Will Someone Talk Me Out Of This Refit Plan Please

[rhubstuff]

If you sell your trusted old boat and buy a new one, you'll never stop comparing them in your mind. Even if the new one points higher, sails faster, maneuvers more easily, and lives more comfortably, you will always miss the one you loved for so long. Its not a money thing.

[Copacabana]

Welcome aboard Raylden!
You've owned the boat for 16 years and it seems you are still happy with the boat (and why wouldn't you be? It's a lovely boat!). If you plan on keeping her (and it seems to be the case), it makes perfect sense to blow some money and get her just the way you want her. I don't know how much you've spent over the last 16 years on the boat, but if you divide the 40,000 pounds you plan on spending over the period you've owned the boat (and the years still ahead), it's not a lot of money for the obvious pleasure you've gotten from her. I would go ahead and do the refit and continue enjoying the boat.

As far as looking at what you can buy with 40K (plus the sale price of your boat)- I'm not sure that's such a great idea. Whatever boat you buy will come with its own list of things to do.

BTW, I'm in a similar position. My 35-ft Swedish Vindö is about to get hauled for a complete repainting, solar upgrade and a long list of small things and improvements. Basically, I'm going to cross EVERYTHING off my to-do and dream boat list. Why? I love the boat. I know it inside out. It's a great boat and I have no desire to sell or change boats. I'll keep this boat for many more decades. The money spent is nothing when spread over the years (and future years) of ownership. Besides, I want the boat to look better than new.

So I say say go ahead with the refit and enjoy many more years with your improved boat!

(Let the flaming begin! )

[idylours]

I have an 85 Catalina 36 that I love. I brought it home from sanfransico this spring most brokers told me I was crazy for spending the money I've spent on it but when you do the math of buying and selling boats it never adds up to me. Do the refit
you'll come out ahead in the long run

[jhulmer]

I really like the Contessa 32

I won't talk you out of it...I encourage you to make a boat you love into a new to you boat you love.

I'm guilty as charged! 3 years into a complete refit of a Bill Crealock 1978 Tiburon 36 - it's a lot of work but it's a labor of love.

GO FOR IT!

[Hoodsail]

As suggested earlier, you can shop around to make yourself feel better about keeping her and investing the $$ given what you find out there. But best of all you know what you have and what she needs. I am doing the same and about 50% done with refit. Specifically, the FRP water tank">fresh water tank - you might consider cutting a whole in the top for access, dry it out and then paint it with water-quality compound (rustoleum epoxy, ecopoxy, etc) and re-glass the whole. good luck..
dave

[Badsanta]

Also figure in your time lost from sailing during refit over sailing tomorrow on another better boat. At least look at other boats first.

[Tessellate]

Man, I expected your request to be an easy one - the typical, "I bought a derelict project boat and am going to spend the next 3 years not sailing it - Ah!!". But your situation is much less clear cut.

First, don't compare boat annual costs to the value of the boat. Boats are not investments and comparing what you put in to what you get out when you sell is bonkers. Instead, I look at it as a per year (ammortized) cost for experiences. If you put in 40k over 4 years, will you get 10k/year in value out of it? Sailing experiences often feel priceless of course, but you can value it based on how much you'd be willing to pay (ex, to charter) if you didn't have the boat.

Second, is that 40k GBP number accurate? Seems high for what you plan to do. That's about 53k USD currently (but more like 60k because the GBP is weak relative to USD presently). Sounds like you plan to take it to the original builder and pay for labor? I'd re-examine that - don't pin yourself to one option. Doing the labor yourself would save a lot of money and get you an even better knowledge of a boat that you already know rather well, but love and would therefore probably enjoy working on.

Third, can you still use the boat while doing the refit? In my mind, refits aren't worth sacrificing sailing for, because that's the value you're getting out of the boat. If you enjoy working on boats so much that that's the value, then you can just get a job working on boats and get paid for it too. UK has a long winter season, so maybe the work fits into that time.

[msrcal36]

Owning her 16 years with no plans to replace her qualifies you to refit as much as you wish. It is not a matter of making economic sense. Boat ownership and sailing is more about emotional well being and satisfaction than making sure the balance sheet looks right. Working on a boat is pleasureable and satisfying as is sailing and exploring with her. You are fortunate that you found a boat that fits you and one that you want to keep! Enjoy the refit and enjoy your yacht. !!

[AJ_n_Audrey]

A Contessa 32 is a truly beautiful and seaworthy boat. I made an offer to buy one several years ago, but was too slow - another fellow got her.

But spending 40K Euro's to refit might be......well, others have suggested looking at what 40K Euro will buy in terms of a slightly newer boat. But I feel your angst about moving on from such a great boat. After the offer on the Contessa fell through, I ended up with a very seaworthy Pearson 367 cutter, well-outfitted, engine like new, for basically the same amount as the Contessa would have cost. But the look of the Contessa is hard to beat. Maybe one day I'll have enough cash saved to buy a Valiant 42 - now there's a boat that's as good looking, and as salty looking, and as seaworthy as a Contessa. And big enough for the wife.

[AJ_n_Audrey]

Oops, "40K Euro's to refit" should have said 40K GBP.

[Hoosiersailor]

Just my humble opinion but I think you are just caught up with spending 40k all at one time. Most boat owners (and home owners for that matter) end up spending a lot of money over a period of years for various upgrades and repairs to their vessel (or house). One year you fix the rudder, another you fix your water tank, another is something else. You are just looking at doing it all one time time as big money refit. Do it and then you will have a great boat that you love that will last you many more years without having to fix a lot of things.

[Cadence]

Originally Posted by Raylden

I've owned my Contessa 32 for 16 years and absolutely love her. She's taken us safely on many long cruises and my daughters grew up with her. To me, she is the perfect small yacht - fast, seaworthy, safe and beautiful. She's going to be 40 next year and I have found myself planning a major £40k birthday refit. I'm 54 and plan to keep her for as long as I am able to sail her. Re-wire, new rudder, new cabin sole, water tank, teak cockpit, re-spray decks and coachroof, solar power, shore power, partial new galley etc. Surely it's bonkers to spend this amount on a little yacht that's probably only worth £20k? Isn't it? So why am I even considering it? Help!

Are all the items necessary or are some just on the nice to do list?

[NevisDog]

40k GBP to refit does sound high. Last year we were looking to buy a 32-35' offshore capable (Contessa 32 fits the bill) and found large numbers advertised in the UK well within our price range. (We were even tempted to fly over and sail back, prices seemed so good!) Sure the Contessa is a great boat, but dated, and dare I say kinda small inside for the outside dimensions. How is the engine holding up? How are the sails?

For the price of your refit you may find a more modern, more roomy, offshore capable, equally seakindly craft of slightly greater dimensions and still have some left over for partial refit.

Someone will snap up your Contessa and do the refit him/herself and get a lot of pleasure.

[P3sailor]

I feel, the main question is, are you going to be completely satisfied with the completed refit, when done by the contractor? A question you won't be able to answer until the job is done! My experience, when I've hired a "PRO" to do the job, has not been good 90% of the time, in the U.S. and Canada, that is. It's a risk and some items may not be covered by any warranty offered by the contractor or trying to get the warranty work done is worse than pulling teeth. It's a tough call, but if you truly love this boat it may be worth the expense. Best of Luck!

[Smokeys Kitchen]

Agree you should re-fit; boats are frequently an emotional investment and not sound financial ones. It's a little like having a vacation cabin that you only use occasionally over the year, but you still pay the upkeep.

I think Tessellate and others are on the right track. 40K GBP sounds like a lot.
Be judicious in what you choose to refit - aka "if it ain't broke, don't fix it" - but what to improve is your choice. I think there is great benefit in doing what work you are able to yourself in a reasonable time frame, then hiring out what you choose to. I also think that there is good merit in having the original builder do the work you choose to hire out, as being familiar with the installations can be very time saving.