What not to do when buying a classic boat

[spindrift]

I just thought I would post my thought on what not to do with a older classic boat such as a Hatteras. My daughter, who is a "green" type having a gone to a top northeast university (but she is a Republican so her mother and I did something right) just bought a very nice 40 foot sailboat. It is a classic, a real little gem. The current owner (he has had 3 hulls over the past 3 years) bought this mid 60s boat for 33 k 20 months ago. The broker told him don't put any money in it. The man ( a silicon valley entrepreneur) put 100k in the boat over the past 18 months. My daughter just bought if for $33k cash.

We have seen a few owners on this site take nice Hatteras MYs and put quite a bit of money in them in a refit and get very little if anything back. As I told my daughter, buy a good clean boat with the work all done, negotiate a fair price from a well heeled seller, and then be careful what you do to the boat: don't dump a lot of money in it.

This boat if it were new and still in production would be over $600 k new. I hope she keeps it a while.

Just thought I would remind the members of our site to be careful on what they put into their yachts unless they are willing to keep it a for a number years. In that case, it is a totally different story.

Cheers
Spin

 

[q240z]

I'm glad to see that last line there about keeping the boat. Another consideration that some people just can't understand is what I'll call boat zen -- a pleasant state of mind that comes about when doing things with your hands and mind. Not everybody gets it, but for those of us that do it's another reason for not focusing as much on the dollar investment as some. Peace of mind is hard to buy.

I remember being out on a perfect early summer day, varnishing the toe rail on my old Connie. A cruising couple who'd just landed the day before walked by on the dock and the wife said something like "You poor guy. That looks like a lot of work."

I said "You know, I'm actually having fun," and both of them looked at me like I had told 'em I was from Mars.

Last weekend, I was out on my Roamer project boat getting all sorts of stuff done, and I was having a ball. When I look at the ledger, I know that when I eventually sell the boat I'm never going to recover more than a fraction of what I'm into it. But that's OK. A new boat of similar quality would cost many times what I've put into it. I plan to keep her for decades. And I enjoy the work making her pretty again.

Cheers,
Q

 

[rsmith]

One other thing people do is modify the boats with their own taste or crazy things that don't apeal to anyone but them then think someone is going to pay extra for their abortion.

 

[Dan Mapes]

You mean like Imron'ing the interior wood paneling?

 

[rsmith]

You mean like Imron'ing the interior wood paneling?

Yeah and mirrors on the ceiling is only good for the Hotel California

 

[saltshaker]

All excelent points and most here get it. For me I'd love to repower a big Hatt just to make it the way I want it. I also enjoy a big project like that even though I would hire out much of the work. There is a certain satisfaction that comes with knowing things are how you want them. For me most of what I do to my boats is for me not for any thoughts of improving resale or return on capital investment. I'm always amazed at how often I'll see a boat go through an extensive refit/redesign and then it's up for sale a year or two later. 99% of the time the seller is hoping to recoup their investment but eventually have to come to terms with the fact that the $500K refit to their $200K boat won't bring much more than $200K.

 

[saltshaker]

One other thing people do is modify the boats with their own taste or crazy things that don't apeal to anyone but them then think someone is going to pay extra for their abortion.

There was an exceptional 65C w/MTUs from your area. Boat was spotless and very well cared for. Interior had a lot of custom "upgrades" such as gold satin soft goods, neon accent lights, mirros on bulkheads and overheads, metalic accents etc. Looked like a '70s disco. I'm sure the owner spent a fair amount of $ and all was in exceptional condition, just not a boat I would buy.

 

[Boatsb]

I looked at boat with all new decorator cushions and curtians.

The dinette was leopard print. Curtains tiger stripe and zebra accent. It was like a trip back to africa. The owners wife was so proud of it I almost couldn't hold back from laughing.

The work was done well. Too bad the materials were so hard to look at.

 

[q240z]

I read somewhere that Elvis was a fan of avocado shag carpeting on the wall of some motor yacht. The word "upgrade" is a fluid thing, indeed.

 

[31FlyCruzr]

Funny you mention mirrors, the anchor locker bulkhead of my boat was covered in 12X12 mirros when we bought her. Luckily it all came off and cleaned up to the original wood finish. That was 21 years ago.

 

[pizzazsdaddy]

In my case, my boats become available after I've brought them back up to what I consider as nice as I can make them in their original configuration...or I run out of money...whichever comes first. Regardless of what happens, for me...it's been the coolest lifelong hobby on the planet!

The only story I can relate here, is when I was a little kid walking with my Dad through the drydock area of the Buffalo Yacht Club on the first beautiful Spring day. Underneath a 1926 23' Richardson Cruiser, was this old man chipping away at his bottom paint.

I remember saying "Wow Mister, that sure looks like a lot of work". The old man paused for a moment, then looked up and said "Young man, this is called "PLEASURE".

He paused for another moment and said..."Someday when you get married, you'll understand how much pleasure this is"!

 

[krush]

He paused for another moment and said..."Someday when you get married, you'll understand how much pleasure this is"!

How many years did it take to realize the man was 110% correct?!? Haha.