[Sal Paradise]

Hell yeah, the hull and spars will go forever, but everything else has an expiration date. So, what really kills them are those things,sails,,, engine... interior trim. Sal

 

[Sal Paradise]

I can give you a bit of an example from land structures. When I was doing my thesis in college, I came across a government statistic, which if I remember it correctly suggested that in the years between 1948 and 1973 more houses had been built in America than in all of history before that time. In another study these houses were estimated to have a useful life span of 35 years or so. As an architect today I see a lot of thirty five year old houses that need new bathrooms, kitchens, heating systems, modern insulation, floor finishes, etc. But beyond the physical problems of these houses, tastes have changes so that today these houses in perfect shape still has proportionately small market value. With such a small market value it often does not make sense from a resale point of view to rebuild and these houses are therefore often sold for little more than land value. At some level, this drives me crazy, since we are tearing down perfectly solid structures that 35 years ago was perfectly adequate for the people who built it, but today does not meet the "modern" standards.

The same thing happens in boats. You may find a boat that has a perfectly sound hull. Perhaps it needs sails, standing and running rigging, a bit of galley updating, some minor electronics, a bit of rewiring, new plumbing, upholstery, a little deck core work, an engine rebuild, or for the big spender, replacement. Pretty soon you can buy a much newer boat with all relatively new gear for less than you'd have in the old girl. Its not hard for an old boat to suddenly be worth more as salvage than as a boat. A couple years ago a couple friends of mine were given a Rainbow in reasonable shape. She just needed sails and they wanted a newer auxiliary, but even buying everything used the boat was worth a lot less than the cost of the "new" parts. When they couldn't afford the slip fees, the Rainbow was disposed of. She now graces a landfill and the cast iron keel was sold for scrap for more than they could sell the whole boat for.

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Jeff, your whole post was very instructive, love the house analogy. A buyer who has the desire for their own house or boat,lacks money but has the ability to put in the sweat equity to get it back in shape themselves might do okay, at least in terms of use. Maybe someone handy can still pull it off, maybe with some used parts. But, overall it is a losing proposition, and I really think you nailed it.

Labor is a big expense. Last Sunday, anticipating a trip to Lake George, NY I took my boat out on the trailer and pressure washed off. At the same time I talked to the yard about blocking up to paint the bottom, but - weather turned bad...changed my plans. a few days away on vacation, I come back to my house is a mess, I have too many projects at home and then back to work Monday where its hectic - so guess what - all I have time for, and barely, its to put her back in the water this weekend. Back she goes with her old paint. I have no time for maintenance! Barely time to sail. My house takes the bulk of my money and time.