Advice on a Contest 40 Ketch MK-2

[teddythetwig]

Hi everyone,
I received some awesome response from my last post, and I've been doing some more research, and refining my approach to finding that perfect boat for my bluewater plans.

I'm currently looking at a Contest 40 Ketch MK-2 from 1979. I really love boat, she's just what you would expect from a Dutch lady, really sturdy and solid.

The only thing that is keeping me from going in is the cost. I think that the broker is asking too much(is it still a broker if they are buying boats and trying to flip them?), but it is impossible to find any information on this boat!

Price bargained down to ~ 40k USD(Asking price 47k) and if she were good to go, it would be a steal... unfortunately, she needs some work:

New running rigging (I estimate to be around 5-6k as she is ketch)
Entirely new electronics(Radar, VHF, GPS, Chartplotter, autohelm, etc...)(Estimating around 10 - 15k)
Cosmetic fixes(another 2k)

This brings my total around 50-60k for a boat from 1979 with brand new electronics.

Can I do better? From what I've seen, around here a production 39' from the 90's can go for 50-60k euro while needing some upgrades.

Would you go for it? I am willing and able to do all the work myself, but I'm not sure its worth the effort on an older boat like this.

P.S. She is also Hull #1 (I think that is kinda cool)

[Jim Cate]

Won't argue with most of your post, but 5-6000 dollars for running rigging seems entirely out of line for a 40 foot cruising boat. And 10-15 K for complete modern electronics including an auto pilot seems a bit low.

Jim

[teddythetwig]

Hey Jim, whoops! I meant standing + running rigging. It has never been replaced. Would this be closer to a good estimate?

In regards to the electronics, maybe I'm missing something critical but here is my wish list(components are examples of a class)

Evo-200 AP $2000
Triton 2 + D/W/S $1,700
Garmin GPS 19x $250
Zeus2 MFD 9" $2500
Simco BroadBand Radar $2500
Additional wires/connectors $500
PLB $478

That comes out to $12,328

Either way, the question still remains.. is it worth putting so much money into a boat with a low base value? From what I understand, there is really no resale value on the electronics since they will be essentially obsolete in five years time.

[markwesti]

Hey Teddy , That's a nice looking boat . What is the engine/transmission like ? You don't have to do everything all at once . Couple of things here and there as you go along is permissible . Just buy it , don't over think it .
CONTEST 40 sailboat specifications and details on sailboatdata.com

[Jim Cate]

Originally Posted by teddythetwig

Hey Jim, whoops! I meant standing + running rigging. It has never been replaced. Would this be closer to a good estimate?

In regards to the electronics, maybe I'm missing something critical but here is my wish list(components are examples of a class)

Evo-200 AP $2000
Triton 2 + D/W/S $1,700
Garmin GPS 19x $250
Zeus2 MFD 9" $2500
Simco BroadBand Radar $2500
Additional wires/connectors $500
PLB $478

That comes out to $12,328

Either way, the question still remains.. is it worth putting so much money into a boat with a low base value? From what I understand, there is really no resale value on the electronics since they will be essentially obsolete in five years time.

OK, that is a more reasonable figure when you throw in the rig! Sounds about right if you do it yourself (not that hard,either with mechanical terminals that you install, or swaged terminals that you get a local rigger to bang on the wires after you cut them to length. I've always done it with mechanical terminals...)

And to be honest, I'm not up on pricing for the latest electronics. I'm a believer in running t he old stuff until it quits... still works, just has dimmer displays!

So, that expense would rest upon the extant stuff on the boat, old or not. And, of course, whether you really want the latest gear...

As to the economics of refitting an older boat, well, it really depends on your own value system. If you like the boat, and it fits well into your prospective usage (and then you actually DO use it thus), and don't feel the need to change boats like socks, why worry about the resale? No boat will avoid loosing value in the real world, and newer boats will take an initial steep depreciation. You won't get your money out of her (barring miracles), so just tot up the cost per hour of ownership and joy... if it is too high, don't buy. If it is acceptable, go for it! I tend to buy near the top of my prospective budget and then keep the boat a very long time... works for me!

One last thought: Contest vessels have a good reputation for quality of construction and for seakeeping. But, they ain't fast! Looking at the numbers, the Contest 40 is gonna be pretty slow compared to more modern designs. this may or may not be important to you (it is to me, and that's why I bring it up).

Good luck with the decision!

Jim

[YARGO]

As far as I'm concerned $40K for a quality built 1979 boat like a Contest 40 is a steal no matter what you need to do for upgrades as long as the boat surveys well. it may not be as fast as some lightly constructed boats but if your intention is serious offshore cruising I would want to be in your Contest. Buy it. You will be a proud owner of a great boat and never regret it.

[teddythetwig]

Well, looks like I'm moving forward with her. Hoping to have a haul-out and inspection next week. Fingers crossed!

[barnakiel]

Originally Posted by teddythetwig

(...)

New running rigging (I estimate to be around 5-6k as she is ketch)

(...)

P.S. She is also Hull #1 (I think that is kinda cool)

What material are you going to use for this running rigging? GOLD?

Use polyester and soft wire instead. As strong as gold and a fraction of the price! ;-)

Hulls number one the company has not fixed up any (if any) problems found along the way. No problem I think with Conyplex who built very similar boats earlier. This one is just a development.

A higher hull number = a newer boat, if this counts for anything. It often does not.

b.

[Sandero]

Originally Posted by teddythetwig

Hi everyone,
I received some awesome response from my last post, and I've been doing some more research, and refining my approach to finding that perfect boat for my bluewater plans.

I'm currently looking at a Contest 40 Ketch MK-2 from 1979. I really love boat, she's just what you would expect from a Dutch lady, really sturdy and solid.

The only thing that is keeping me from going in is the cost. I think that the broker is asking too much(is it still a broker if they are buying boats and trying to flip them?), but it is impossible to find any information on this boat!

Price bargained down to ~ 40k USD(Asking price 47k) and if she were good to go, it would be a steal... unfortunately, she needs some work:

New running rigging (I estimate to be around 5-6k as she is ketch)
Entirely new electronics(Radar, VHF, GPS, Chartplotter, autohelm, etc...)(Estimating around 10 - 15k)
Cosmetic fixes(another 2k)

This brings my total around 50-60k for a boat from 1979 with brand new electronics.

Can I do better? From what I've seen, around here a production 39' from the 90's can go for 50-60k euro while needing some upgrades.

Would you go for it? I am willing and able to do all the work myself, but I'm not sure its worth the effort on an older boat like this.

P.S. She is also Hull #1 (I think that is kinda cool)

I made a half hull of one years ago!

[teddythetwig]

Originally Posted by Sandero

I made a half hull of one years ago!

Wow, awesome!! Do you have any pictures?

[teddythetwig]

Originally Posted by barnakiel

What material are you going to use for this running rigging? GOLD?

Use polyester and soft wire instead. As strong as gold and a fraction of the price! ;-)

Hulls number one the company has not fixed up any (if any) problems found along the way. No problem I think with Conyplex who built very similar boats earlier. This one is just a development.

A higher hull number = a newer boat, if this counts for anything. It often does not.

b.

Hey barnakiel, if only the old rigging was made of gold! Do you think this is an overestimate for replacing standing + running rigging on a ketch?