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Cape Dory resale value

6K views 24 replies 14 participants last post by  miatapaul 
#1 ·
Hello,
I have been looking at an undervalued Cape Dory 28 for $5,000 that is in pretty good shape. Sails and rigging look good.
It needs some chainplate work and some paint, but doesn't have an engine.
I have a volvo that came out of a cape dory and is in pretty good shape.
Assuming that I can get it put together for $6,500, would I be able to make my money back when I sell it?
I know that the asking price for most CD 28s seems to be $10,000 and up, but it also seems like selling any sailboat seems to be pretty difficult these days.
I like the boat and have enough experience to do the work, but I don't have a lot of experience with selling boats.
Any comments would be greatly appreciated.
Thanks,
Joe.
Ps. Great site!
 
#2 ·
Probably a better chance of betting it all on black in Vegas then trying to make money on an old used boat. Why not fix it up and sail it away?
 
#3 ·
Expect to lose money, very few of use ever expect to get our money back out of our boats when we sell them.
If it were a money making (or break even) business flipping old boats more of us would be doing it.
I can't think of a job I'd enjoy more!
 
#4 ·
I bought a Cape Dory 28 sloop around 1988, for 24k. It was older (75), had minimal upgrades, and priced lower than newer, better equipped, sister ships (they were priced near 30k).

We sailed the heck out of it for 13 years, and sold it for 16K in 2000.
I felt lucky to get 16K, then. Good shape but we didn't add much to it.


Today - in my opinion - an older somewhat neglected CD 28, with no engine(meaning it's not a sale away boat), would be lucky to have any sale value.

It's not the quality of the boat (CD quality is pretty good), it's the state of so many boats under 30', that aren't well maintained. Many border on being a liability to their owners(in denial).

I'd say take it as a solid boat that would require less $ invested than a lower quality boat, and use it.

A big IF is the engine. If you can get a serviceable used engine installed - a solid installation - that would be smart $ spent.

I doubt you'll break even but as long as you keep it operational and sailing(means you'll be investing some $ along the way), you'll be able to re-sell it down the road.
 
#5 ·
Boat 2 of now 5 was a CD28 for us.

If you love it, get it. The one thing that was hard to fix (we never did) was leaks around deck/hull joint. The way these boats where bolted together with the teak toe rail can cause trouble over time. Take a hard look at this. A fix for this would be difficult to say the least.

Otherwise, pretty indestructible and overbuilt as I recall. Certainly not a race horse but will keep you out of trouble. We had that old volvo raw water cooled engine in it that just kept running. I remember also old style seacocks which were easy to service.
 
#6 ·
Boat 2 of now 5 was a CD28 for us.

If you love it, get it. The one thing that was hard to fix (we never did) was leaks around deck/hull joint. The way these boats where bolted together with the teak toe rail can cause trouble over time. Take a hard look at this. A fix for this would be difficult to say the least.

Otherwise, pretty indestructible and overbuilt as I recall. Certainly not a race horse but will keep you out of trouble. We had that old volvo raw water cooled engine in it that just kept running. I remember also old style seacocks which were easy to service.
We have a few things in common, capecodda.

Our CD did have some decks leaks that were traced to that joint. We found it sailed quite a bit better if it was lightly loaded. Unfortunately, we had it loaded up most of the time.

It was a very good boat for us, adding 2 babies along the way. We took that boat to the Bahamas twice and ultimately, to Maine. We replaced the Volvo with another used Volvo, along the way.
 
#8 ·
I would say in a situation like this, you have a chance to put some sweat equity in, use the boat for a few years, and sell it for close to what you have invested. You could get lucky and even make a little bit. But selling older boats today is not easy. Many more on the market than there are buyers. So it may take awhile and you may be forced to drop the price below what you think it's worth.
 
#9 ·
Thanks for your comments. This site is always an education.
So, can I assume that most of the CD 28s listed in the $10,000+ range would actually go for much cheaper, say in the $7,000+ range? Or is it more complicated than that?

While I can see that it wouldn't make much sense to expect a profit, I would not mind an easy sale when the time comes.
The last boat I sold, a Bristol 22 in good shape, took a considerable markdown after a season on the market to get it to move. Not that I had any regrets, the time on the water was well worth it, which is what it is all about. My goal here is to learn a little more about the dynamics of buying and selling.
Thanks!
Joe.
 
#10 ·
I'm going to offer my opinion from a different angle. What you are starting with is over priced. An engine-less hull that can't be taken for sea trial and barely worth surveying.

What you have here is a "take away" boat. Offer to take it off the persons hands for free and work your way up to a few hundred bucks if you are brave. You have an engine but will spend hundreds and hundreds on parts and bits and thingies on the engine install alone.

Sail it for a while and put it on the market. You might get your money back or even make a little. Not much if you dare try to put it into an hourly rate, but it might be a fun project if you have a masochistic side :)
 
#12 ·
I think your experience with the Bristol is pretty typical of the current boat market. So many boats available in that size and age range it's a buyers market. I'm shopping for a new to me boat, so many available every time I look I find something else I like!
 
#13 ·
I like Cape Dory Sailboats, a lot, especially my current tiller equipped 28.

That being said I would have to agree that planning on making money off a restoration is questionable. There are several Cape Dories that are currently available on the web that have undergone extensive renovation from the keel up and are price accordingly. While worth every penny due to their condition they appeal to a smaller set of sailors who want a turnkey boat and are willing to pay a premium price. The following link is an example of a company that has done Cape Dory renovations and seem to make it a money making proposition.

Restorations - Finger Lakes Boating Center

Recommend you visit the Cape Dory Association web site where you will find Cape Dory boats and their loyal followers. As you will note there are currently 28s that range from 12k to 30k and each are worth the price based upon condition and equipment. You will also find on occasion the die heart Cape Dory lover (noted by Rob) who will gift his boat over to someone willing to bring it back to full glory. However, as my admiral is quick and correct to point out, there is no such things as a free boat.

You didn't mention the Volvo Penta that you had available but the 28 accepts a Volvo Penta 2002 as a perfect fit. That being said that engine does not bring much additional value in terms of configuration. I know this because my 28 has a 2002, which I have had no issues with and have performed flawlessly for me.

Negotiate with the seller for a reduced price, bring the boat back to life and enjoy its use. Do a great job and you'll can recoup some of your costs while retaining all of the experiences. You will find yourself the owner of a Yacht which is to sailboats what a Jeep Wrangler is to an automobile.

I'll never forget the first two trips I took in my Cape Dory 28 when I was complimented about sailing into my slip at the marina (the bolt holding my heat exchanger had backed out resulting in my losing coolant) and the locals were all commenting about those Cape Dory sailors who sail everywhere and don't need engines. And arriving at Crisfield Maryland where a crew who had been stuck there for three days due to weather, expressed amazement that someone had sailed in off of Tangier Sound, only to look out from the boathouse and note, "O you have a Cape Dory, that explains it". Just remember to practice backing up and don't every try it in front of witnesses!

V/r

Pete
 
#14 ·
I think you could make this work: IF you have an engine that will fit in this boat, AND you can do the work yourself, AND you are willing to sail if for a few years and NOT make a profit. It is also possible you could find a similar boat that is ready to go for the same price (if you sell the engine you have).
 
#15 ·
Biggest problem in this size range is there is little market for it. So it really has to be in extremely good shape. Keep in mind any boat asking $10,000 is going to likely sell for about $7,000 (and be glad to get it) so your already almost down to what you think you can get it done for. I don't think you would make money, but might break even if you got the boat for $2,000 or less. Keep in mind there is a lot involved in replacing the motor, even if a like for like engine. If it is just a little bit different you are going to be in for some significant work. Engine alignment is really critical, as in down to .1 mm. I would say it is more precise than the engine placement in a car. Often when replacing a motor yourself, the budget for miscellaneous stuff can easily go over $10,000 on top of the motor.
 
#21 ·
Often when replacing a motor yourself, the budget for miscellaneous stuff can easily go over $10,000 on top of the motor.
I replaced the engine in my previous boat with a rebuilt (same make and model). Cost beyond the engine was almost nothing. Maybe a hundred or so for some misc. bits and pieces. The big $ come if you have the yard do it as labor at $75/hr or so adds up very quickly. And if you install a different engine, the changes needed to the systems can add up.
 
#17 ·
There was someone here who replaced there motor with an Beta, and as I recall that was what the miscellaneous ran into. I think it really depends on how much fabrication you can do, and how many tools you have access to. But this was self done.
 
#19 ·
Why take so much risk and put so much effort into a venture where the best you can hope for is to break even? If you like working on boats, find a boat you absolutely love, and spoil her rotten. Don't sell her. Make love to her by sailing her hard. She will love it. And so will you.
 
#20 ·
Best response yet. If it were me you would have just told me to buy the boat.

This is exactly what we're doing with our CD-33. We'll never have any hope of recovering in $$$ what we are putting into her, but we don't look at it that way. We are not even thinking of selling her, even though we probably will someday far down the line. We are just thinking of all the pleasure we will get from her, and just how happy the sight of her makes us. It's a love thing. You either get it or you don't. And some people don't even see boats that way. I guess for those people the $$$ better add up.
 
#22 ·
Very few people can buy a boat and sell at a profit. If you want to make money, get a job, or start a business. If you want to invest in memories and adventures for yourself and your family, buy a boat.

One thing that may put many prospective future buyers off: Volvo engine
- moreso if it is a raw water cooled Volvo engine.
 
#24 ·
Thanks to everyone.
I am going to go back and look at the boat again and start from square one. But this time I will have a lot more knowledge, thanks to you guys.
At this point, I am still leaning slightly toward buying the boat – but only with some negotiation over price – and only after I get a qualified mechanic to give me a realistic estimate on the engine install, which I still plan to do myself if I get the boat.
Aside from that, I think the common theme I am seeing here is that boats are not so much about profit as they are about doing something you love.
Thanks!
Joe
 
#25 ·
Thanks to everyone.
I am going to go back and look at the boat again and start from square one. But this time I will have a lot more knowledge, thanks to you guys.
At this point, I am still leaning slightly toward buying the boat - but only with some negotiation over price - and only after I get a qualified mechanic to give me a realistic estimate on the engine install, which I still plan to do myself if I get the boat.
Aside from that, I think the common theme I am seeing here is that boats are not so much about profit as they are about doing something you love.
Thanks!
Joe
If you think you would sail the boat for a few years I think it might go well. Have fun, enjoy it, drop in the motor you have. Then look into seeing if you feel you need to move up or down from there. They are pretty boats, slow but safe and secure.
 
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