Join Date: Oct 2007
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Re: My Rough plan to get better at sailing.
Brilliant wish I had thought of that! You are a great person I want to be you when I grow up!
Seriously, I think you have a great idea. If you buy a boat before you have any experience it would be just pure luck if you get the best boat for your needs. As much time on different boats and you will start to have real personal experience that can make your selection based on what you know vs. what you have read about.
At least you have a better chance of getting closer with your first boat.
The economics of swapping out boats is not good. Every time you buy and sell a boat you have to pay tax on the purchase (in most states) then a broker on the sale (selling on your own is not for everyone). So here in CT the sales tax is 6.35% plus the brokers fee is 10%.
The random number people use for first year upgrades is 20%, obviously totally variable depending on person and boat. What is not so random however is that for every dollar you spend on upgrades if you get back 10 cents at sale time you did well maybe a little more.
So for a guesstimate you buy a boat for 50,000 at a very good price.
Put in ten thousand cash for upgrades and deferred maintenance.
After on year you sell and get 51,000, you bought very well and didn't screw up any of your projects in a way the surveyor can see.
You tax on purchase was 3,175.00
So principle plus tax plus upgrades you have 63,175
You sell for 51,000 less broker and net 45,900
One year of boat ownership has cost you 17,275 or 34% of the sticker price for the boat.
If you keep the boat for several years the numbers look a lot better.
The guys I envy are the ones who have had the same boat for 15+ years. Every year they feed the beast a few thousand. Their boat still looks brand new after 20 or more years because it was taken well care of.
The lesson from the Icarus story is not about human failing.
It is a lesson about the limitations of wax as an adhesive.
If you have an engineering problem solve it.
Last edited by davidpm; 07-07-2013 at 08:42 PM.