Estimated annual cost to maintain a 40 ft boat

[Nickair]

Doing most all work myself it is hard to keep the ownership cost under 10% annually for an older boat in good shape. Someone said, “Everything on your boat is broken, you just don’t know it yet.” Lol Eventually it will be true. It used to be called, in the old days, a seasonal refit.

 

[AlanT]

$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
Jon

A rough guide to Insurance cost is 1% of insured value. As others have noted policies, prices and coverages are different as are deductibles but this is a generic that I have found is within the ballpark over many years and that is what you are looking for. Pencil it in and worry more about the other expenses

 

[SteveK]

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

You are correct. Here is the correct calculation

What do you normally tip%
i.e.: 15%, then B=1.15

(LOA x LOA x 12) + (AGE x 100) = A x B = annual costs

 

[South of Heaven]

Welcome aboard Jon. Wow, $100 a foot??!! Thats a bargain. Im paying $185 per foot in Boston.

 

[Beaverlake]

Rough numbers on a 1998 Bayliner 4788. We had electronics updated right after purchase to the tune of 12,000.

Assume $200k price (insurance value)
Normal costs
Slip 550/mo (Skyline Anacortes) plus power
Insurance including West Van Is rider. 1880
Fuel varies = fun meter (more $ spent, more time on the water)
Haul/paint/zincs/diver/etc probably 1500 avg per year over 3 years
Annual service - twin diesel + generator - 1800

20 year old boat surprises
One AC unit fails, no controllers available - 7000 (year 2)
Replace heavy Rendova RIB w/AB aluminum RIB (used, year 2) - 5000
Starter (my fault) + intercooler service + heat exchanger service + proactive hose replacements + misc preventative - 6000 (just now, year 3)

Many Bayliner larger boats have adequate service space. 4588 and 4788 models do not. I’m good with all kinds of DIY projects but anything requiring being trim and/or flexible and I need to farm it out.

When we decided to get back into boating way back in 2016 my models showed an annual cost (not including any payments) of about $30k/year +/-. Don’t forget about depreciation and broker commissions when “that day” finally comes around.

I really put myself in a tailspin this week as I headed out to the boat and started thinking about $ per engine hour. Yikes! Then I got on board and none of it mattered. And I didn’t have to leave the dock to leave the dark thoughts behind.

Anyway - that’s my story and I’m sticking to it.

 

[Zachary]

You are correct. Here is the correct calculation

What do you normally tip%
i.e.: 15%, then B=1.15

(LOA x LOA x 12) + (AGE x 100) = A x B = annual costs

So (46 x 46 x 12) + (30 yrs old x 100) = A x B (1.15)

25,392 + 30,000 = A x 1.15

55,392 ÷ 1.15 = A

A = 48,167 ????

Is that correct? And what does that equal in your post???

Or is it:
55,392 x .15 = 8,309 ... which sounds more realistic... for maintenance not counting dock, mooring or winter storage (wet or dry)...

 

[SteveK]

So (46 x 46 x 12) + (30 yrs old x 100) = A x B (1.15)

25,392 + 30,000 = A x 1.15

55,392 ÷ 1.15 = A

A = 48,167 ????

Is that correct? And what does that equal in your post???

Or is it:
55,392 x .15 = 8,309 ... which sounds more realistic... for maintenance not counting dock, mooring or winter storage (wet or dry)...

Correct, not sure why I typed 1.15, it should be 0.15. The original question was maintenance, so moorage and insurance not included.
So (46 x 46 x 12) + (30 yrs old x 100) = A x B (0.15)
25,392+3,000= 28,392 x 0.15 = $4,258.80 annual maint not including moorage

 

[2savage]

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

I'm paying about $10,000 a year. I figure regardless of location, anything around $1,000 a month is OK. That's about the same as an apartment rental and you get a view of the water view for free.

 

[Hippocampus]

Problem is expense comes in hills and valleys. On our new to us boat we recored the boat deck (prior owner inherited cost). Now synthetic close cell foam.should improve resale. Major overhaul engine, replaced bow thruster with new generation, serviced SeaKeeper, replaced rug with Amtico, refinished the wood interior, replaced thru hulls, replaced all the batteries with lifelines, replaced pss with a tides, And the routine stuff-filters, oil coolant, bottom, zincs etc.
when you think about this stuff. I think like Peter. All this stuff is close to one and done. So some of it I won’t see back but emotionally and in terms of enjoyment it’s worth it to me. The feeling you get looking back at her from the dinghy as you’re leaving her. Should get around a decade before going through a cycle like this. I also think about cost of ownership. And cost of ownership is what you paid plus what you put in minus what you get when you sell it. Sometimes it’s expensive to be poor. Get a discount boat, chase it for years with your labor, your money paying bills from others. You still end up with a discount boat.

So to address the OPs concern get the best good boat you can. A brand with a good reputation or a cult following. Then there’s a much greater chance whatever you put into her you’ll at least see some of it back. I’ve owned several boats that actually appreciated in selling price following this advice.

Once we decided on sd not fd looked at owners sites. There’s four for NTs( NE, SE Atlantic coast/south and North Pacific coasts). All fairly active with enthusiastic owners. Same with KK or Nordies or so many others brands. After purchase having those groups is helpful. It also supports a good resale price. Once you find a brand you like then depending upon how deep your pocket is you can think about size. Brand and size with influence service needs and cost. Size will influence hard and wet storage costs. Until you get more specific talking about cost of ownership is nearly impossible. Boat in front of me is a 40’ boat with twin Volvo IPS drives and a lot of exterior teak. Given though I’ve had a lot of expense this year my annual costs are probably half his even though he’s smaller. We came close to buying a Nordhavn 43. ( went for $40K above ask due to bidding war from what I was told). That Nordie was more expensive and will cost more to keep than my NT in all likelihood. But will depreciate less than many other brands.

 

[Don L]

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. View attachment 100177

Hey that is me There are a lot upgrades in that "maintenance" number

If you want the spreadsheet send me an email to svrubberducky@gmail.com as it will not attach here

 

[Comodave]

Yes, costs tend to be more the first few years as you make the boat your own. Last year we probably spent $65K or more on our boat adding equipment and redoing things. We put on bow and stern thrusters, swim platform extension, SeaDek, new canvas enclosure, new seat upholstery, new cabin carpet and all new electronics. This winter wasn’t nearly as much. But I am starting to do a lot of work on the engines, new SMX water pumps, new serpentine belts, new aftercooler and miscellaneous other work. We did put in a new Marine Elegance head and a very nice staple on the swim platform this winter. After the next winter I expect, hope, that the spending will slow down to routine maintenance. As to slip costs 20 years ago we had a 46’ trawler in San Diego and the slip, power and hull cleaning ran about $1K a month. Now we tie up our boat at home so the costs are negligible.

 

[Iggy]

Since your in Long Island Sound, have you thought about a yacht club vs a marina. The price difference is night and day. I pay $2,100 for my summer slip. That includes dues, water, electric and $150 credit for food and drinks.

I joined another club for winter storage. So dues and storge on the hard $1,300. Otherwise, its roughly $100 per for summer and winter storge. That would bring me up to $8,000 per year vs $3,400 I am paying now. Both clubs want 10 hrs of volunteer work each year which is easy to do. Plus and I do mean plus! You make great friendships with other boaters and the knowledge that some of them have is invaluable.

 

[smitty477]

Since your in Long Island Sound, have you thought about a yacht club vs a marina. The price difference is night and day. I pay $2,100 for my summer slip. That includes dues, water, electric and $150 credit for food and drinks.

I joined another club for winter storage. So dues and storge on the hard $1,300. Otherwise, its roughly $100 per for summer and winter storge. That would bring me up to $8,000 per year vs $3,400 I am paying now. Both clubs want 10 hrs of volunteer work each year which is easy to do. Plus and I do mean plus! You make great friendships with other boaters and the knowledge that some of them have is invaluable.

I had not seen any of these in LI sound, where might they be?
The ones we are aware of have high initial buy ins, or monthly minimum spends, or higher contributions, or all of them.

 

[sunchaser]

Likely the OP is long gone but there is a flip side to ownership costs in many areas. To name a few:

What type of vessel is in question
Is your vessel close or afar to you
Do you want a near pristine vessel
Do you want your bright work appealing
Do you want gel coat gleaming
Are you planning on adding thrusters
Is your fly bridge enclosure scruffy
Have the genset and engines received “book” care
Do your teak decks or windows leak
Do you pursue the latest in instruments
Is your vessel stabilized
Do you enjoy the ambience of an “A” Marina
Do you cruise afar or stay put
Are your systems designed for redundancy
Are your bilges dry
Are you keen on LFP batteries
Are you leaving your vessel in hurricane waters
Do you care about resale value
Is your vessel a dock queen with degrading systems
Do you ascribe to a yachting looking or utilitarian vessel

All of the above and more determine one’s annual costs.

 

[Iggy]

I had not seen any of these in LI sound, where might they be?

The ones we are aware of have high initial buy ins, or monthly minimum spends, or higher contributions, or all of them.

I know in Mass and R.I. there are plenty of clubs that offer rates that I am talking about or at least close to it. With that said, every Club if different in what they offer and there rates. I would think that Conn. would be the same.

You need to do some research in the clubs in your area. For what they offer and there dues.

 

[keith c]

When I started looking for trawler type boats I was told a good rule of thumb was a 10% of the purchase price per year. I told myself, no way! Looking back 13 years that estimate was pretty close to the amount. If one is properly maintaining diesels engines if cost $$. FYI this figure does not include dockage/slip/moorage fees. At 73 years old I have heard many nautical type funny lines which I use over and over mainly because I forget that I have told them to all my friends before, so here goes. " I spend most of my money on boats,booze and broads. The rest of it I wasted!

 

[backinblue]

I'm at a private club in CT.

Initiation buy-in was $500 I think.
You may not get a slip immediately. Some have long waiting lists so you pay to be member while waiting. I got a good slip first season. Some clubs only offer moorings.
12 hours work per year required, easily done.
Much more DIY than marina services.
Membership fee gets you $400 back in credits to use at the club restaurant during the season (use or lose).
Winter storage available but I don't store there.
Some good camradarie and social events but also can be cliquey and political.
Overall spend is roughly 50% compared to a nearby Safe Harbor.
Not for everyone, but a good option to save money if that's a priority.

 

[backinblue]

When I started looking for trawler type boats I was told a good rule of thumb was a 10% of the purchase price per year. I told myself, no way! Looking back 13 years that estimate was pretty close to the amount. If one is properly maintaining diesels engines if cost $$. FYI this figure does not include dockage/slip/moorage fees. At 73 years old I have heard many nautical type funny lines which I use over and over mainly because I forget that I have told them to all my friends before, so here goes. " I spend most of my money on boats,booze and broads. The rest of it I wasted!

I keep very good records and have also found the 10% rule to be pretty close excluding marina/dockage fees. I suspect the +/- from that number will depend a lot on the age and size of the boat and number of engines. I could see a larger older boat being much more that 10% compared to a newer smaller one even though they could be similar in purchase price.

 

[FWT]

Such rules of thumb are so extremely broad and general as to be useless.

I have a hard time believing that a brand new $1 million boat will cost $100 thousand a year on repairs, not counting slip and insurance. $500 thousand over 5 years.

10% on the smaller price of a 15 year old boat bought for much less and is already well into the repair and replacement cycle? Sure.

Age and condition matter.

 

[Zachary]

I had not seen any of these in LI sound, where might they be?
The ones we are aware of have high initial buy ins, or monthly minimum spends, or higher contributions, or all of them.

Yes they do - minimum restaurant spending is $5000 a season - plus the dues plus the dry storage.

re: meeting ppl - i really don't like a lot of yacht club people - hell i don't like people period. so sometimes the higher expense for a working boat yard is better.

City Island in the Bronx is affordable as is Throggs Neck.... after that you don't see affordable until New London, CT on Long Island Sound...

 

[backinblue]

FWT you are completely right. But, a rule of thumb is not meant to cover all case, just the common one. What I mean is that maybe 60% of boat owners have a 15 year old boat that cost them $300K in which case the 10% rule might be close. (this is just my guess, no real data)

However, looking at my records, my boat cost $160K and was pretty new (6 short seasons in fresh water). I spent a little over $60K in the 4 seasons I've owned it. Not including dockage and fuel, but does include maintenance and winter covering and storage. Mostly professionally maintained. Do the math and it's not far off.

 

[backinblue]

Yes they do - minimum restaurant spending is $5000 a season - plus the dues plus the dry storage.

re: meeting ppl - i really don't like a lot of yacht club people - hell i don't like people period. so sometimes the higher expense for a working boat yard is better.

City Island in the Bronx is affordable as is Throggs Neck.... after that you don't see affordable until New London, CT on Long Island Sound...

see post #47 for my actual experience in Stratford, CT. There are a few other similar clubs in the area. Like I said, not for everyone unless cost is the driving factor or you love the social aspect.

 

[Mambo42]

Likely the OP is long gone but there is a flip side to ownership costs in many areas. To name a few:

What type of vessel is in question
Is your vessel close or afar to you
Do you want a near pristine vessel
Do you want your bright work appealing
Do you want gel coat gleaming
Are you planning on adding thrusters
Is your fly bridge enclosure scruffy
Have the genset and engines received “book” care
Do your teak decks or windows leak
Do you pursue the latest in instruments
Is your vessel stabilized
Do you enjoy the ambience of an “A” Marina
Do you cruise afar or stay put
Are your systems designed for redundancy
Are your bilges dry
Are you keen on LFP batteries
Are you leaving your vessel in hurricane waters
Do you care about resale value
Is your vessel a dock queen with degrading systems
Do you ascribe to a yachting looking or utilitarian vessel

All of the above and more determine one’s annual costs.

Agree with Sunchaser that answering these questions will give you a good indication of what it is going to cost on a yearly basis, but the overall condition of the boat itself gives you a pretty good picture of what it is going to cost you to buy the boat and to get it to the level you want it to be in.

We were able to buy our boat well below market value, but I knew some major projects needed to be done to get the boat to our requirements.

After we bought our boat we have spent double that amount in repairs and upgrades and some of those were not planned at all. Do they fall into maintenance ? Perhaps if you would do that piece by piece, small bits at the time.
First I spent about 3000 on an overhaul of the cylinder heads, cleaning of the pistons, cylinders, coolers etc. Engines ran fine until some moron in the marina decided to run them with the sea cocks closed. After that the marina stuck up their middle finger, claiming it was not them.
The total damage was 35.000 and a complete lost sailing season.

We had to shell out 8000 for a completely unexpected battery change.............twice !
Our marina has this highly modern pre-paid system for electricity and water. Only problem is that, when the pre paid is finished and the marina does not add new electricity to the pole............your batteries are going to be toast. Happened twice. First time was a caretaker who switched a bilge pump to manual and just let it run. Second time was the electricity pole running out of credit and nobody adding new credit (which was already paid for by me).

So that was 43.000 which were not planned at all, plus the 3000 for the initial overhaul. Add the 13.000 for marina fees during that whole period and we are at 61.000 already.

Then we spent of course quite a bit of money on new carpets, mattresses, furniture etc guess the total was about 5000

We knew we would have to change our electrical system. It was mostly generator based and instead, I wanted to use as much solar as possible. For that I needed to change to an all Victron boat, with lots of solar panels, change the boat to 24 V and while we were doing that we found a lot of worn out cables, so decided to use the winter months for a complete rewire. In all that has cost me close to 40.000 by now.

Then we have 2 projects coiming up and one is finishing the electrical system by installing a large Lithium bank which will be done next month for the nice sum of 15.000 and the second project is stabilizers for the total sum of 70.000.
The total bill of all the upgrades, plus the marina fees, damages etc comes to roughly 190.000 and that is quite a bit of money. Did the boat increase that much in value ? Not exactly.
I could of course have searched for a different boat in the final price range, but am pretty sure that also there we would have needed to make changes. We like our Defever 49, she fits what we want out of it and it was a good platform to realize all the changes. She is old (1979), not appealing to everyone in Europe, but to us she is perfect and that made it worth to make the investment.

Now that we made all the changes and shelled out the money for those, only now I can start thinking about annual cost and because of all those changes those cost have become relatively low.
Due to the large solar array and lithium bank we won't spend much time in a marina. Marina fees are 140 (and up) per night here in most marinas from 1st April until 1st November, so that would have been about 4200 per month if you would go from marina to marina. We just go from anchorage to anchorage and because of the large solar array and lithium bank we don't need to run the generator at all. We will just run it for the sake of turning over the engine, but not for anything else. Saves us about 2000 per month.
Fuel we can get tax free, will cost us about 1.80 per gallon and we carry about 850 gallons. With that we have a range of around 2000 nm, which is enough to bring us to the next place for tax free fuel. So our running cost for fuel are minimal. We may need to refuel once per season, that will be it.

Insurance (220 per month) is a given, you can't get around it and the sailing tax is also a given, cannot get around that either (120 per month)

Due to the fact that we have now replaced our engines, our wiring has been replaced and we will have new Lithium batteries, the majority of the large maintenance projects has been taken care of. All the other stuff, such as painting, woodwork etc we do ourselves, so only cost for material.

But, in order to get to this point we basically paid the boat three times and that is something to take into consideration when you buy a boat. That is why the list of Sunchaser is absolutely correct.
Does the boat tick all the boxes and if not..........how much will it cost to get it there ?
Does it have stabilization and if not...........do you think you want to have the added comfort and since it will cost you a minium of 70.000 - 75.000 it is something to really think about. If you find a boat with stabilization you may want to check if that also functions while on anchor, because if it doesn't and you want to spend a lot of time on anchor.......you should plan for additional cost.

Another thing to think about is 'how often will you use the boat' ? We basically live on our boat 7 to 8 months per year, it is our home, but if you only use the boat during the weekends in the summer months your list of requirements will be shorter.

Based on what happened to us I would make sure to have the money to change the engines if that were to become necessary. Would be really a pity if you buy the boat at the limit of your budget, have no spare cash left and then something like what happened to us happens to you. Then your boat would be sitting in the marina, never to move again. You don't want that to happen.

And whatever you buy, make sure the boat is safe. During our re-wire we found a lot of fire and safety issues, which were hidden in hard to reach places. Some were accidents waiting to happen, luckily they did not happen, but perhaps you should plan ahead and think: 'if I am going to buy a 30 or 40 year old boat, perhaps it is a good idea to just change the major wires, the heavy electricity cables.' It will cost a lot of money, but you don't want to find yourself out at sea when the sparks start flying.

Good luck with your search.

 

[Zachary]

Likely the OP is long gone but there is a flip side to ownership costs in many areas. To name a few:

What type of vessel is in question
Is your vessel close or afar to you
Do you want a near pristine vessel
Do you want your bright work appealing
Do you want gel coat gleaming
Are you planning on adding thrusters
Is your fly bridge enclosure scruffy
Have the genset and engines received “book” care
Do your teak decks or windows leak
Do you pursue the latest in instruments
Is your vessel stabilized
Do you enjoy the ambience of an “A” Marina
Do you cruise afar or stay put
Are your systems designed for redundancy
Are your bilges dry
Are you keen on LFP batteries
Are you leaving your vessel in hurricane waters
Do you care about resale value
Is your vessel a dock queen with degrading systems
Do you ascribe to a yachting looking or utilitarian vessel

All of the above and more determine one’s annual costs.

Each of these should be on two slide scales 1) existing condition 2) preferred condition after DIY

 

[Zachary]

see post #47 for my actual experience in Stratford, CT. There are a few other similar clubs in the area. Like I said, not for everyone unless cost is the driving factor or you love the social aspect.

My numbers based on The Morris Yacht Club as well as The Harlem Yacht Club - both on City Island and those numbers were pre-covid. Neither has docks - both all moorings with Launch Service. The Morris has a beach and family Cabana's (4'x4' change-room/storage). Both have sweeping views of Manhattan to the west and amazing sunsets. The Harlem has a rail haul/commission system with a max of 10,000 lbs. The Morris has a 150 ton lift.

 

[backinblue]

My numbers based on The Morris Yacht Club as well as The Harlem Yacht Club - both on City Island and those numbers were pre-covid. Neither has docks - both all moorings with Launch Service. The Morris has a beach and family Cabana's (4'x4' change-room/storage). Both have sweeping views of Manhattan to the west and amazing sunsets. The Harlem has a rail haul/commission system with a max of 10,000 lbs. The Morris has a 150 ton lift.

Every club is unique in terms of facilities and pricing. Anything in and around NYC will cost a premium.

I was at a club with only moorings. A little inconvenient but not terribly so. Price was great which was a priority at the time. I'd prefer not to be on a mooring full time today.

I'm now at a club that has docks and slips. Hauling, storing, and launching boats is done by hydraulic trailer and boat ramp. There is also no charge for water, electricity, and ice. Clubhouse has a restaurant and some basic facilities.

That said, I am planning to move to a marina next year as cost is not as much of an issue as it once was. I'll pay more but get better facilites and Service and a more protected harbor.

 

[Zachary]

Every club is unique in terms of facilities and pricing. Anything in and around NYC will cost a premium.

I was at a club with only moorings. A little inconvenient but not terribly so. Price was great which was a priority at the time. I'd prefer not to be on a mooring full time today.

I'm now at a club that has docks and slips. Hauling, storing, and launching boats is done by hydraulic trailer and boat ramp. There is also no charge for water, electricity, and ice. Clubhouse has a restaurant and some basic facilities.

That said, I am planning to move to a marina next year as cost is not as much of an issue as it once was. I'll pay more but get better facilites and Service and a more protected harbor.

yes - both places i mention are protected from Nor'easters but during the season the bulk of the storms are out of the southwest and those fields in Eastchester Bay are not comfy and very rolly ....

 

[Hippocampus]

Have found biggest issue not sufficiently stressed in this thread is use profile. If this gentleman is going to occasionally use this boat and take it to and form an assigned mooring or slip costs are one thing. If he is predominantly going to cruise it’s a whole different kettle of fish.

While working had boats that went in and out from the same place. Once a year a two week cruise and once a year a Newport race. That meant I had time to shop from the best place at the best price for tools, spares and repairs. It also meant I could ask for help from friends or other knowledgeable people when I didn’t know how to do a task or needed a second set of hands so it was very rare I used professional help.

Depending upon where you are cruising and where you live and our obligations when cruising (at least during summer months if you live up north) you will pay for a home port slip and also even if you like to anchor periodically transient slips. This seems true for SE US as anchoring areas are much less than further north.

Periodically because of time constraints, part availability,short haul need or other issues you’ll end up using more professional help than if you stayed in home waters. This I partially true for the first 5-6 years of owning a new to you boat.

Examples
I replaced my bow thruster. If at home I’d be on the hard. No additional haul expense. I’d have months to replace it so likely would do it myself. While moving not a good option. Need to get north of Hatteras by June 1 due to insurance so done b professionals.

House bank went bad. If at home would shop batteries. Had them delivered to my house. Taken them and a friend and installed myself. Again due to time constraints had a yard buy them and install.

We’re not big on marinas but for those who are a transits cost could double or even triple between slip fees, tips, restaurants and other incidentals compared with someone who does go far and always anchors out. For some areas you really have no choice but marinas as there’s no available anchorages in a reasonable distance from where you stopped last.

The same applies to other activities. Cruising you often have no past experience of where’s a good place to buy food, spares, fuel, tools, clothes etc. Sure the internet helps but not like personal experience.

OP asked annual cost for a 40’ trawler. As mentioned above this is a worthless thread not knowing more about
The owner
The boat
The use profile.