Advice Wanted on How to Sell Quickly: 1979 Morgan 382 (Rhea) – In Rhode Island

[todd]

Hi all,

I’m not sure if this belongs in the Boats & Equipment for Sale section just yet, but I’m hoping to tap into the collective wisdom here before I list more broadly.

We’re preparing to sell Rhea, our 1979 Morgan 382. My wife and I live in California, but the boat is in Warwick, Rhode Island, where we’ve spent the past 12 summers aboard her. It’s been an amazing run, but it’s time to pass her along (the boat, not my wife ;-).

I’ve spoken with a couple of brokers who didn’t have much interest...mostly due to the boat’s age and current market conditions. That said, selling remotely as an owner adds a layer of complexity. Fortunately, I do have a trusted local sailor who can help show the boat.

I’m a motivated seller and open to reasonable offers. I’d really appreciate your thoughts on the best way to get this moving, like where to list, how to position her, and anything else you’ve seen work well for 382s.

A few highlights:
Structurally very sound
Standing rigging replaced a few years ago
Unique cutter rig with new sails (2024) and stack pack system
Bimini and dodger for excellent cockpit protection
New Blue Sea AC/DC electrical panels
Radar with multifunction displays (helm + nav station)
Autohelm hydraulic under cockpit autopilot
Air conditioning and refrigeration
Updated Sunbrella interior cushions
New Aquatraction in cockpit
Perkins 4-108 (professionally maintained), with electric lift pump and upgraded alternator

A few honest notes:
Engine hours unknown (inherited from prior owner; meter not working)
No stove/oven currently installed (gas plumbing and sniffer in place)
Deck could use repainting; cosmetic crazing present, but structurally sound
Teak needs varnish/oil

Included:
Achilles 8’8” roll-up dinghy (newer)
Late-model 4HP Tohatsu outboard
Assorted cruising gear

We’ll be in Rhode Island starting May 11 and can coordinate showings, sea trials, and closing during that window.

We’re planning to price her to sell quickly, so I’m especially interested in realistic market feedback from this group.

If you were in my position, how would you approach selling her? Also, if anyone here might have interest, or knows someone who might, I’d be happy to share more details, photos, and pricing.

Really appreciate any guidance this group can offer.

Todd

 

[Warren Holybee]

It seems to be a really tough market for sellers, especially for older yachts. I don't know what to price it at, but there are others here who either sold or bought recently and maybe they will share. My expectation is that whatever price you think is a quick sale price is too high. Prices on yachtworld seem to be all over the place, and reflect owners delusions as much as fair prices. But it also means something else, brokers are willing to take older boats. So, I would keep looking for a broker.

A professional looking and well edited youtube video seems to be expected from owner sales. And also a dedicated sharp looking website with lots of pictures and descriptions. Then promote links to the video and website all over social media.

Good luck!

 

[Pbenoit]

Soft market aside, it is possible to transact a boat 'remotely'. I bought my ('79 382!) from afar: had a family member go in person and take a bunch of pictures.

A recent survey, shared/excerpted with those who express serious interest (don't post it publicly!) may (may!) help get some potential buyers on board (and will allow them to insure it). Be aware that surveys with ominous "unknowns" can also scare away people who don't know older boats: i.e. the 50 year old engine. So, be prepared to explain various elements in detail upfront/preface the survey.

Adding on to the above good advice on a website and video: I'd recommend (also) listing it with a Maine (lots of people who aren't afraid of older boats) and Florida (lots of liveaboard types--especially with your reefer and AC) location, of course being forthright with where the boat actually is. Listing it on Craigslist and Facebook takes a lot of patience, weeding through tire kickers and scammers, but it is where people fulfill their boat owning dreams.

No personal experience or connection, but I come across the following "BoatFools" YouTube account periodically, they seem solid, and Morgan 38s definitely fit their vibe: https://www.youtube.com/@boatfools

Might also be worth putting on bulletin boards at sailing schools, some might even want to acquire the boat themselves for example), also some small charter operations might be interested, but most just manage boats owned by others.

good luck!

 

[DGA]

I bought Island Girl, also a 1979 382 sight unseen, through sailboatlistings.com. The price was cheap enough, deceased owner, been sitting on its cradle for 18 months. I'm not scared of a challenge and can repair or build most anything an old yacht might throw at me, so I wasn't too worried about conditions the few pictures didn't show. Been a great experience so far, the saying "the two best days of boat ownership are the first and the last" absolutely haven't applied to me.

 

[Warren Holybee]

Soft market aside, it is possible to transact a boat 'remotely'. I bought my ('79 382!) from afar: had a family member go in person and take a bunch of pictures.

A recent survey, shared/excerpted with those who express serious interest (don't post it publicly!) may (may!) help get some potential buyers on board (and will allow them to insure it). Be aware that surveys with ominous "unknowns" can also scare away people who don't know older boats: i.e. the 50 year old engine. So, be prepared to explain various elements in detail upfront/preface the survey.

Adding on to the above good advice on a website and video: I'd recommend (also) listing it with a Maine (lots of people who aren't afraid of older boats) and Florida (lots of liveaboard types--especially with your reefer and AC) location, of course being forthright with where the boat actually is. Listing it on Craigslist and Facebook takes a lot of patience, weeding through tire kickers and scammers, but it is where people fulfill their boat owning dreams.

No personal experience or connection, but I come across the following "BoatFools" YouTube account periodically, they seem solid, and Morgan 38s definitely fit their vibe: https://www.youtube.com/@boatfools

Might also be worth putting on bulletin boards at sailing schools, some might even want to acquire the boat themselves for example), also some small charter operations might be interested, but most just manage boats owned by others.

good luck!

It seems that @boatfools are 382 owners. There are several videos of them sailing it, and with it during winter storage. Are they on our forum?

 

[todd]

I bought Island Girl, also a 1979 382 sight unseen, through sailboatlistings.com. The price was cheap enough, deceased owner, been sitting on its cradle for 18 months. I'm not scared of a challenge and can repair or build most anything an old yacht might throw at me, so I wasn't too worried about conditions the few pictures didn't show. Been a great experience so far, the saying "the two best days of boat ownership are the first and the last" absolutely haven't applied to me.

Thanks for your reply, DGA! Can I ask what you paid for Island Girl? I definitely want to sell this boat "cheap enough" that a buyer would buy it site unseen. I paid $750 (half the cost of winter storage) for Rhea 12 years ago. Yes, we put money into her but that is "sunk cost" as economists like to say (although one should never use the term "sunk" when trying to sell a boat! ;-). I would practically give this boat away to a good home (like a young couple with liveaboard cruising dreams). It's tempting to list the boat on eBay for $100 and see what happens...

 

[DGA]

Asking price was $15,000, I paid $12,000. But it had almost no functional accessories, water, toilet, instruments, port lights etc and was being used as a day sailer for over a decade, on just the jib or genoa.

 

[Warren Holybee]

If I had to guess, a M382 in "good" condition with a few issues probably starts at 30k, maybe discounted to 20-25k for a quick sale. I would expect a 384 in top condition with a recent repower to be in the 40k range.

But that is just a gut feeling, I don't know what actual sale prices are.

If you are at all serious about selling/gifting it for under $1000, I know someone that would be an awesome recipient of such a gift. I know a young woman with lots of worldwide experience as a delivery captain, she has been an apprentice diesel mechanic and marine electrician working in several boat yards. She has her RYA certification and is a licensed USCG captain. She has crewed for me a few times and is one of the best sailors I have sailed with. 10's of thousands of offshore miles. She would use the boat and sail her worldwide and take good care of her. But she couldn't afford to purchase a 38' boat in decent shape, as her life is basically work in a boatyard the off season, and do deliveries or crew the on season.

 

[todd]

If I had to guess, a M382 in "good" condition with a few issues probably starts at 30k, maybe discounted to 20-25k for a quick sale. I would expect a 384 in top condition with a recent repower to be in the 40k range.

But that is just a gut feeling, I don't know what actual sale prices are.

If you are at all serious about selling/gifting it for under $1000, I know someone that would be an awesome recipient of such a gift. I know a young woman with lots of worldwide experience as a delivery captain, she has been an apprentice diesel mechanic and marine electrician working in several boat yards. She has her RYA certification and is a licensed USCG captain. She has crewed for me a few times and is one of the best sailors I have sailed with. 10's of thousands of offshore miles. She would use the boat and sail her worldwide and take good care of her. But she couldn't afford to purchase a 38' boat in decent shape, as her life is basically work in a boatyard the off season, and do deliveries or crew the on season.

She sounds like a worthy candidate! I'll tell you what, if I don't get a better offer by the end of May I'd sell it to her for $1,000.

 

[todd]

Asking price was $15,000, I paid $12,000. But it had almost no functional accessories, water, toilet, instruments, port lights etc and was being used as a day sailer for over a decade, on just the jib or genoa.

Thanks for the quick replay and letting me know. We are definitely more decked out than that, but I might just list for $20k and take the best offer.

 

[Warren Holybee]

She sounds like a worthy candidate! I'll tell you what, if I don't get a better offer by the end of May I'd sell it to her for $1,000.

That would be very generous of you. I do hope and expect you will get close to your 20k asking, though.

 

[John Flanzer]

Hi Todd,
We own a 384 with a solent rig. I am interested in your experience with your 382's cutter rig. Does she have running backstays? Do you have to furl or partially furl the genoa to tack it around the staysail stay?

Best wishes for your sale.

 

[terry_thatcher]

I wish you luck selling your vessel. Sure, they are old, but in many ways much better than the fat sterned, swept-spreader, poorly constructed vessels being sold today. I never have to worry about the keel falling off. And I can run dead downwind using my mainsail--sometimes in heavy weather, I run only a reefed main and it works very well.

A question: How do you like the cutter rig? I assume you run a fairly large yankee jib? The staysail must be quite small, yes?. Do you have square footage of the sails to share? How about light air performance? I have a solent jib and a genoa. Created over 20 years ago. I have always thought the cutter would be better for offshore work. But for inland sailing, I assumed the 135 genoa was best, and in the fairly calm waters of the Pacific Northwest, that has mostly been true. It is a bigger job, however, to strike the genoa, attach the Solent stay, and raise the Solent jib than I would prefer.

 

[todd]

I wish you luck selling your vessel. Sure, they are old, but in many ways much better than the fat sterned, swept-spreader, poorly constructed vessels being sold today. I never have to worry about the keel falling off. And I can run dead downwind using my mainsail--sometimes in heavy weather, I run only a reefed main and it works very well.

A question: How do you like the cutter rig? I assume you run a fairly large yankee jib? The staysail must be quite small, yes?. Do you have square footage of the sails to share? How about light air performance? I have a solent jib and a genoa. Created over 20 years ago. I have always thought the cutter would be better for offshore work. But for inland sailing, I assumed the 135 genoa was best, and in the fairly calm waters of the Pacific Northwest, that has mostly been true. It is a bigger job, however, to strike the genoa, attach the Solent stay, and raise the Solent jib than I would prefer.

Hi Terry,

Unfortunately, I didn’t get to spend as much time with it as I would have liked. That said, I did use it in 35-knot winds and choppy seas, and it performed exactly as I’d hoped. I don’t recall whether I had a single or double reef in the main, but the boat was beautifully balanced. I could take my hands off the wheel or just steer with a fingertip, with almost no helm.

Tacking the genoa wasn’t as bad as I expected. In lighter air, we occasionally had to let it fly out in front for a moment until the leeward sheet could be pulled through the gap. I’ve always kept the inner stay attached, so after 12 years of sailing that way, you get a feel for it.

I’ve attached the specs for the staysail.

Thanks for the well wishes. It’s definitely a bittersweet decision to sell Rhea.

 

[todd]

Hi Todd,
We own a 384 with a solent rig. I am interested in your experience with your 382's cutter rig. Does she have running backstays? Do you have to furl or partially furl the genoa to tack it around the staysail stay?

Best wishes for your sale.

Hi John,

I loved the configuration. Yes, there are running backstays although our sailmaker said we didn't need them. Of course I used them anyway!

Cheers,

Todd