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Some folks have built their own wind vanes, too. This seems to work especially well for small sail boats, like yours, and has the added benefit that you'll know how to fix it when something goes wrong. Heck you might be able to make your own for less than $400 if you scrounged around for parts and were creative. Here's a picture of a VERY simple one:
http://www.yachtworld.com/core/listing/displayPhoto.jsp?&photo=3&boat_id=2126570&ybw=&boatyr=1964&boatname=25'+Bequia+Wood+Cutter&photo_revised_date=1254234194000&photo_name=sailing+blue+water
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