Thanks for the replies so far. I guess I should clear up the fact that I am not planning to make an offer on, or purchase this particular Valiant. Just looking and weighing my options. It is well set up for cruising though.
BTW, here is a link to the boat.
1975 Valiant Sail Boat For Sale - www.yachtworld.com
So this is a 1975. This could be a pre-blister boat. In which case, I'd say that the price is right in line. You may have a bit of wiggle room on price. What is the hull number? Anything around/above hull number 120 - 250 are the "pox" boats.
Here are some drawbacks to look out for. Its got the Westerbeke 4-107 engine...which is original to the boat! That engine is almost 40 years old now! Its going to need serious overhaul ($5k) or a repower entirely ($10-$15k).
Also, those electronics are a long in the tooth. The Autopilot alone has been out of production 10 years old. Its probably only got another couple of years left before it gives up the ghost. Factor about $12-$15k for a new suite of electronics (plotter, radar, depth, speed, ais, vhf, cabling and communication boxes, etc).
Hell, you're probably looking to rewire the entire boat after almost 40 years. You can do this job yourself, but its not fun and is painful. Probably $5-$7k to pay someone to do it.
I'd really really look at the chainplates and the chainplate knees based on what these guys experienced on their transocean trip: Syzygy Sailing » unromantic update
(they had some very unkind words regarding the situation with those chainplates).
Valiants used aluminum tanks for water & fuel. As they age, they'll pitt and corrode and need to be replaced. $2-$5k job there.
All of the above points to me that this is an old tired world cruiser that probably was sold to a person with grand plans to fix her up again...but just never followed through with it. She's a boat with good bones, but will require a ton of money and time to bring up to world cruiser standards again. A lot has changed in the past 10 years in terms of kit & gear, and its all gotten so much more expensive due to commodity price inflation. Even engines and hoses since it seems like China is gobbling up near every commodity to feed their machine...I've seen 10-15% year on year price increases on things like engines and wiring.
If you can find a pre-blister boat with a new(er) engine, better electronics, rewired, with new tanks and redone chainplates for <$120k, I'd take that boat vs this one!