Project Boat vs Bare Hull
As a boat gets older, it depreciates less. A 15 to 20 year-old boat may have reached the point were it no longer depreciates or is doing so at a very low rate. If this is basically correct, then putting some (and I realize this is a relative term) money for upgraded equipment may not be a "throwing good money after bad" situation.
From a personal point of view, I''d rather be sailing an older boat, needing occasional repairs and upgrades than a "new" boat that I have to build or finish. At least in my case, I''d be sailing. ;^)
~ Happy sails to you ~ _/) ~