CHEAP Sailboat…or is it?
The Real COSTS
Ever heard the tale of a buddy’s cousin’s neighbor who scored an unbelievable deal on an old boat? Sounds like a dream or maybe a nightmare in disguise, right? Learn more about buying a cheap boat with pro sailing instructor, boat broker, and yacht surveyor Capt. Josh Hannigan.
Captain Josh Hannigan is a highly experienced in all aspects of sailing, boats, and runs Learn to Sail Mexico – one of NauticEd’s favorite training programs! And if you’re buying a boat or just need some guidance on pursuing your boating dreams, we HIGHLY recommend that you consider Josh’s coaching and consulting services.
Key Takeaways on Buying a Cheap Sailboat
Capt. Hannigan discusses how he successfully purchased a sailboat for $25,000 by carefully planning, evaluating risks, and leveraging personal skills. Key points include:
Patience and Planning:
- He monitored the boat for nearly two years before purchase, allowing him to wait for the right deal.
- Josh had a clear list of criteria and not rushing the decision was crucial.
Understanding Total Costs:
- Remember that buying a boat means acquiring its history, prior maintenance quality, and even the community and resources available nearby.
- Boats stored for long periods often require additional maintenance and repairs – so be wary and get them properly surveyed.
Sweat Equity vs. Hiring Help:
- Buyers with mechanical and electrical skills can save significantly by performing repairs themselves.
- Josh’s major upgrades included servicing the engine, installing a used inverter, replacing batteries, and repairing the dinghy.
Major Repairs and Costs:
- Examples of Josh’s additional costs included an about $3,000 for a new sail and $3,000 for a feathering propeller.
- DIY repairs, like rebuilding toilets and cleaning systems, further reduced expenses.
Risk and Reward Balance:
- Boats stored for years present risks, such as non-functional systems, but may still be worthwhile if carefully inspected.
- Buyers should consider a professional surveyor to assess systems, particularly electrical and engine components.
The “Sailor’s Paradox”:
- Buyers must balance time, money, and skills—having two often compensates for the lack of the third.
- Those with skills and time can save money, while those with money can hire experts but may face delays.
Key Lessons for Sailboat Buyers:
- Assess risks carefully, focus on structural integrity and major systems, and budget for inevitable upgrades.
- Consider used components and DIY improvements to keep costs manageable.
Josh concludes with advice on balancing cost, effort, and expertise when buying a used boat and hints at future videos for more detailed tips.
