Re: Old boat and fix it up or newer boat with few frills?
We just recently went through a similar dilemma. We have friends that are totally rebuilding a Bristol 41.5.
They got it reasonably cheap but it really is taking an awful lot of work and money to fix it into their dream boat. So far I think they have about four years into it and probably a few more to go. It does make them happy to do it and they have time as they are not ready to retire yet. They are loving it!
We considered this. But we bought a fixer upper the first time around....and then a fixer upper house that is yet to be finished....then we are building a business too. So for us it was a no brainier to get something in great condition and as fully equipped as we could afford.
Somewhere I read though to keep a kitty of 20 to 30 % more for all the maintenance and upgrades you will probably want to do the first couple of years you have the boat.
You really have to examine if you have the time and will enjoy the fixing up, or weather your efforts will be better spent elsewhere....ie will you make more money working at your job that will allow you to buy a better boat to begin with. And make sure your wife is on board with whatever you do....you will need her help and support.