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Mark - I would agee that a 30-40 year old boat that has been in a southernly climate (North America) all year round will likley be quite beat, by sun and water, if not well maintained.
However, in the North, where the boats are only in for 5-6 months a year, (and where the colder water makes blistering virtually a non-issue), the boats themselves, sails and rigging will last a lot longer. There are many 30-40+ year old boats up here, that have lots of life left in them.
Of course, if water gets in, the freezing doesn't help things either, so maintenance, as always is important.
I would not rule out a boat just because it is older, but instead, look at how well it was built, and likley more importantly, how well it has been maintained.
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