Buy upgrades or save for next boat?

[Gtstricky]

I know this question has many answers but I am looking for many thought processes to help me develop my own.

My wife and I just bought our first yacht! Don’t laugh, a ‘92 Hunter 35.5

For 29yo she is great.

That said, she could use some updating. Sails, electronics, maybe a better prop, etc…

I could see us having her for at least 5 years maybe up to 8-10 when the last kid is done with college.

So how do you decide if you should buy upgrades or save for the next boat? I could see spending $15k-$20k easily but the price was right.

[Tetepare]

Replace what you must, when you must. Safety first. You will not recover your investment. But make sure it’s safe and enjoyable for YOU.

[Donnybrook]

Use your first boat as a learning experience and enjoy what you have today!

As Tetepare said, replace what you must in the first year to make her safe and use that time to figure out what you want. Upgrade something only when you reach the limits of what you have.

In my case, we had our first boat for four years and she helped us figure out what we wanted in a second boat. We've owned our second boat, Donnybrook (a 1990 Catalina 34) for 18 years. Based on how we use Donnybrook (weekends with occasional longer trips on Lake Michigan) we can't justify a different boat. Things MAY change as our boys get older.

Over those 18 years we've bought sails when needed, installed an A/C to make nights at dock more comfortable, replaced a transmission, replaced 25 year old electronics (lived with original for 16 years), new anchor and rode to be confident sleeping at anchor, etc. I probably averaged $1000/season in discretionary upgrades. I do all my own work (couldn't afford it otherwise) and have learned a lot! There were also many seasons that I didn't upgrade a single thing.

I even tried racing her and realized being a racing skipper isn't for me (glad I didn't trade up to a race boat before I tried).

Based on my experience I know what I want in a retirement boat but won't buy until the time is right, if ever. I figure it'll cost me an extra $125k+ along with the extra costs of having a 10' longer boat. Until then I'll continue to enjoy my Catalina until she no longer meets our needs.

[Wckoek]

I think there are a lot of great deals given the market right now.
I'll say why not if you have a boat in mind.
On the other hand your current boat works for you and your plan, that would be a good option as well if it saves more money.

[ChrisJHC]

Originally Posted by Gtstricky

My wife and I just bought our first yacht! Don’t laugh, a ‘92 Hunter 35.5

For 29yo she is great.

That said, she could use some updating.

Enough about your wife, what about the boat!

[Lake-Effect]

Originally Posted by Gtstricky

I know this question has many answers but I am looking for many thought processes to help me develop my own.

My wife and I just bought our first yacht! Don’t laugh, a ‘92 Hunter 35.5

For 29yo she is great.

That said, she could use some updating. Sails, electronics, maybe a better prop, etc…

I could see us having her for at least 5 years maybe up to 8-10 when the last kid is done with college.

So how do you decide if you should buy upgrades or save for the next boat? I could see spending $15k-$20k easily but the price was right.

If you just got this boat and you're seriously thinking about your next boat... did you maybe buy the wrong boat? There should always be a honeymoon period where you're thrilled with your new acquisition, getting it set up as you imagine the adventures and fun you'll have with her. You should be enjoying this whole process. If there's that much wrong or disappointing with the boat, wasn't fixing her up part of the plan, and in the budget?

I'm a big fan of "go now", so if the boat's useable, use her. it's normal to spend time and money in the first few years making improvements and adjustments. It's just part of the program and for many of us, it's also a satisfying part of boat ownership.

I would put all thought of the "next boat" out of your minds for at least a year or two, and just focus on enjoying the one you have, including the inevitable repairs, upgrades and personalizations. It usually takes at least a few years to figure out what your next or ideal boat will be.

[Auklet]

Originally Posted by Tetepare

Replace what you must, when you must. Safety first. You will not recover your investment. But make sure it’s safe and enjoyable for YOU.

The most important “safety tip” is to do what you must to make sure the boat stays on top of the water. For example, check the thru-hulls and seacocks; replace if necessary. Also, check the hoses leading from them AND the fitted hose clamps. Replace if very rusty. Prove that the bilge pumps work, especially the manual one. Confirm that it has a handle that you can attach, etc. The “investment” you are making is an investment in your recreation. Everyone spends money to have fun. Once the fun has been had they don’t expect to get all of the money back?? Look at it as spending to keep up the boat for FUN. That of course means you must use it.

[swhall]

Make it as comfortable and safe as you can for your wife. Don't buy things to upgrade that you "think" will help, only do those upgrades you really do need. On my last boat there were lots of parts to projects that I never completed. They were projects I didn't need, and my time was always spent doing what I really did need.

[thomm225]

If you are not going to cruise the world immediately, just sail the boat with what it has for a few months or years then upgrade when you know a little more.

Some of us are using chart plotters we built for around $150 with Raspberry Pi computers etc

I have watched quite a few cruisers spend hundreds of thousands of dollars upgrading their boats to do nothing more than one of two crossings to the Bahamas and that's it!

Done in 5 years.

This is my $2,000 boat that I have upgraded over 10 years with the chart plotter I built using a $100 computer, free charts from OpenCPN, and GPS and AIS NMEA0183 data coming in from my VHF and GPS USB Dongle as backup

https://www.youtube.com/watch?v=-TOdSCDHb2s

[MJH]

Originally Posted by Gtstricky

I know this question has many answers but I am looking for many thought processes to help me develop my own.

My wife and I just bought our first yacht! Don’t laugh, a ‘92 Hunter 35.5

For 29yo she is great.

That said, she could use some updating. Sails, electronics, maybe a better prop, etc…

I could see us having her for at least 5 years maybe up to 8-10 when the last kid is done with college.

So how do you decide if you should buy upgrades or save for the next boat? I could see spending $15k-$20k easily but the price was right.

You are experiencing what every new-to-them boat owner experiences...the urge to SPEND!

If the item is working properly then don't replace it. I think this is particularly true where electronics is concerned...the new stuff will be outdated the following year...I'm still using major electronics that came with with my boat 14 years ago as it gets the job done. The younger generation has a particular problem with electronics with the need to have the latest gadgets. Resist the urge.

On my last boat I had the urge to buy new sails and a folding prop but didn't and sold the boat after 11 years for what I paid for it.

~ ~ _/) ~ ~ MJH

[desodave]

Originally Posted by Auklet

The most important “safety tip” is to do what you must to make sure the boat stays on top of the water. For example, check the thru-hulls and seacocks; replace if necessary. Also, check the hoses leading from them AND the fitted hose clamps. Replace if very rusty. Prove that the bilge pumps work, especially the manual one. Confirm that it has a handle that you can attach, etc. The “investment” you are making is an investment in your recreation. Everyone spends money to have fun. Once the fun has been had they don’t expect to get all of the money back?? Look at it as spending to keep up the boat for FUN. That of course means you must use it.

Don't ever think that you're going to recover $$ spent but. if the spending increases your enjoyment of the boat, go for it. You're going to be selling a 40 yr old boat (on your current timeline) and "extras" aren't going to affect its value very much. Your basic systems in good condition will help you resell as well as contribute to your safe enjoyment of the new boat.

[Sandy Frank]

Originally Posted by Gtstricky

I know this question has many answers but I am looking for many thought processes to help me develop my own.

My wife and I just bought our first yacht! Don’t laugh, a ‘92 Hunter 35.5

For 29yo she is great.

That said, she could use some updating. Sails, electronics, maybe a better prop, etc…

I could see us having her for at least 5 years maybe up to 8-10 when the last kid is done with college.

So how do you decide if you should buy upgrades or save for the next boat? I could see spending $15k-$20k easily but the price was right.

I used to own a 35.5 great and strong production boat.

Sail what you got, not a distant dream.

Also... Stock hunter electrical was top notch and the best in the business at the time. Previous owner electrical is a death trap on a boat that old. Be sure to inspect and add a galvanic isolator which these boats did not come with.

[PJS]

Originally Posted by Gtstricky

I know this question has many answers but I am looking for many thought processes to help me develop my own.

My wife and I just bought our first yacht! Don’t laugh, a ‘92 Hunter 35.5

For 29yo she is great.

That said, she could use some updating. Sails, electronics, maybe a better prop, etc…

I could see us having her for at least 5 years maybe up to 8-10 when the last kid is done with college.

So how do you decide if you should buy upgrades or save for the next boat? I could see spending $15k-$20k easily but the price was right.

Clearly, the first matter you need to align with is prices/cost of replacements. $15 to $20k for sails, electronics and more? How about double that...
I just upgraded to a new MFD with high power transducer and dome array and the cost was $10k alone. The cost to recondition a two props was $500 plus labor to pull and reinstall per prop. I can't speak to sails as I'm a gasser, but those are more likely as costly if not more than the other items.

Considering the age of the boat, there will be plenty of other surprises. My suggestion is to work with what you have for a season or two. You will be able to better prioritize and determine the spend you can/are willing to make on a 29 yr old boat (you will never recoup the cost on resale).

It can be undauting but if you are using and getting enjoyment out of it as well as learning, then it is manageable. Good luck.

[Auklet]

If you are going to cruise, examine your ground tackle. But always, old, rusted chain should be discarded in favor of new. Also, might need new nylon rode; check any rope-chain splices for wear and deterioration. If going to all or much chain, install a windlass if not one present way ahead of electronic upgrades. Appropriate ground tackle in good condition is ALSO an important safety feature, cruising or not. Learn how to use it!! Believe it or not, some buyers will look at the condition of ground tackle in considering their offer. If in good condition, you probably won’t get “dinged” a few hundred $$ for replacement of it.

[thomm225]

Originally Posted by Auklet

If you are going to cruise, examine your ground tackle. But always, old, rusted chain should be discarded in favor of new. Also, might need new nylon rode; check any rope-chain splices for wear and deterioration. If going to all or much chain, install a windlass if not one present way ahead of electronic upgrades. Appropriate ground tackle in good condition is ALSO an important safety feature, cruising or not. Learn how to use it!! Believe it or not, some buyers will look at the condition of ground tackle in considering their offer. If in good condition, you probably won’t get “dinged” a few hundred $$ for replacement of it.

So I replaced a shackle recently on my anchor rode because folks were warning me about the rust. When I was sawing it off, there was about 1/32" rust and the rest was pure metal.

So now I am still using my rusted chain but do think about it when the when is onshore at 20 knots plus, and I am anchored 70-100 yards offshore.

It would be a PITA to have to abandon the boat at zero dark thirty and sit on shore freezing and wet until daylight.

Thankfully I have a very dependable old CQR anchor that has held my Good Old Boat many times in that situation with winds as high as 45 knots.