refits almost always cost more than the purchase price of the boat, often double or more. And worse still, the money we spend on a refit depreciates by 50% to 100% the day we finish it.

So it’s almost always cheaper to buy a better and more expensive boat in the first place.

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Roland Stockham

Have to disagree with this, it is to general. There are 3 broad catagaries. Gear refits involving buying major items such as engines. Skill/time refits involving time and skills that YOU have such as rewiring. Customization refits where you want something that is difficult to find or simply unavailable such as a square rig for the trades or decent sea berths. The first catagorie I agree is rarely worth it but the second two can be either a good way to save money or the best way to get the boat you really want. The trick is knowing which is which and being realistic about your capabilities. A significant factor is also whether you enjoy the process, boatbuilding can be just as satisfying as sailing.

Darren Thomas

I would agree with John, people who think that refits, never mind rebuilds, are fun, have never done a real one.
I am currently working through an 18 month rebuild on a 1979 Peterson 46 Cutter Rigged monohull in Langkawi.