Estimated annual cost to maintain a 40 ft boat

[Jon gaare]

Hi all - I’m new to the forum -I’m about to pull the trigger on a 40 ft boat and looking for advise. Wife and I are looking forward to warmer water in the winter months. Being from the south shore of Long Island - winters have become a drag.
I have a few questions to start...
Can anyone give me an annual estimated cost to maintain a 40 ft vessel here on Long Island during the summer months only.
I’m expecting to pay $100 per ft to dock .can I expect other costs?
What can I expect the annual cost of maintenance for a single engine diesel and gen set etc ... per year.
What is an average insurance annual premium for a replacement value of $300 k ?
Thank you in advance
Jon

 

[Comodave]

Welcome aboard. As to the costs, it can and will vary dramatically depending on your skills. Do you do your own work or just write a check? Also what shape is the boat in? If it is bristol, the costs will be less that something in lesser condition. What are your personal requirements for upkeep? Are you a fanatic about maintenance or is ok fine with you? As to the insurance, I would contact some companies since your rates will be different than mine even on the same boat. We have Boat/US insurance and have good success with them for many years.

 

[mvweebles]

Hi all - I’m new to the forum -I’m about to pull the trigger on a 40 ft boat and looking for advise. Wife and I are looking forward to warmer water in the winter months. Being from the south shore of Long Island - winters have become a drag.
I have a few questions to start...
Can anyone give me an annual estimated cost to maintain a 40 ft vessel here on Long Island during the summer months only.
I’m expecting to pay $100 per ft to dock .can I expect other costs?
What can I expect the annual cost of maintenance for a single engine diesel and gen set etc ... per year.
What is an average insurance annual premium for a replacement value of $300 k ?
Thank you in advance
Jon

You'll have to adjust accordingly, but from a other forum, here are average monthly costs for a 40-foot sailboat who is cruising domestically and Bahamas. Over 3-years, they average around $4k/mo for everything. Your fuel will be higher. You could pro ably reduce costs if needed by eating in more.

As far as LI specific costs, no idea.

 

[Jon gaare]

I can do a lot of the mechanical - oil / filters / - the boat is Bristol all systems new or rebuilt
I’m a boat owner for 40 years now - Smaller boats than 40 ft
$2500 per year ins ? What is your premium - I know it depends on ins co and what is quoted- to me will be different than you - just looking for rough #’s as a reference
Maintenance wise again if you have a 40 or so ft yacht - give me an idea of what your annual maintenance costs - I’m looking to find out what everyone is paying - just to get an idea
Tnx
Jon

 

[Lou_tribal]

Simple, plan this to cost you your bones, your flesh and the little blood drops that will be left, times 10 and this will be your actual cost.

More seriously this will depends on your boat current state and what you plan to do with it and how much anal you will be on the level of maintenance.
With time you will want to change things to make it yours and cost will build up.

L

 

[firehoser75]

Hi Jon,
Good luck with your new boat.
I know what you are trying to do here, but it really is almost like asking "how long is a rope?" There are sooo many variables.
When I bought Pilitak, the surveyor stated that he had never surveyed a boat in this good of condition for being 17 years old. His list was relatively short (deficiencies).
However, we spent about $25,000 in the first year on repairs, upgrades, changes, etc. On top of that, I did about 50% of the work myself. No electronics were changed by the way. That did not include moorage, fuel, insurance, etc. Costs depend greatly on how much you can or are willing to do yourself, local rates for labour, local moorage rates (can vary widely by area), local insurance costs (can vary by area), etc. Not trying to dodge here, just saying. You would be best to spend the time to determine what local costs would be for insurance, moorage, haulout, fuel, etc.
Some say a rough figure would be 10% of the boat's cost annually! From my experience, that may not be as far off as you might think. I just don't see how your costs using that model would be $30,000 per year, and someone with a $90,000 boat would only see costs of $9,000? For example, I pay over $6,000 per year for moorage alone, so $9,000 total would be way, way low
Hope that helps a bit,

 

[Lou_tribal]

Hi Jon,
Good luck with your new boat.
I know what you are trying to do here, but it really is almost like asking "how long is a rope?" There are sooo many variables.
When I bought Pilitak, the surveyor stated that he had never surveyed a boat in this good of condition for being 17 years old. His list was relatively short (deficiencies).
However, we spent about $25,000 in the first year on repairs, upgrades, changes, etc. On top of that, I did about 50% of the work myself. No electronics were changed by the way. That did not include moorage, fuel, insurance, etc. Costs depend greatly on how much you can or are willing to do yourself, local rates for labour, local moorage rates (can vary widely by area), local insurance costs (can vary by area), etc. Not trying to dodge here, just saying. You would be best to spend the time to determine what local costs would be for insurance, moorage, haulout, fuel, etc.
Some say a rough figure would be 10% of the boat's cost annually! From my experience, that may not be as far off as you might think. I just don't see how your costs using that model would be $30,000 per year, and someone with a $90,000 boat would only see costs of $9,000? For example, I pay over $6,000 per year for moorage alone, so $9,000 total would be way, way low
Hope that helps a bit,

6 grands per year for a moorage??? Jeezzzzz and I was thinking my new marina was expensive when at around 2000 for 6 month!!!

L

 

[FoxtrotCharlie]

We have a 42' and insurance (BoatUS runs about $1,300/yr. We pay $400/mo for 50' covered slip. That's the 'fixed costs'.

 

[BruceK]

Insurance premium is partly boat, partly you,part docking location, etc. For this, and anything else you can tie down, get quotes.

 

[Comodave]

We live on the water so our dockage is zero. Our insurance runs about $800 per year. Like I said, my costs will be different than yours. I do almost all my own maintenance but I like to work on my boat so I buy lots of things for it and replace a lot of things that are really ok but I just want something different. It almost always will be apples and oranges when you ask someone else what their boat costs them.

 

[firehoser75]

6 grands per year for a moorage??? Jeezzzzz and I was thinking my new marina was expensive when at around 2000 for 6 month!!!

L

Yeah, I hear ya Lou!!! Welcome to beautiful BC! Home of "everything costs more".

 

[Spinner]

In Washington state, my 42 foot boat costs about $575 per month in moorage, $2100 per year in insurance. Oil changes (two annually) between $1500 each (hiring the work) and about $ 350 each (doing it myself). This doesn’t include anything for upgrades, component replacements, fuel, and some guest moorage while cruising.

 

[tiltrider1]

Spinner has a very nice boat with no deferred maintenance. However I’m sure she will agree that once a year there is a $1500 surprise but we just don’t know what it will be until it happens. This year for me it’s a heat pump. Who knows what next year. Spinner how much do you pay a year for zink and diver?

 

[Pete Meisinger]

On the Great Lakes with a 36 foot trawler in which the owner does most of his own maintenance I tell people it will cost you $500 per month to own the boat, it will be twice that amount for the first year or two until you get the boat set up the way you want it. For me, this includes dockage, insurance maintenance (normal) , and fuel. This assumes that you are not making the dreaded "boat payments".

Really, the only thing which effects this cost is the extra money you spend on vacation. Pricey restaurants, souvenirs, expensive steaks instead of burgers, etc. These expenses are easily controlled if you care to control them. We generally go "first class" about half the time on the water. We do like a pool and hot tub every so often. Laundry facilities,showers, etc., are nice every few days. We generally mix time on the hook with time at marinas about half and half.

That being said, I expect a 40 foot boat will add 10 or 15% to that estimate. I expect that East Coast cruising will add another 25% to the estimate. You should still be way under $1,000 per month (One basic boating unit).

Of course, EVERYTHING goes out the window when you blow an engine, crunch a tranny, or find a leaky fuel tank. Best to be ready for such things with either a good cash reserve or strong credit.

pete

 

[Lou_tribal]

Yeah, I hear ya Lou!!! Welcome to beautiful BC! Home of "everything costs more".

This lead me to a question (sorry for the thread drift). What are the rules in Canada for moorage? What prevent one to drop 3 anchors and some chain to make his own? I think I will open a thread for this subject

L

 

[Spinner]

Spinner has a very nice boat with no deferred maintenance. However I’m sure she will agree that once a year there is a $1500 surprise but we just don’t know what it will be until it happens. This year for me it’s a heat pump. Who knows what next year. Spinner how much do you pay a year for zink and diver?

Hi Dave, no unexpected part failures so far (my fingers are crossed), but I am still doing a lot of proactive maintenance. This year:

Had the drip less shaft seals replaced (they were overdue)
Had the prop removed and repitched
Replaced the last two old bilge pumps (proactive)
Replacing the fuel lift pump (proactive)
Replacing starter (proactive replacement)
Fire suppression system certified
Installed all new portable fire extinguishers (they were originals!)
Replaced all external anodes
Replaced the old PC that runs the Coastal Explorer navigation system

Still have to do oil/filter changes on engine, Genny, transmission

I have not had a diver do anodes yet, as I have had the boat out of the water often enough to get that done on the hard....

I wish it was only $1500!! At some point soon, all systems and parts will be at a known good condition and the outgo will decrease (I hope)!

 

[mvweebles]

OP post is a bit confusing. On one hand, he's asking about dock /mooring in Long Island. On the other hand, he's talking a about warmer weather south. Florida? Bahamas? Insurance and docking will vary

Insurance - 1.0% to 2.0% of hull value per year is the most common numbers I see in places like California and Florida. Maybe less if you'll accept a very high deductible. But figure $4k/year. Maybe you have some money leftover.

Moorage. Depends on where you dock. Transient slips getting down to Florida/Bahamas will likely run you in the $2/ft/nt range. Maybe less in some areas (there are anchorages and occasional free municipal tie-up). But maybe more in other areas. Seems like most areas that are at all popular to keep a boat are in the $500/mo range, you can figure a good $6k/yr, perhaps more if you're using transient slips. Less if you haul in the winter in LI at a reduced rate.

Every 2-3 years you will need to haul and have the bottom painted. $3k. Plus you will need the bottom dived on ever 6-8 weeks (more in Florida) at about $100/pop. Call it $600-$800 per year. So the bottom work averages to around $2k/year.

Before maintenance, upgrades, fuel, or anything else, you're probably at $12k/yr. At least that's my over/under guess

 

[kchace]

I can do a lot of the mechanical - oil / filters / - the boat is Bristol all systems new or rebuilt
I’m a boat owner for 40 years now - Smaller boats than 40 ft
$2500 per year ins ? What is your premium - I know it depends on ins co and what is quoted- to me will be different than you - just looking for rough #’s as a reference
Maintenance wise again if you have a 40 or so ft yacht - give me an idea of what your annual maintenance costs - I’m looking to find out what everyone is paying - just to get an idea
Tnx
Jon

It will make a huge difference in cost if you can do things yourself. You asked for maintenance costs only, so I’ll give it a shot.

In the NY area, figure hauling and storage costs each winter. Those costs vary widely but in the NE I would expect the combination for a boat that size to be at least 1500 but can easily be 4000. Shrink wrap about 1k. Bottom paint and zincs if you do it yourself, 400. If a yard does it, 1500. Impellers, belts, Oil, and a bunch of filters maybe 4-600. I would add at least 1k for misc things that can randomly fail like hoses, joker valves, bilge pumps, stuffing box packing, lights, switches, not to mention things like fenders, lines, anchor chain and rode, etc.

If you want to upgrade systems, electronics would be 4-10k easy, canvas (assuming hired out) about the same depending on complexity. Plus anything could possibly break, but those kinds of costs are a whole different discussion.

All of the above assumes you do the work yourself. If you hire something out, expect about 3 times the cost.

In my case, doing all the work myself except for canvas, 10k a year (not counting storage, insurance, fuel or dockage) but I am always updating something.

Ken

 

[Portage_Bay]

In the PNW, non urban area. 42 ft is $6,700 moorage and insurance per year before I do any maintenance or leave the dock. At purchase I budgeted $600 per month for maintenance and upgrades. So far it's been more than that.

 

[Nickair]

Average:
You do the easy non technical maintenance.
Have technical maintenance/repairs done professionally.

Average cost: $600-$1k per month averaged, based on age since refit & complexity.
(Unused balance saved for the expensive needed repair/upgrade months.)

Imperial evidence of personal boats owned, as well as friends being boat owners.

It certainly be done for less if you do more work your self and take out the middle man when acquiring equipment.


.

 

[FF]

The biggest hassle is most boats were not built with maint in mind.

Therefore you must research what is a low maint boat , hull, deck, engine and outfitting before you decide to purchase the beast.

As well as how it will be maintained, DIY or a yard.

Examples , lobster boats can swop out their engine overnight , no big deal.

Fuel tanks made of Monel don't seem to die .

RV heads are almost zero maint.

A proper sump on the fuel tank ends fuel problems , forever.

A GRP hull and deck and PH do not have the complications of rotten buried plywood cores.

There are many ways to build a boat only a few are with an eye to low , easy maint, learn what they are, first .

Good hunting.

 

[Nickair]

The biggest hassle is most boats were not built with maint in mind.

Therefore you must research what is a low maint boat , hull, deck, engine and outfitting before you decide to purchase the beast.

As well as how it will be maintained, DIY or a yard.

Examples , lobster boats can swop out their engine overnight , no big deal.

Fuel tanks made of Monel don't seem to die .

RV heads are almost zero maint.

A proper sump on the fuel tank ends fuel problems , forever.

A GRP hull and deck and PH do not have the complications of rotten buried plywood cores.

There are many ways to build a boat only a few are with an eye to low , easy maint, learn what they are, first .

Good hunting.

Yes, best advice is above. Also, gaining knowledge of the above and more of same is free.

 

[Arc]

I live on Long Island so I’m familiar with local pricing. A 40’ boat will cost you about 12-15k per year. Not including any repair or unusual maintenance. Fuel is a total variable.

 

[smitty477]

I can do a lot of the mechanical - oil / filters / - the boat is Bristol all systems new or rebuilt
I’m a boat owner for 40 years now - Smaller boats than 40 ft
$2500 per year ins ? What is your premium - I know it depends on ins co and what is quoted- to me will be different than you - just looking for rough #’s as a reference
Maintenance wise again if you have a 40 or so ft yacht - give me an idea of what your annual maintenance costs - I’m looking to find out what everyone is paying - just to get an idea
Tnx
Jon

Jon - you say you can do most of the maintenance yourself so what do you want prices on?
We have had boats on LI for over 25 years now - mostly above 40' or so.

 

[markpierce]

My February 2020 boatyard bill consisted largely (73%) of labor. The work included diagnoses, replacements of batteries, steering cylinder, and charger/inverter, as well as doing engine and paint maintenance (steel boat) and bottom treatment.

 

[fgarriso]

At 42' you know what your slip fees are in your area.

The rule of thumb of 10% of the boats value would with YOU doing the basic maintaince your self. If you were to pay for every thing you should expect 20% of the boats value.

I know that may sound high, but it is reality of owning a midsize boat if you want to keep everything done in the same condition you would want to buy it.

I am sure you have heard the old phrase "pay me now or pay later".

 

[Arc]

10% makes no sense. a $ 50,000 40' boat is not $5000.00 a year. a 1,000,000.00 40' boat is not $ 100,000 a year

 

[AnsleyS]

Jon,


A general rule of thumb is that a boat costs about ten percent of its purchase price per year to run it.


We had a 39 foot ketch in Maine where we haul every year but I own the mooring she is on in the summer. We do not do marinas but prefer to anchor. I have reviewed records for a number of the past twenty one years and have calculated an average cost of about twelve thousand dollars a year. I would estimate that the costs around Long Island Sound and south will be more than that but it gives you an idea.


We now have a Krogen 42 and I am budgeting 20K for the year.

 

[Andy G]

Hi Jon,

Some say a rough figure would be 10% of the boat's cost annually! From my experience, that may not be as far off as you might think.



IMHO, Over about 25 years, I would say that's about spot on. Some years more things go wrong, and some years all's well. Mind you our mooring fees are very high compared to the figures being bandied about here.

 

[Jon gaare]

Thank you all
Got a range to work from
Hoping ? for the best and trying to prepare for 3x’s the worse.
Looking to stay on a hook more than pay at marinas. And to clarify I will be here in NY for the first year of ownership - I want to run the boat local to get acclimated for the first year and will be putting her on the hard for the first winter here in NY
I’m sure there will be “stuff” to tend too after running around the first summer and will have the winter to remedy any issues
- thank you again
Jon