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jmshack 08-30-2001 09:02 AM

cost of buying a boat
 
I''m planning on buying a sailboat, in the 33-36'' range, and for the sake of argument, let''s say I''ve got about $125000 to spend, either on a new boat or a recent used one. I''m planning on getting a good cruising boat to operate on Lake Michigan.

What I''d like to know is, in monetary terms, based on the above 125k, what it''s going to likely cost. Specific items I''m ignorant about are (all I''m looking for here are general ballpark guesstimates in US$):

insurance (about how much $$$ to insure a 125k boat?) I''d like rules of thumb, like I heard that insuring sailboats is about 1/3 less than powerboats, insuring a boat for the great lakes is less than insuring a boat to sail an ocean passage, etc.

financing (what kind of rates and terms would I expect, for instance, could I expect a 25 year loan at 10%, or is that unreasonable for some reason? If so, why? and what''s correct?)

I''ve got some marina/mooring figures and winter storage figures in Chicago, which I believe is somewhere around $5000/yr, including winterizing. That sound about right?

Any and all other hidden costs or other financial gotcha''s I am probably unaware of (please, with dollar estimates for a $125k sailboat purchase).

Thanks for any and all feedback.

Mark

RobHoman 08-31-2001 04:20 AM

cost of buying a boat
 
In addition to the aforementioned expenses, you are going to have the expenses of acquisition, which include but are not limited to: the search, traveling to see the boats, motels, gas, food, then come surveys - possibly more than one, then the transaction, maybe more travel, motels, food, gas, taxes, registration, documentation, movement of the boat, and then bringing the boat up to steam, the possible and highly likely changing of bilge pumps, and other items....and minor repairs, updating systems, electronics, batteries, etc. These are often the expenses that are least thought about...but are significant.

Unless you have already located the boat of your dreams that is within walking distance of your home, and it is in absolutely perfect condition, recently (past 2 weeks) updated, then you will have to include at lease $4K to $5K of expenses in the long run. Maybe less, maybe more....

Good Luck!

TMKane 08-31-2001 05:27 AM

cost of buying a boat
 
Goodmorning Everyone -

I am looking at buying a sailboat that was built and documented in Austria. It has been in the States for three years. Are there any special concerns associated with the purchase of a vessel not registered in the U.S.? I would like to have it federally documented once I purchase it.

Thanks for your help!

RobHoman 08-31-2001 05:04 PM

cost of buying a boat
 
I am not certain, but I do not think that you can "document" a vessel built outside the country. The only thing I can suggest that you do is go to the USCG site and search for "documentation" FAQ''s....and if the definitive answer is not there...you will have to call them. If you are needing the documentation for a loan/mortgage requirement from/for a bank.....don''t sign the papers until you have your answers.

Other than that....you will be subject to import duties on the boat....and if the present owner says they are already paid, require he/she/them to produce the documents proving it....in originals. Otherwise you could get a nasty shock. If you buy the boat and can''t prove it when you register it.

Jeff_H 09-01-2001 07:11 PM

cost of buying a boat
 
Perhaps I can shed a little light here based on my recent experience. The boat that I just purchased was constructed in South Africa. The bank required that the boat be documented. It helped that the boat had been documented previously. Documentation cost a bit over $500.00. As I was told, a boat built outside of the US can only be documented in the US if there is a continuous record of the owners and vessel built overseas can only be documented as a private pleasure craft.

The point about additional expenses in very important. The boat was in Maine and I also had considered a boat in North Carolina. Before I have my boat in Maryland and ready to sail I will have over 20% of the purchase price of the boat in airfare, hotel room and car rentals and fuel going to see the boat, as well as, surveys, taxes, shipping, commissioning, and correcting items recommended by the surveyor as required in order to obtain insurance.

Regards
Jeff

audbydez 09-21-2001 03:12 PM

cost of buying a boat
 
JMSHACK

there are a lot of good boats out there. if you want new, you can get 36 footers from $124,000 to $149,000 delivered and fully commissioned (excluding applicable taxes).

insurance normally costs about 2% per year of insured value or about $2,500/yr for a $125,000 yacht (this was an easy number for me to multiply).

loan values are about 8% or less for 20 years and up to 90% of purchase price. ($1046/mo for $125,000).

the boat I like for this range is the Dufour Classic 36. It will range between $136,000 and $149,000 with everything you can imagine. See my comments in the boat buying section, first page under "buying charter boats".

If you give me your e-mail address, I''ll send you a spreadsheet I prepared on comparing yachts, features, options, prices, construction, engines and more for (Dufour, Catalina, Beneteau, C&C, Tartan and Sabre).

Furhtermore, if you wish, i can help you purchase and outfit almost any new yacht you want and have it shipped and rigged for you.

Good luck,

Captain Ron


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