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There are some real benefits to owning and restoring a "beater." I bought a fixer upper and began to regret it as the money to restore it isn't insignificant. However I have learned that as your progress you learn about your boat, how to maintain it, what's working and not, what needs repairs "now," and most importantly, unknowingly you're learning about other boats as well.
If you ever want to do some serious long term cruising, the sweat equity and education you are under going now will stand you in good stead out there in the Briney deep when no one is around to help you. Most folks newer to boating purchase a new boat so they won't have to experience what you are, thinking this is a good thing. Ultimately, taking a boat up is paying your dues on the up keep and repair of such a vessel; the new folks miss out on this experience and they are the ones looking around helpless when the "....." conks out.
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