Leopard 38 Buyer's Guide
The Leopard 38 occupies a compelling niche in the used catamaran market: a short-run, purpose-built cruising cat that bridges the gap between entry-level liveaboard cats and the larger blue-water platforms that command significantly higher premiums. Designed by Anthony Key in collaboration with Morrelli & Melvin, the 38 offers an unusually spacious living footprint for its waterline length, a broad 19'9" overall beam, and a bridgedeck saloon that doubles as a social hub in warm-weather anchorages. Shopping one on the brokerage market means choosing between examples that spent their working lives on the charter circuit and those kept in private hands — and understanding the implications of that history is half the job before you ever step aboard.
Layouts on the Used Market
Two distinct accommodation plans circulate on the used market, and each has a different buyer profile. The three-cabin owner's layout dedicates the entire starboard hull to a master suite, with the head positioned forward and the remainder of the hull given over to a generous sleeping cabin — an arrangement that prioritizes comfort for a couple over sleeping capacity. The four-cabin layout mirrors the accommodation in each hull, placing a head amidships in both and creating two symmetrical cabins per side. This configuration was the workhorse of charter operations and, as a result, ex-charter examples are common in the brokerage pool. Both layouts are well represented and neither is especially rare, so buyers can afford to hold out for the configuration that suits their plans. The saloon features a U-shaped galley aft and a starboard refrigeration unit in both variants; the elevated, hardtop-integrated helm station is characteristic of the model regardless of layout.
Equipment and Common Upgrades
By the time a Leopard 38 reaches the brokerage market it has almost always been retrofitted beyond its factory specification, sometimes substantially so. Solar panels are commonly fitted across the fleet, often paired with lithium battery banks as owners modernized aging lead-acid systems — a combination that extends anchor time without running the Yanmars. A chartplotter, autopilot, and inverter are standard expectations in a well-found example; trampolines are universal. The cockpit hardtop that integrates the helm station typically carries a bimini extension or canvas enclosure as well, and air conditioning is frequently encountered — a logical addition given the warm-water markets these cats frequent. Watermakers are frequently installed, as are dinghy davits and cockpit showers. Electric winches are often seen on boats that had a more active cruising life. A life raft is often present, though always verify current certification rather than assuming serviceability.
Owner upgrades worth noting but less ubiquitous include a spinnaker or asymmetric cruising chute, a secondary freezer, radar, a dedicated swim platform, and a pressurized hot-water system. These items are worth confirming on any specific boat, not assuming.
What to Inspect
The Leopard 38's short production window means the used fleet is relatively homogeneous, which simplifies pre-purchase inspection planning but also concentrates certain design characteristics to watch.
Bridgedeck clearance is on the low side for a cat of this beam: Robert Perry, reviewing the design at launch, eyeballed it at roughly 28 inches and flagged it as modest. In a short, steep chop this translates into slamming loads on the bridgedeck structure and the connection points between the bridgedeck and each hull. Inspect these areas carefully for delamination, stress cracking, and any evidence of osmotic moisture ingress at the join.
The low-aspect-ratio fixed keels are rugged and suited to beaching, but their shape means they spend more time at less-than-ideal angles of attack going to weather than a deeper appendage would. Check the keel-to-hull interface on both hulls for cracking and, on boats with documented grounding history, probe for hidden structural damage further up into the hull.
The twin Yanmar auxiliary engines are workhorses by reputation, but on a catamaran that has spent years in charter service the hours can accumulate quickly; engine-log verification and a compression test are non-negotiable. Diesel systems on cats tend to be tucked into awkward engine-room spaces — confirm that impellers, heat exchangers, and raw-water strainers show evidence of regular maintenance. The fuel and water tankage is generous for a 38-footer (roughly 90 gallons of fuel and over 200 gallons of water across both hulls), but integrated tanks in GRP hulls should be inspected for crazing and any sign of weeping at fittings.
The rig carries a meaningful sail area for the displacement and the genoa sheets to the top of the coachroof, a configuration that concentrates load on coachroof hardware. Inspect chainplates, track bases, and standing rigging terminations closely. Halyards and sheets led aft to the starboard helm station see a lot of wear; check sheaves, clutches, and turning blocks. Cherry veneer interior joinery is typical of the model and generally holds up well in dry conditions, but boats with a history in humid charter environments often show delamination at the corners of panels and around portlights — worth a methodical walk-through below with a flashlight.
Availability and Buyer's Takeaway
The Leopard 38 circulates across a handful of well-defined markets: the United States (particularly the East Coast and the Gulf), Australia, and the Greek and Turkish cruising grounds, with a steady flow through the US Virgin Islands and the Grenadines charter circuit. Buyers based in North America and the Mediterranean have the most natural access to the fleet; southern hemisphere buyers, particularly in Australia, will find local inventory without resorting to cross-ocean deliveries. Supply is reasonable given the model's short production run — it is not rare, but it is not as prolific as longer-run Leopard models, which means patience is rewarded over urgency.
Pre-purchase checklist:
- Clarify layout configuration (owner three-cabin vs. charter four-cabin) and match it to your use case before viewing
- Verify engine hours on both Yanmars and request complete maintenance logs
- Commission a compression test and raw-water cooling system inspection on both engines
- Probe the bridgedeck-to-hull joins for delamination and moisture with a calibrated meter
- Inspect both keel-to-hull interfaces, especially on any boat with a documented grounding
- Check coachroof hardware, chainplates, and standing rigging terminations for fatigue and corrosion
- Confirm watermaker, solar, and battery-bank status and service history
- Verify life raft certification date and condition
- Walk the interior joinery carefully in high-humidity areas — portlights, panel corners, sole hatches
- Confirm trampoline condition and lashing integrity, as replacements are a meaningful line item
Price & volume trends
Monthly asking-price and listing-volume trends for the Leopard 38. The line shows the median ask each month; the bars show how many listings appeared.
Monthly breakdown · 14 rows
| Month | Listings | Median ask | Δ vs. last mo. |
|---|---|---|---|
| Mar 25 | 1 | $ 175,000 | — |
| Apr 25 | 1 | $ 300,000 | +71.4% |
| Jul 25 | 2 | $ 271,500 | -9.5% |
| Aug 25 | 3 | $ 245,000 | -9.8% |
| Sep 25 | 3 | $ 219,000 | -10.6% |
| Oct 25 | 1 | $ 229,000 | +4.6% |
| Nov 25 | 2 | $ 425,511 | +85.8% |
| Dec 25 | 1 | $ 238,000 | -44.1% |
| Jan 26 | 3 | $ 245,000 | +2.9% |
| Feb 26 | 2 | $ 137,445 | -43.9% |
| Mar 26 | 3 | $ 180,000 | +31.0% |
| Apr 26 | 13 | $ 185,000 | +2.8% |
| May 26 | 4 | $ 175,000 | -5.4% |
| Jun 26 | 8 | $ 179,000 | +2.3% |
Where they're listed
Leopard 38 listings appear across 9 countries. United States has the most listings with 28 (73.7%), followed by Australia and Turkey.
Country view
38 listings · 9 countries| Country | Median ask | Listings · 12 mo | Active · 90 d | Share |
|---|---|---|---|---|
| United States | $ 199,500 | 28 | 9 | 73.7% |
| Australia | $ 256,477 | 2 | 1 | 5.3% |
| Turkey | $ 250,434 | 2 | 0 | 5.3% |
| France | $ 181,109 | 1 | 0 | 2.6% |
| Guernsey | $ 238,000 | 1 | 0 | 2.6% |
| Greece | $ 193,403 | 1 | 0 | 2.6% |
| New Zealand | $ 260,000 | 1 | 0 | 2.6% |
| British Virgin Islands | $ 179,000 | 1 | 1 | 2.6% |
| US Virgin Islands | $ 185,000 | 1 | 0 | 2.6% |
Comparable models
Similar length, displacement, and era. Open a row to compare that model's market page.
Similar boats to compare
11 similar designs| Model | LOA | Median ask | Listings · 12 mo | Active · 90 d |
|---|---|---|---|---|
| LAGOON 380 | 37.89' | $ 220,683 | 374 | 96 |
| Bavaria Yachts C38 | 37.34' | $ 289,016 | 91 | 35 |
| Beneteau Oceanis 38 | 37.73' | $ 159,760 | 68 | 19 |
| Leopard Catamarans 39 | 37.5' | $ 289,000 | 53 | 20 |
| Robertson and Caine 38You are here | — | $ 219,000 | 45 | 15 |
| Fountaine Pajot Athena 38 | 38.05' | $ 142,212 | 34 | 13 |
| Lagoon 38 | 43.04' | $ 516,663 | 30 | 12 |
| Freedom 38 | 37.92' | $ 69,900 | 18 | 8 |
| Prout 38 | 38' | $ 135,000 | 17 | 8 |
| Island Spirit 40 | 39.66' | $ 203,170 | 16 | 4 |
| Robertson & Caine 40 (2015-2020) | 39.34' | $ 375,000 | 11 | 6 |
