Your annual $ numbers

It occured to me as a service to our many lurkers and those contemplating a purchase it would be helpful to have in one thread the kinds of cost that we occur so they can make their own calculations. Since boat condition is such a huge variable affecting maintence I thought I would keep with these standard must pay items.
My numbers:
500 Average engine hours
$3000 Yearly marina slip fee (not transient travel slip fees)
$1500 Insurance

Well, for us it is usually 80 to 120 hours per year (lots of short weekend cruises year round and one 2 to 3 week cruise), $4,800 a year for moorage (went up from previous years because we now have a 45' slip)' and $1,200 per year for insurance (unchanged in 14 years).

Daddyo said:

It occured to me as a service to our many lurkers and those contemplating a purchase it would be helpful to have in one thread the kinds of cost that we occur so they can make their own calculations. Since boat condition is such a huge variable affecting maintence I thought I would keep with these standard must pay items.
My numbers:
500 Average engine hours
$3000 Yearly marina slip fee (not transient travel slip fees)
$1500 Insurance

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Daddyo: How many GPH do you burn? That would help calculate your annual fuel costs.

Larry M said:

Daddyo: How many GPH do you burn? That would help calculate your annual fuel costs.

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2.1gph 1400rpm 6.82 knots

80-100 hrs a year
4600 a year for slip
96 a month for divers
380 yearly for zincs
50 to 65 a month for electric at slip
3000 a year for insurance
burn on average about 10 gals an hour for short trips and around 6 for longer trips at slower speeds.
Ave a 100 dollars a night when staying at other marinas, about 15-20 days a year.
Anywhere from 100-250 a weekend when hanging on the boat for groceries, beer and liquor.
around 1000 dollars a year for oil change, filters, impellers and coolant change. I do the work, thats just parts.
2000-4000 just for misc stuff.
I'm sure theres more but that is just off the top of my head. Now take into account I work overseas anywhere from 6-8 months a year and use the boat about 2-3 weekends a month when I am home. 2013 expenses will go up as I am planning on more extended trips as the Admiral is retiring.
Damn now I need a stiff drink. Thanks Daddyo for making me think about it. Hell now I get to go down to the boat and wash it!!

Oh no you don't! I just got the boat home. If I do all this fancy math faced with not using it much for the next three months my fantasy will crumble!

I quit smoking a pack of cigarettes a day when I was 40, and quit drinking booze 2.5 years ago. That money (around $5,000.00 per year) used to be thrown away without thinking about it.

I'm 52 now, so if I do the math the boat is subsidized for quite a few years, and I should be alive about 15 more years to enjoy it than if I was still smoking and drinking.

Murray

445 hrs
4000 fuel (2.6gal/hr)
5000 slip fee
500 slip electric
1600 haul out ,bottom paint, zincs (every 2 years)
2150 transient slips
1200 insurance
300 two engine oil changes
50 trans fluid change
100 cetol bright work
300 wash, polish, wax materials

Base line yearly expense.
Did we really want to bring this out in the open

Great Lakes boat, 48' OAL

Fuel As required @ 4.5 gph
Insurance $1100 (Markel)
Summer slip $3500@ small municipal marina with no ammenities
Winter storage $3000 heated...September-May
Maintenance $1000 average..post bottom job and cutless bearing rehab

About $8500 per year fixed fees (early June to mid-Sept usage). A whole lot less headaches than a summer cottage, and lower fixed annual expenses...particularly compared to a waterfront house. On the other hand, a small cottage purchased post 2008 crash would be an appreciating investment. Hmmmm...

MurrayM said:

I quit smoking a pack of cigarettes a day when I was 40, and quit drinking booze 2.5 years ago. That money (around $5,000.00 per year) used to be thrown away without thinking about it.

I'm 52 now, so if I do the math the boat is subsidized for quite a few years, and I should be alive about 15 more years to enjoy it than if I was still smoking and drinking.

Murray

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Congrats to you Murray! My wife and I both quit smoking 14 years ago when our grandaughter was born. On her last birthday I caculated our savings at $52,000! This has probably covered the cost of buying, operating and maintaining Budds' Outlet for the past 9 seasons.

All I will say about that is this: When Lou asked my biggest fault, I said, "I spend too damn much money on my boat, and that will not change". So, that's still the way it is.

Our annualized:
$5000 slip including electric
$200/year pumpout
$1200 insurance
$400 maintenance (oil/filter changes for 3 engines, impellers, coolant change)
$60/month storage

Since we live onboard, that's about it for regular expenses. Estimated fuel usage is about $2k/year.

Budds Outlet said:

Congrats to you Murray! My wife and I both quit smoking 14 years ago when our grandaughter was born. On her last birthday I caculated our savings at $52,000! This has probably covered the cost of buying, operating and maintaining Budds' Outlet for the past 9 seasons.

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---------------------------------------

Good one. . . . . . . Never thought of looking at it that way, I love it!! So let's see. . . Does that work for me??

Got rid of cigarettes 15 years ago . . . .$ 56,000
The ex-wife 12 years ago . . . . . . . . . $420,000
Total expense off set. . . . . . . . . . . . .$476,000

Boat Expense . over 15 year . . . . . . .-$142,500
Net gain . . . . . . . . . . . . . . . . . . . . . $333,500

Man, that's a great idea. . .I'm way ahead. . I'm feeling better already!!!

(Anonymous)

Bought a boat, do regular maintenance, done some extra work, bought a house on the ocean with a wharf so I could have a place to dock it, pay for Marine storage haul out and launch, speed range anywhere from 1kt - 11kts, added upgrades ( instruments ) and pack food aboard. Cost per year ( $rice$ess )

Elwin

150-200 hrs/yr

$3000 fuel
$2100 insurance
$7100 moorage (outside)
$12,000 maintenance/upgrades/future sinking fund
$800 Yacht Club dues

I do my own oil/filter, impellers, bottom paint, wash/wax, brightwork. The rest I hire out. I don't let anything build up on my maintenance list, so address things immediately. I have done some upgrades the past year (Webasto Hydronic, Nav Program and laptop with redundant system). I recently hauled out and did all bottom work. This year I expect to spend far less, but keep my boat account separate for future needs. That way I don't begrudge the expense and the funds should be there.

Had the boat a year now and only put 80 hours on the Lehmans (run a B&B so can't disappear in the summer).

$1250 - fuel (includes genny and Dickinson Atlantic cookstove/heater)
$1000 - mooring (private buoy but $1000 to beef it up for the bigger boat)
$ 825 - insurance
$ 500 - annual DIY maintenance/haul/paint (prorated based every 2 years)

Only major system needs on the horizon is repair/replace the LectraSan or junk it and install a holding tank. And bronze McMurry windlass is high quality but the friction plates are starting to slip a bit. Company and main sales agent, Doc Freeman (Seattle) are both long gone so the search is on to find parts before it becomes non-op.

saturnaisland said:

Only major system needs on the horizon is repair/replace the LectraSan or junk it and install a holding tank. And bronze McMurry windlass is high quality but the friction plates are starting to slip a bit. Company and main sales agent, Doc Freeman (Seattle) are both long gone so the search is on to find parts before it becomes non-op.

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----------------------------------------------
Joe
Did you try Anacortes Marine Hardware? Last time I was in there, Mike Demopoulos had some used LectraSan components laying around. It's been a while, but maybe? "http://bitterendblog.com/?p=1715

Also try "Second Wave New and Used Marine" in Bellingham,
Second Wave-New & Used Marine Supplies

Good Luck
Larry B.

OK

The slip costs $2700
Insurance costs $2200

We just got done with a total refit so it's hard to tell where annual maintenance will fall.

Between paying for the boat, the slip, fuel, etc... we estimate that it costs us around $25-30K a year for the boating hobby.

Large boats are a lifestyle choice.

Edelweiss said:

----------------------------------------------
Joe
Did you try Anacortes Marine Hardware? Last time I was in there, Mike Demopoulos had some used LectraSan components laying around. It's been a while, but maybe? "http://bitterendblog.com/?p=1715

Also try "Second Wave New and Used Marine" in Bellingham,
Second Wave-New & Used Marine Supplies

Good Luck
Larry B.

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Thanks for the suggestions, Larry. We were hoping to do a week or two in the San Juans this fall (and also fill the tanks on cheap-to-a-Canuck fuel prices in Anacortes) but it didn't happen. Maybe in early spring.

MurrayM said:

................ I should be alive about 15 more years to enjoy it than if I was still smoking and drinking.

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But what's the point of living if you can't smoke and drink?

Seriously, good for you. I quit smoking in 1972 and quit drinking a few years ago. Neither was that difficult and I feel a lot better for it.

Cheap moorage is not always good moorage. I don't object to the higher costs when it brings with it:

• safety from theft,
• no weather issues,
• good cruising grounds when you slip the lines without having to go for hours to hit the "nice" water
• good docks with lots of water,
• good surface facilites such as washers, toilets and showers,
• trash boats not allowed and
• easy/close access to good eateries, stores and yards.

Most maintenance and upgrade costs are at the owner's discretion (or lack of) and very much pocket book based. A 34' $40K 35 year old trawler has different "maintain the asset" requirements than a 50' $600K 10 year old vessel.

For you newbies, don't get fooled by thinking this sport is cheap and without unforeseen $$ needs.

sunchaser said:

For you newbies, don't get fooled by thinking this sport is cheap and without unforeseen $$ needs.

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Very, very true. On the other hand I suspect that the blessing of being a newbie and NOT knowing the kind of never-ending effort and expense that will be required, is that we envision mostly the upside and that's what get's us into a cruising boat to begin with. If we had really realized the extent of the continuous and often high expenses involved in boating, I wonder how many of us would have backed away from getting a boat in the first place, and thus not had the experiences that, for most of us, make the expenses worthwhile?

Of course the same can be said of any pastime, from owning and flying a plane, restoring cars or worse, racing them, to having a horse, golfing, traveling, to you-name-it. In our case we figure the money we will spend on boating would have been spent on something else equally "unproductive" but life-enhancing. So we don't worry about it.

Interesting. Our household CFO (AKA my husband) recent calculated we'd spent about $15000 in the past year on the boat and boat related expenses. That includes fuel, slip fee, transient docking on frequent trips, yacht club dues, routine maintenance like changing the oil, professionally done waxing, some canvas, an inverter installation and new house bank and a haul out for a new cutlass bearing. I'd have to agree it = priceless.

Art said:

Total Annual Cost (inc Tollycraft and tow behind, trailor-storeded at marina Crestliner runabout = $7,700 ...

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Art, am I the only owner paying annual property taxes on his boat?

Jennifer
Your $$ are much more reflective of many of us, low for me in fact when I include discretionary spending. Lots of "cost to boat" low ball numbers appear to be floating around on this thread, starting with the OP.

Mark
Good point on taxes. Sales and property taxes are avoidable for some of us.

markpierce said:

Art, am I the only owner paying annual property taxes on his boat?

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Mark - Your very nice Coot is pretty darn new, and you paid tall $$$ numbers to own your nice new boat... so... the "Tax Man/Girl" drools over the $$$-value they can continue to place upon your boat that enables them to annually tax you steeply via their $$$-value %age basis. Regarding our 1977 (35 yr old) Tolly (although still in near perf condition, comfortable, seaworthy, and fun as heck!) the "Tax Man/Girl" decided that our boat no longer enables them to have $$$-value drool dripping down their chins and therefore their $$$-value %age basis taxes us at an extremely affordable annual cost. The minimal annual tax cost we pay easily folds into the following three cost-items I excerpted from my # 13 post on page one of this thread. That’s why I didn’t separate the tax cost! This is another reason why we purchased a real good condition older year Tollycraft – Relatively low costs for ongoing great enjoyment!

Cheers and Happy Boating, Art

2,000 +/- gas
1,000 oil/equipment/general-maintenance, new goodies etc
300 Bottom paint etc (haul every few years – intermediate, I dive often to keep clean and new anodes

Art said:

Mark - Your very nice Coot is pretty darn new, and you paid tall $$$ numbers to own your nice new boat... so... the "Tax Man/Girl" drools over the $$$-value they can continue to place upon your boat that enables them to annually tax you steeply via their $$$-value %age basis. ...

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Yeah, and the Coot's property tax is equivalent to that on my home. The good news is that the boat's tax will decrease over time as the state depreciates its value to offset the rising value/tax of the home.

markpierce said:

Art, am I the only owner paying annual property taxes on his boat?

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No, you are not. I pay personal property tax each year on my boats (yes, they tax the dinghy as well). Somebody has to pay for all the free lunches and subsidized housing the other 49% are getting!

Although I keep receipts and records, I don't add all the boating related expenses up to get an annual figure. Whatever it is, the enjoyment and peace is worth more than what I spend on the boat.