Big boat questions from a newbie

I have no yachting experience & am just a wannabe C-19 browsing yachtworld & dreaming. The wife & I need to try a few charters before really considering getting a boat. But, I can't help myself from shopping.

Anyway, I've found this big gorgeous yacht, a 1983 112' Benetti, that seems like a great price for such a large boat. Since I don't have any experience I realize that there's a catch of some sort. Maybe there's hidden issues with the boat, but I figure the most likely issue is the cost to operate, dock, and maintain such a large vessel.

So, if you've got time to explain why a boat like this is only $600K, and what you'd estimate the costs to own & operate it are I'd appreciate the education.

https://www.yachtworld.com/boats/1983/benetti-custom-lloyds-m-y--3040602/

A boat that size takes crew. If you can afford the moorage, insurance, maintenance, fuel and crew, you can afford a nice new shiny 10 million dollar yacht. There is almost no market for 30 year old boats over 80 feet.

Actually there's a big market for older, large boats, but 99% of the people looking have no money. I've sold several, but only thru a broker who screens the lookers.

Here is a little home work for you:

Call some of the marinas where you would like to keep the boat and ask how much moorage would be and how many years the waiting list is.

Next, call some companies that insure big boats and get a quote for coverage. Don't forget the marina would also probably need to be added to the policy. Maybe you should tell them first that you have no experience and see if they will even continue the conversation.

Then carry on with your plan to charter a much smaller boat. Call some charter companies and discuss it with them. Do this well ahead of time because there will be some training you will need to go through before they will turn you loose with one of their charted boats. In the mean time, keep reading this forum. Good luck sir.

Guys I don't think he is anywhere near interested in buying this, he is just interested in understanding the pricing on such a large vessel he came across.

Plan on at least a thousand dollars a day to own and operate.

pete

Way overpriced. Interior design is ugly. And it doesn't have a helicopter.

I thought it wasn't stabilized, but see that it has fins.

menzies said:

Guys I don't think he is anywhere near interested in buying this, he is just interested in understanding the pricing on such a large vessel he came across.

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Thanks, that's all that I was trying to ask. I can manage the purchase price, but figured the ongoing expenses wouldn't be so affordable for a boat that size. If I was seriously considering it I'd definitely do my due diligence, and homework. I figured asking on a forum full of boat lovers would be the simplest & quickest way to get a ballpark estimate.

After C-19 is behind us I'm planning to enroll in captain lessons for the Mrs. & myself. Then try a charter cruise and/or rent a few boats to see if we really like it. We live on a lake & like the water, but the pandemic has me feeling a bit stircrazy here. I figure it has to be better for you guys.

Pete Meisinger said:

Plan on at least a thousand dollars a day to own and operate.

pete

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That's the "catch".

Would that include the crew?

The catch is that it's likely overpriced at that. Getting it insured will be a challenge. You'll have to have professional crew. It's not a true Benetti but a custom build by Lloyd's of Australia. It's under-powered with twin Gardner 250's and only cruises at 9 knots. I've never seen a boat that size with so little power. It's about as Benetti as I am fluent in Italian.

As to annual operating costs, I'd put them just over $1 million. They are roughly something like this.

Provisions $60k
Crew Costs $500k
Insurance, Accounting, Legal, Licensing $50k
Dockage $125k
Fuel $200k (based on 12 weeks owner usage)
Maintenance $125k

This forum is an excellent place to find out about things to do with boats we tend to own which are 30-60 feet for the most part. This question of cost of ownership comes up at least once a month, and the search function here should lead you to many happy (?) hours of reading opinions and experiences related thereto. It appears that you could afford to buy a very fine new or almost new boat, and your charters will serve you will in deciding which size and layout you are partial to. As to CV-19, well, it has some of us who live a long way away from our boats sort of stymied, but others who are closer are more than likely not feeling so claustrophobic. I just hit the down button on my lift's remote control, and by the time I walk to the pier, she's ready to board and scoot.

Pete Meisinger said:

Plan on at least a thousand dollars a day to own and operate.

pete

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You can cut that well in half if it becomes a dock queen!

Pretty nice looking boat; at that price. 100' + the size you're only interested in?

For it's size, it would be fairly economic with the Gardener mains. If you bought the boat with cash and bought liability only it would be less than most of you pay. I do liability only and in about a year, I'll be ahead. But the turquoise looks like someone had older Ford truck paint left over.

GlennR said:

Thanks, that's all that I was trying to ask. I can manage the purchase price, but figured the ongoing expenses wouldn't be so affordable for a boat that size. If I was seriously considering it I'd definitely do my due diligence, and homework. I figured asking on a forum full of boat lovers would be the simplest & quickest way to get a ballpark estimate.

After C-19 is behind us I'm planning to enroll in captain lessons for the Mrs. & myself. Then try a charter cruise and/or rent a few boats to see if we really like it. We live on a lake & like the water, but the pandemic has me feeling a bit stircrazy here. I figure it has to be better for you guys.

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Frankly, I like looking at big boats!
Now is a great time to dream big. Reality will set in soon enough.

I once met a nice fellow who owned and was living on a retired German ocean liner.
That was big! Talk about dock fees...

On a practical note, I don't want a boat that I can't, in a pinch, single hand by myself.
It comes up more often than you'd think. For me that is about 60 feet and 40 tons.

I don't want to put a damper on your enthusiasm though. Do invite me to the parties!

Captain’s licensing is a good idea, but bear in mind that even the lowest level requires 360 “sea days” in addition to passing the tests, drug test, physical, etc.

You might want to consider classes in power boat operation, navigation, weather, and wait for the Captain’s classes until you have your sea days. Best of luck!

Rich, I always thought you could walk on water. Nice to see the evidence.

Glenn, just call the broker from Denison and see if he'll answer some questions for you. His cell number is on the listing.

And I thought I was going big looking at a 58’ today as our 24th boat...

A thousand dollars a day does not include much of a crew. Maybe a pretty qualified captain and a deckhand or two. Not really enough to run a 100 footer if you plan on using it much.

Who is going to cook your meals and make sure your white pants and blue blazer are cleaned and pressed? Got to have someone to tuck you in at night and put a mint on your pillow too.

Oh wait, my wife and I will do it.

pete

South of Heaven said:

Glenn, just call the broker from Denison and see if he'll answer some questions for you. His cell number is on the listing.

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I gave him a ring this morning. We chatted a while, and he seemed like a nice guy. He said since it's been sitting a while without much interest he'd be happy to fuel it up and let me try it for a couple of weeks. Do any of you guys have time to help? I just need somebody to show help get it out'a the slip, and back in it.

Bring your fishing rods. I'll get a few cases of hot dogs & PBR.

So this boat is a deal and at the same time it’s not.

A fortune has been spent on this boat. Way more has been spent on it in upgrades than its selling for. Everything is In Bristol condition and the boat is really economical on fuel. If you are in the market for a 100’+ boat with many state rooms to cruise from Alaska to Mexico this is a great deal.

Now here are the cons. It’s going to take as much as the purchase price to maintain, berth, and crew this boat. This boat probably has from $25,000 to $50,000 worth of canvas. Haul outs are now pushing 5 digits. One shaft Zinc is my whole zinc budget. The real con is the crew need. It would take me all week just to wash this boat. And then I would be too tired to go boating. Finally the real deal killer, no hot tub.

As I mentioned earlier, if you can afford the operational cost, you aren’t concerned about saving money on an older boat. You are more concerned about bigger Hot Tubs, bigger staterooms and a helicopter pad.

Now how big is the market of people who can afford this boat and want an older style boat. Not very big!

One shouldn't be in that market unless they already employ full-time cook, housemaid, gardener, butler, an automobile driver, and perhaps helicopter/airplane pilots as well as affording multiple attorneys/accountants/business-managers to help manage their affairs, and still has millions more to spend.

Pete Meisinger said:

A thousand dollars a day does not include much of a crew. Maybe a pretty qualified captain and a deckhand or two. Not really enough to run a 100 footer if you plan on using it much.

Who is going to cook your meals and make sure your white pants and blue blazer are cleaned and pressed? Got to have someone to tuck you in at night and put a mint on your pillow too.

Oh wait, my wife and I will do it.

pete

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That's why I posted more realistic numbers, closer to $3000 a day.

GlennR said:

I gave him a ring this morning. We chatted a while, and he seemed like a nice guy. He said since it's been sitting a while without much interest he'd be happy to fuel it up and let me try it for a couple of weeks. Do any of you guys have time to help? I just need somebody to show help get it out'a the slip, and back in it.

Bring your fishing rods. I'll get a few cases of hot dogs & PBR.

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Hey, that sounds like PHUN. I'm just a little bit too far away, darn!

Oh my gosh! That is a beautiful boat. No doubt about it. Since we are all in various stages of dreaming about it, here are a couple observations from me.

Those shafts have to be 40 feet long, How would you like to have to replace one or both? Might as well figure on a prop or two. SWAG $50,000 to $100,000?

So what do you call the part of a boat which is the inside of the gunnel? Like if you were standing on the Port walkway, facing the front what is the part between your left knee and ankle? Whatever it is officially called, that boat has a lot of it. I just cleaned mine (on a 36 foot Albin) with TSP then wiped it with vinegar water, then taped it off then painted it with Interlux Brightside. It took about three days and two quarts of paint at about $40.00 a quart. Anybody want to do the job on that boat? Or pay for it?

Finally, the boat is named "Timeless" but look at the bunks, the color scheme, the staterooms. Perhaps a better name might be "Dated".

Like I said, it is a beautiful boat. I would have it in a heartbeat if my circumstances were different. Like say 40 years younger (me, not the boat) I would have to be a recent lottery winner, and like I said earlier, I would need at least three pairs of white pants and blue blazers with some gold trim on the pockets and shoulders and least a couple hats with a lot of scrambled egg on them.

pete

I wonder what happens to boats like this one? It seems like a good deal to purchase, but a bad deal to own.

Perhaps the best use for it would be as a floating condo, assuming you could find a cheap place to dock it (or do you guys say "moore" it?).

GlennR said:

I wonder what happens to boats like this one? It seems like a good deal to purchase, but a bad deal to own.

Perhaps the best use for it would be as a floating condo, assuming you could find a cheap place to dock it (or do you guys say "moore" it?).

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Europeans and Australians do tend to say "moor" which means "Make fast (a boat) by attaching it by cable or rope to the shore or to an anchor."

GlennR said:

I wonder what happens to boats like this one? It seems like a good deal to purchase, but a bad deal to own.

.

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They typically are sold to fans of older boats at a low price allowing a lot of work to be done. Often you'll see them spend months, even a year, in a yard after purchase being refitted and brought to the condition desired. Then ultimately, you have a large boat at a discount price.

so what are your thoughts on this one

www.yachtworld.com/boats/1988/mcqueen-tri-deck-3695385/