How Much of a Black Hole Is a Boat ?

[centesimal]

If you have to worry about the cost you should not have a boat ... there is a million ways to spend money and in my opinion you will 10% of the first $100K every year keeping the boat up to offshore spec. if less than 100K and a coastal boat then 10% of purchase price is about right

[SailFastTri]

Originally Posted by CarlF

snip
....The newest thinking is that inside a a black hole - time itself stops.

....you get in a black hole. It would probably be quite uncomfortable.

... uncomfortable for eternity too! Very existential.

[beau]

If you are living on the boat, it is not so bad. Plus you must be able to fix things yourself.
However I have seen many people buy a boat, use it 5-6 times in th first year and then it just sits and deteriorites.

[sailorboy1]

For the past 2 years the averge per operating/use cost of my old Cal-39 was $650/mo. This includes regular mooring, winter storage, fuel, repairs, insurance. No major item was needed in this period, just fairly small repair and maintenance items.

[Maren]

Originally Posted by wlodzimierzw

I never owned a boat in US however I built one (26 ft) and owned in Europe for a long time. I love boats and would like to come back to sailing in US but even though I am professional and doing well I am scared by stories about boat being a whole in the water for putting money in it. I wonder if anybody can share with me your own experience? I am looking into owning a boat in NC area, size 33-38 ft 10-20 years old. Can you help me and estimate the following costs and any other I forget to mention: slip, insurance, maintenance of engine and boat, taking it out of water for cleaning, securing it for winter and/or hurricanes etc. Any real life experience of yours will be appreciated.
Michal W.

I like to think of a boat as being like an apartment with a large security deposit.

If you keep it up (meaning all the needed repairs), you get your deposit back at the end. That's about it.

More specifically, a lot really depends on the details. I know of one guy in Plymouth who has a slip for free. On the other hand a boating center like New Bern is considerably more. Insurance. Ours is something like 200/yr for the 34'. Maintenance and engine will depend on both use and you ability. Securing -- up river is better but the OBX really helps take the fight out of most storms. I had a small boat that only suffered a bit of damage to the hull deck joint from a direct hit from a tropical storm.

[David M]

How big? I have seen gulls fly by close never to be seen again. It will empty a wallet at 0.999 of the speed of light. Drop a coin in the bilge and you will never see it again. One day the oceans will be drained from the vortex that surrounds boats.

[Noname]

6 grand a year for boatus insurance, decent marina, annual bottom paint, and occasional repairs ought to do it for that size boat. At least thats been my experience in Maryland for the past dozen years. Enjoyed it greatly though. Better than scheduling a week here or there for a cruise, condo, resort or the like in my estimation. Enjoy Yourself.

[sww914]

Yes, it can be a black hole but it also depends on your spending habits. If you usually want the newest and coolest, well, you're jumping in to a very expensive pond. If you're the kind of person super happy that you found a slightly used shirt that originally sold for $50.00 at the Goodwill for $2.00 then at the end of it you can probably get away feeling like you've spent your boat money on something that was well worth it and a real value. Maybe even cheaper than a top-of-the-line therapist.
Yesterday I bought 2 used fenders for $20.00. The line on them would be $20.00 new at West Marine and the fenders would be about $100.00 each. I did not want to spend a ton of money on fenders any more than I would want a very expensive door mat. You're going to mess up either one the first time you use it.
I do plan to buy brand new safety equipment. I will spend top dollar on the best epirb or PFD with a harness, but I won't waste as much as possible on everything.
That said, some people are only happy if they've spent the most.
Well, it's their money.

[cuthbert]

I didn't sell my car (leather seats FWD) when it was 4 years old, as it was reliable and I didn't need to put money in it, I didn't sell my car at 8 years as it was reliable and I didn't need to put money it it.

How much does a boat cost in depreciation and upkeep?
Less than the car I didn't buy the first time.


P.S. What else would you spend the money on?

[atoll]

Originally Posted by sww914

Yes, it can be a black hole but it also depends on your spending habits. If you usually want the newest and coolest, well, you're jumping in to a very expensive pond. If you're the kind of person super happy that you found a slightly used shirt that originally sold for $50.00 at the Goodwill for $2.00 then at the end of it you can probably get away feeling like you've spent your boat money on something that was well worth it and a real value. Maybe even cheaper than a top-of-the-line therapist.
Yesterday I bought 2 used fenders for $20.00. The line on them would be $20.00 new at West Marine and the fenders would be about $100.00 each. I did not want to spend a ton of money on fenders any more than I would want a very expensive door mat. You're going to mess up either one the first time you use it.
I do plan to buy brand new safety equipment. I will spend top dollar on the best epirb or PFD with a harness, but I won't waste as much as possible on everything.
That said, some people are only happy if they've spent the most.
Well, it's their money.

currently doing a refit,have been round all the goodwill shops recently,cant find any thing apart from clothes to work on the boat,

ebay is good,got a few bargins there,mega stores are also good for getting the lowest prices on mass produced stuff.

but im still looking at spending$20 000 on what would cost most $ 40 000,
and iv'e been in the biz for 25 years........

[Velma]

Really, not that I have any experience but maintaining a house is just as expensive if not more and guess what? You'll probably never own it anyway and if you do your one of the lucky ones. The cost of maintaining my house is approximatly $5,000/month and according to those on this website I could possibly live on a sailboat for +\- $1,000/month. I kinda like the $1,000/month myself but hey that's just me. Can't take it with ya so may as well enjoy it while you can right?

[AfterHoursNLCT]

Ah, Velma, You beat me to it.
A house is just a hole on land your pour money into....I'd much rather pour it into my boat......LL

[PushingThePen]

Originally Posted by wlodzimierzw

I never owned a boat in US however I built one (26 ft) and owned in Europe for a long time. I love boats and would like to come back to sailing in US but even though I am professional and doing well I am scared by stories about boat being a whole in the water for putting money in it. I wonder if anybody can share with me your own experience? I am looking into owning a boat in NC area, size 33-38 ft 10-20 years old. Can you help me and estimate the following costs and any other I forget to mention: slip, insurance, maintenance of engine and boat, taking it out of water for cleaning, securing it for winter and/or hurricanes etc. Any real life experience of yours will be appreciated.
Michal W.

I picked up my '36 Uniflight for the cost of getting it out of the slip and moving it to a new one. Lots of people looking to get out of their boat, for the cost of the slip.

I pay around $650 a month now. I'm always tinkering on her, so I spend less at the bar, our other social things, and it is its own social arena.

I guess I'm saving around $200 a month by owning my money pit, even with the nickles and dimes I spend on this out that for her.

Since I picked her up for free I have some equity and a profit if I sold her.

[barnakiel]

You will get the best estimate by walking into the local marina where you plan to keep the boat and asking a quote.

Often, an older boat will cost anything between 10 and 20% of the initial purchase, annually to keep her in good shape. That's provide nothing major gets broken.

b.

[lorenzo b]

If you're young, you need to focus on building your assets to where you don't care how much your boat is costing you. If you piss away your spare cash on property/toys that only depreciate, you will not get there.
And when you're on a roll and young, making money is just as much fun as sailing.