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Both decent boats of similar build quality. Friend has a Cal 31 and it has been a good boat. I like the lines of the Cal 31 better. The 303 always looked a bit chunky to me. And the Cal has a PHRF of 162 vs 186 for the Peason so the Cal is quite a bit faster. Never been below on a 303 so can't comment on the interiors.
After years of owning a vintage Cal25, I looked at a Cal31 when it was time to buy a larger boat. I liked the 31. They are pretty quick, as reflected by their PHRF. The build quality is fairly good as well. Ultimately, I found a better deal on a C&C, but I still liked the Cal.
My Uncle owned a 303 for several years. Compared to the Cal31, it has a more comfortable layout below for cruising. However, the Cal is quicker. They both have similar build quality.
I suppose it comes down to two things: (1) if you are considering any kind of racing (beer can etc.), I would go with the Cal; (2) the price/condition of the specific boat for sale.
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