Newbie looking to buy 60's Constellation

I am a newbie to boat ownership, and have not yet purchased a vessel. What I have been looking at is motor yachts in the 40-60ft range, and I prefer the overall look of the older wooden yachts to the plasticity of anything I have seen produced since the 70's.

My initial budget is sub-$20k and the reason I started looking at this size of boat is because I seemed to find a great number of them needing a seemingly manageable amount of work in that price range.

So, having just started (6 months or so) researching the purchase of a boat I am wondering if the $5000 price point for 40-50ft wooden Chris Crafts has been a common site for decades, or do you feel that there are a greater number of owners who have lowered prices dramatically in the course of the recent financial debacle?

Or simply put, five years from now will I be able to buy the same money pit needing the same amount of work for the same amount of money as we see these days? (since nobody has a crystal ball, maybe base your response on what prices were on comparable boats 5 years ago)

Thank-you in advance for your input, and maybe even marriage saving advice.
Bryan

 

Please do not kid yourself about yacht ownership. There is nothing cheap about owning a 50' motor vessel. There is nothing inexpensive about repairing a 50' powerboat. There is absolutely no cheap way to restore a 50' motor yacht.

...Price up the values of 50', 50 year old wooden yachts, in restored condition and calculate the annual ownership costs. Annual a haul outs, bottom paint, caulking touch ups every few years, topside paint every few years, routine maintenance, everything normally associated with the ownership of a 50' motor yacht. If you have 10K plus in disposable income to provide for this yacht each year, just as up keep then you are ready.
...The reason you see many old wooden yachts at what appears to be bargain basement pricing is they need 10's of thousands in repairs or are just waiting for the land fill. Replacing a diesel in one of these yachts with a new one will set you back 20K.
...I recommend again to look into the costs associated with 40 to 60 foot yacht ownership. Slip fees vary from place to place and my little 25' yacht cost about $3,000 a year for a slip. A 50' yacht would be considerably more I would think, just for the annual slip fee. An old wooden yacht will need a covered slip or your maintenance fees will double, so maybe in the $9,000 a year range just to keep her from harm and in the shade. Make sure your pumps work good and have multiple back ups.

 

Oh my God......a 50 footer? And your initial budget is $20K? I hope you have at least another $100,000 or so and a few years (I'd say at least 5) to do the restoration.

Take a look at the thread:

"Should I tackle this? Rot repair/restoration of a 1960s 36 foot Chris Craft".

It's seven threads below this post. Just go look.

I posted my humble opinion there and there are many other valuable posts there as well.

I hate to throw water on people's dreams, but if you love your wife & kids think really hard and long about this. If you read my post in the thread I've recommended you'll see how much I've spent on a boat that is about 1/4 the size of what you are contemplating. What you are proposing can be done but it costs lots of money and even more time.

MIA

 

http://www.boatdesign.net/forums/wo...toration-1960s-36-foot-chris-craft-29760.html

 

For that money you can buy a heap of rot. A boat like that in good condition is upwards of $150K. For $40-50K you may find something salvageable.

 

Thanks, all!! That is the real kick in the nuts I needed. Somehow I could not get my heart talked out of it. I had read the threads a little further back, but I could not get it to sink in even though in my head I knew what was the logical answer.

I really do appreciate your time in replying, and now it is time to head to the library and find some of those books.

Thanks, again,
Bryan

 

Good Luck Bryan and keep checking in!

MIA