Annual Boat Expenses

[SeaEric]

I'm seeing the prices you guys are quoting for slips and insurance. Those numbers are way less here on the Chesapeake, perhaps half. I have rented a 50 foot open slip for this next year for $3600. Piney Narrows is a nice marina that is gated and has a pool, cable included, etc. I don't use those ammenities much, but they are here for those who would. Insurance for cruising Chesapeake and tributaries is probably some of the least expensive anywhere. I stand by my $12K yearly cost to boat with a 40 footer here, excluding fuel.

 

[Maynard Rupp]

An impossible, but interesting question. We may move our 1986 36C to Florida this fall and I have been doing some research. Mooring and storage fees are similar if you use indoor heated storage as we do in Michigan. That is if you can find a slip at any reasonable price in Miami. Insurance quotes are 3 times as much for a boat in Florida versus Michigan. Our policies in MI cost $960/year and require the boat to be out of the water from Nov. 1 to April 1. I do all the work on "Unity". We have been going through a complete refit over the past two years, including stripping, barrier coating, and applying VC-17 to the bottom which probably runs ours up a little. I have a significant discount set up at a local marine store and I charge everything. We averaged 12k per year for the last two years since we bought the boat. That is everything including fuel. We averaged 40 hours each year. There aren't any financing charges.

 

[luckydave215]

10% per year is about what my boat costs me to own. All of my previous boats have run about the same. I do 95% of my own work, I only pay for a dive service and a girl who washes the boat every friday.
As always, I paid cash for the boat. If I had a debt to service, it would of course be more.
Slips are rather pricey in San Diego, and I have insurance to cruise Mexico.

 

[jim rosenthal]

I added up, roughly, what I spend on Blue Note's essentials yearly: 1200 for a slip, 1400 for insurance, about 2000 on haulout, storage, bottom painting (I'm with Karl on this one, I will not touch the stuff any more, it's too damn toxic), about 1500 on fuel. That does not include the surprises, as noted above, and the things that I buy for the boat that I decide to improve or change out. I don't have boat payments (this is one of the virtues of keeping the same boat for years- after a while, the payments stop). It seems that given that it also functions as a second home, as occupational therapy, a place to entertain friends, and a means for traveling to areas that are difficult if not impossible to reach any other way- that, all things taken together, it's not an expensive indulgence.
Like most of us here, I do much of my own work, and keep a careful eye on the rest. I am fortunate enough to have honest and skilled people available, for the most part, to do what I can't. I find that the biggest expenses are the "optional upgrades"- for example, last year 1200 for new carpet, 2000 for a new salon table (yes and worth it believe me), 1100 for the depthsounder upgrade for the Northstar 6000i. And 2300, I think it was, for the wiring upgrades which have been a huge improvement.
As the years go by I find that the huge upgrades and refits are fewer and less expensive. Maybe the lesson in this is that keeping the same boat for a long time is the best boating financial strategy of all, if you start with a good one. Which is, when you think about it, how we all got here to begin with.

 

[cjd]

"Passages" Wrote
"We meet great new people on the water and there's something special about the waterbourne community that's hard to find on land.

This kitchen conversation drew in the kids from the TV room who emphatically pleaded 'Dad, you can't sell the boat, You promised you'd teach me to bring it in the slip. I won't be able to see my boat friends. You were going to take me tuna fishing.' I think they started to cry. OK, OK we're not selling the boat! I can't argue with all of you.

Therapy - for the whole family, and a bargain at that".


Thanks Passages, Thats reason enough!! But looking at the rest of the posts I might need to sell a few more remodeling jobs to pay for my passion!

CJD

 

[Genesis]

Yeah, one thing I caution people about is that it is extremely bad to buy a boat while underestimating the carrying costs. That will always lead you to cut corners, and eventually that will come back to bite you right where it hurts.

 

[ELECTRA VI]

I agree with Jim. I bought ELECTRA VI 13 years ago this month. Basically paid what it would have cost me to repower my 30 Chris Craft sportfish (which needed to be done). ELECTRA had brand new engines so that was a no brainer. The first year's expense was refinishing the interior (she was a mess). I did all the work myself. Next year was refinishing the exterior. I estimated my expenses to be about 3K a year all inclusive (I keep the boat behind my house). No major expenses until 2003 when I decided to either sell her and buy a diesel boat or repower with diesels. I repowered. Since then, I have upgraded all the electronics and have a great boat with minimal expenses. I do most all the maintenance myself and have a great mechanic to service those things on the engines I cannot do. Insurance has gone up since I increased the value due to the repower. I estimate my expenses now at about 4K -5K per year including insurance and fuel.

 

[67hat34c]

George, you have expenses well under controll, we are spending like crazy. last year i would estimate 15-16k including ins and dock, not including fuel.

this year it will be much more as we are going to repaint from rub rail up and it is way more costly than i thought, also doing side windows. however when that is done, no more big projects unless something breaks.

Just to issustrate expenses for paint, i am spending 150 to 200 per week buying supplies for the refinish job, glass, epoxy, sanding supplies, chemicals, etc etc etc. I am doing major repairs and most of the paint prep work, I am also going to pull side windows prior to paint and install new ones after paint. painter will be responsible for re-sanding surfaces to his liking and doing finish fairing etc. His minimum charge will be 250/foot and go as high as 400 per foot, open air painting.

 

[34Hatt]

67hat34c
this year it will be much more as we are going to repaint from rub rail up and it is way more costly than i thought, also doing side windows. however when that is done, no more big projects unless something breaks.

Yeah I been saying that for the last couple of years and look this year $ 30,000 just in the Engine room That I don't mind it's the summer dockage that up to $4,300 then winter storage, Insurance and oh yeah FUEL Got to go back to work too Pay the bills.

 

[ELECTRA VI]

Steve, If i went with awlgrip paint, expenses would shoot way up. As it is, I brush paint the topsides of the boat every couple of years, staggering the bridge and cabin sides and cockpit. Just did the blue trim on the bridge and gunwale. She doesn't shine like an awlgrip job, but I can live with that. A friend of mine who is a professional painter once painted his boat with awlgrip and fried his lungs. That's why I stick with enamel.

 

[67hat34c]

I have been spraying parts with Awl-Grip, but if I was to paint whole boat, i would invest in a fresh air supply system. i think you can make one cheeply buying the mask and hooking to a small shop vac exhaust.

found mask for 165, can buy shop vac for less than 100 and 50' of bilge pump hose for about 30.00. get good hepa filter for the shop vac and only use it for the air system. it should work fine. normal fresh air sys is going to run over 800.00

 

[ELECTRA VI]

Let me know how you make out with it. What do you use now for spraying parts?