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Old 11-02-2013, 11:31 AM   #1
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Initial Budget

What costs do I have to consider when preparing the budget to buy a boat other than the price of the boat + Tax?

Thanks for your reply.

JV
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Old 11-02-2013, 11:36 AM   #2
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Other than maintenance (which varies according to the condition of the boat you get) the main costs will be slip rent and fuel. Also do not forget to have a slip lined up before buying a boat -- sometimes they can be hard to find. I am assuming that you are not talking about a trailerable boat, of course. Sounds strange, but I actually know a couple that bought a boat and then could not find a place to berth it. They were lucky to be able to find a private dock that would let them stay there (at a cost) until they could get a regular slip.
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Old 11-02-2013, 11:55 AM   #3
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Changes in the operating use of the boat can be very very expensive.

IF you are purchasing a boat that has been cruising and will continue to cruise , there should be no big i$$ues.

IF you like the lifestyle of the PO.

If you are purchasing a dock queen and need to fit a windlass , ground tackle , a battery bank and method of charging and monitoring (SOC meter) refrigeration, auto pilot , heat or air cond. and suitable running lights for intl. waters the pri$e can get to $20.000 really fast.

And thats with YOU knowing how to and installing it.

And having a deep enough knowledge base to know what to select and why.
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Old 11-02-2013, 12:02 PM   #4
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Don't forget about insurance. If you plan on keeping your boat at a marina, they differ as to the amount of coverage they want you to maintain. jk
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Old 11-02-2013, 12:57 PM   #5
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I am assuming that you are not talking about a trailerable boat, of course.
What I'm interested in a trailerable trawler or similar. May concern regarding the budget is about registration, insurance, fees or similar.

Depending on the condition I will need to create a repair budget for the boat, but I would like to know from the point that I buy the boat to the point that I take it "home" what I cost I need to consider.

Thanks.

JV
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Old 11-02-2013, 01:04 PM   #6
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What I'm interested in a trailerable trawler or similar. May concern regarding the budget is about registration, insurance, fees or similar.
Oh, OK. Then besides the initial price of the boat, you will pay Florida sales tax and the registration fee. Registration fee varies from county to county, but figuring on a yearly fee of $50 will probably not be too far off the mark.

I'm not really sure about the insurance, since I only have liability insurance on mine. But other forum members can no doubt address that for you.
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Old 11-02-2013, 01:19 PM   #7
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A bit of a loaded question but how about 3 x your local monthly berth rent for a ball park number? 10% of purchase price annually is a really popular rule of thumb.

Berth rent, insurance, towing policy, fuel, bottom cleaning/diver, haul out and bottom paint, equipment breakdown/upgrades, routine maintenance... And the beat goes on. You have some control over those costs and can learn to do most of them yourself over time. Get costs for these goods and services locally and you'll see most services are by the foot. Bigger the boat the bigger the expense typically. Find your comfort zone for annual recurring expense then worry about finding a boat.

I figure if a person divides their boat money stack in half and buys the boat with one pile and saves the other for upgrades and expenses they'll be a very happy boat owner. It'll certainly curtail any financial stress as pleasure boats are supposed to be fun.

I'm a bit of a simpleton though, ask around

Edit: Told ya I was a simpleton, missed the part about trailerable
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Old 11-02-2013, 01:28 PM   #8
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. . . towing policy,
Yup. Forgot about that. That one is not a luxury in my book -- it is a necessity! I think my Boat US policy is about $141 a year if I remember correctly, and if you only have to be towed one time every three years or so you will still be ahead of the game. :-)
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Old 11-02-2013, 03:26 PM   #9
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I always figure cost x 2 for initial costs. That will usually cover most improvements and fixes the first year.
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Old 11-02-2013, 05:25 PM   #10
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So the cost may be then. Price of the boat +tax (Trailer if the tralier is not included with the boat), registration, insurance that allow me to trail the boat. Does the boat need to be inspected by Coast Guard before been use?
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Old 11-02-2013, 05:35 PM   #11
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So the cost may be then. Price of the boat +tax (Trailer if the tralier is not included with the boat), registration, insurance that allow me to trail the boat. Does the boat need to be inspected by Coast Guard before been use?
Answering the last question . . . no. But with a caveat. When you are on the water, they do have a right to inspect it. So long as you are carrying the required equipment on board you are generally OK on that front. I suppose that in theory they could say that it is not seaworthy and make you put it back on the trailer. But I have never heard of them doing that (although we do have some ex-USCG guys on here that might want to comment on that).

Your automobile insurance agent can most likely add the trailer to your car insurance policy.

Sounds as if you may be on a tight budget. Don't forget the old saying: "A boat is a hole in the water into which one pours money."
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Old 11-04-2013, 02:10 PM   #12
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Just to give a different perspective to this:

We bought our 80's trawler for about $75k... In four years, we've spent far more than that in maintenance. Yes, newer boats and trailerable boats *MAY* have less upkeep, but as the owner of a million-dollar and brand new yacht told us one time... "The difference in my boat and yours is that all the shit that breaks on my boat is new."

It really is way more expensive of a lifestyle than I would have imagined.
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Old 11-04-2013, 02:33 PM   #13
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Answering the last question . . . no. But with a caveat. When you are on the water, they do have a right to inspect it. So long as you are carrying the required equipment on board you are generally OK on that front. I suppose that in theory they could say that it is not seaworthy and make you put it back on the trailer. But I have never heard of them doing that (although we do have some ex-USCG guys on here that might want to comment on that).

I would like some clarification here. I realize that the CG has jurisdiction on the water but do they have the same access to board your boat(ie no probable cause) if the boat is NOT documented? I was under the impression that if it is documented, then they have full access to your boat...by definition of documentation. But do they have that same access if it is NOT documented????..We are talking legalities here!
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Old 11-04-2013, 02:56 PM   #14
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Just to give a different perspective to this:

We bought our 80's trawler for about $75k... In four years, we've spent far more than that in maintenance. Yes, newer boats and trailerable boats *MAY* have less upkeep, but as the owner of a million-dollar and brand new yacht told us one time... "The difference in my boat and yours is that all the shit that breaks on my boat is new."

It really is way more expensive of a lifestyle than I would have imagined.

Maintenance, insurance, and restoration costs have exceeded what I paid for my boat within the first year of ownership. Granted, I've put a lot of work into my "trailerable" trawler but it is far more than anticipated. Used boats always have surprises. Budget appropriately and expect the unexpected. Address repairs right away and be willing to hire an expert--particular with fiberglass work. Gauge how much your time is worth.

I'm fortunate, however, that fuel costs are minimal for my boat (1/2 to 3/4 gallons per hour at 5.5 to 6.5 knots).
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Old 11-04-2013, 03:10 PM   #15
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I would like some clarification here. I realize that the CG has jurisdiction on the water but do they have the same access to board your boat(ie no probable cause) if the boat is NOT documented? I was under the impression that if it is documented, then they have full access to your boat...by definition of documentation. But do they have that same access if it is NOT documented????..We are talking legalities here!
I'll go out on a limb here, because I never did any maritime law. And will gladly be corrected by someone who does know. But my understanding is that they do have the right to board whether it is documented or not, so long as it is on navigable waters. Again, will be more than glad to be told that I am wrong if I am wrong.
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Old 11-04-2013, 03:55 PM   #16
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Paying for the boat and all the legal paperwork will get you into the park, after that the draining of your wallet will ensue, but there is nothing like it if you love being on the water. All the best!
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Old 11-04-2013, 04:10 PM   #17
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I'll go out on a limb here, because I never did any maritime law. And will gladly be corrected by someone who does know. But my understanding is that they do have the right to board whether it is documented or not, so long as it is on navigable waters. Again, will be more than glad to be told that I am wrong if I am wrong.
Not a question of the "right to board". It is a question of a right to board without probable cause. The fact that a boat is documented basically surrenders your rights to the CG and allows them to board without probable cause. The cops have the right to search your car.....as long as there is probable cause.

As an aside, the Texas Game Warden is able to board your boat without probable cause as well. The game wardens in Texas have the most power of any peace officer.

Sorry if we are drifting off topic.
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Old 11-04-2013, 05:06 PM   #18
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Baker

By statute the US Coast Guard can board any vessel in US territorial waters. This has been challenged multiple times over 200 years but the Coast Guard's right to board has been upheld.

To my knowledge the Revenue Cutter Act(?) has never been tested with respect to a land locked lake.

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Old 11-04-2013, 05:26 PM   #19
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Baker

By statute the US Coast Guard can board any vessel in US territorial waters. This has been challenged multiple times over 200 years but the Coast Guard's right to board has been upheld.

To my knowledge the Revenue Cutter Act(?) has never been tested with respect to a land locked lake.

Marty
Ok, thanks!!!
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Old 11-04-2013, 05:35 PM   #20
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Baker

By statute the US Coast Guard can board any vessel in US territorial waters. This has been challenged multiple times over 200 years but the Coast Guard's right to board has been upheld.

To my knowledge the Revenue Cutter Act(?) has never been tested with respect to a land locked lake.

Marty
I would agree with that. I knew that I had seen it somewhere. :-) And since we are veering so wildly off course, will just append this bit (and then I will shut up.) This is quoted from an article:

"Sorry, but when it comes to Coast Guard boardings, you don’t have any rights.
I’m surprised how many boaters don’t know this. The US Coast Guard can board your boat any time they want, and look anywhere they want, without probable cause or a warrant. They can do this on the open sea, or while you’re asleep aboard in your marina at midnight. They can look through your bedsheets, in your lockers, in your bilges, in your jewelry box, or in your pockets. They can do it carrying just their sidearms, or they can do it carrying assault rifles. They can be polite about it or they can be rude, but mostly they’re polite.
If you’re an avid boater you can expect to be boarded every year or two.
I explain this to my guests aboard Condesa, some of whom are lawyers, and I’m met with disbelief: “But that’s a blatant violation of your constitutional rights! They need probable cause, or a warrant from a judge!”
“Not on a boat, my friend, not on a boat.”

Why can the Coast Guard search our boats without a warrant or probable cause, when the police can’t search our homes, cars, offices, motorhomes etc.?
It’s always been this way. The same congress that passed the Bill of Rights passed the Revenue Service Act of 1790, which gave revenue cutters the right to search any vessel anywhere in US waters, and any US-flagged vessel anywhere in the world.
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