I will spin a short yarn on this subject. About 15 years ago I cooked up a plan to buy an old race boat
it to racing
sailors for Caribbean
regattas. We found an old war horse of 45 feet for $20K in the NorthEast, got new sails
and did some work
on her before sailing her south and working the plan. I guess we had about $50K in the boat
by the first start.
Sailed her all over the Eastern Caribbean
for the winter. It was an amazingly fun time. Had some good finishes and some very poor ones, too. It was a bit like camping in a leaky tent but in a great place.
At the end of the season the boat was scrapped. To expensive to continue fixing based on dollars per trophy. We did meet our business objective, earned some fun coupons, spent some fun coupons, had a heck of a good time.
It all depends on what you want to do with your money
, fix, sail, fix while sailing, or let it all fall apart while sailing.