Depending on what kind of sailing you are considering it could be an excellent choice. There's one based near me that regularly does the east coast
u.s.a. and bahamas
. Oday built a good boat although at that age you will need to have a knowledgeable person do a good inspection
of it to give you an idea of its general condition and what might need to be fixed or replaced.
The two main areas to examine are engine/drive train and standing rigging/chainplates. These would be the costliest fixes to do. For me serious engine/drive problems would probably kill the deal, but if you're already an experienced mechanic
(as a friend of mine was) you might buy it anyway at a much reduced price
problems wouldn't bother me because I've done rigging
There are other things to look for like leaky ports
, spongy decks, substandard throughhulls (Oday boats often have these), separating hull/deck joints..... but I think you get my drift. Have a knowledgeable person, or two or three, give it a good look.
As for being old, don't let that fact alone keep you from looking. My boat was 24 years old when I bought her (now 34 years old) and could not be bought new today for five times what I paid for her. And I have not put a lot of money
in her; labor? Yes, lot's of labor. But even a brand new boat will require a lot of labor, unless you can afford, or even want to, hire help.
I've also noticed that newer used boats, say up to 15 years old, are priced at too small of a discount from their brand new counterparts, making older used boats, especially higher quality ones, an even better buy.
The oday 37, for instance, has a skeg hung rudder
. Many newer boats have their rudders hanging out in the water
just waiting to be bent and damaged. I will check on that oday 37 near me and let you know what the owner has to say....