The dinghy that came with our boat was given to the previous owner by his friend. It basically washed up on shore and sat outside the friend's condo, deflated and partially submerged, for something like 4 years. The sun and salt water caused the Hypalon coating to wear away in many spots, which is the death knell for dinghies. Everyone thought it was mold and would give us suggestions on cleaning it. Also, it had been previously painted with paint that was wearing away and leaving a chalky residue on anything that touched it.
When we bought the boat, we had planned to replace the dinghy. A month and countless dollars later, we're less inclined to pay thousands for a new (to us) dinghy. Also, dinghy theft seems to be the most common cruiser-related crime in the Carribean, so we're in no hurry to dump a ton of money into something that is such a desirable target.