How much does it REALLY cost to own a sailboat?

[AntiguaRum]

Hi,

I have my heart set on a 1991 Island Packet 32'. The owner is asking $88k. That's about the only number I'm sure about! I could really use some help understanding all the miscellaneous costs involved.

I've only owned trailable sail and power boats in the past, so I'm really just guessing at the following purchase related and monthly costs:

-ONE TIME COSTS:
$19,620.00 - Down payment (90k, w/9% tax, $98,100) (20% of $k), $19,620
$275.00 - Loan processing fee (Key Bank)
$650.00 - Survey (@ $20 per ft.)
$549.00 - Coast Guard Documentation (Require???)
-- -- -- --
$21,094.00 Total

-MONTHLY REOCCURRING COSTS:
$709.00 - Loan (15 yr @ 8.5%, w/20% down)
$277.77 - Repair & Upgrade ($10k yr) ~ (This is my bottom cleaning, haulout, new/upgrade gear fund. I'd like to itemize if I had good numbers)
$242.69 - Slip fee, + 9% Tax (very nice Bellingham, WA marina)
$70.00 - Insurance ~ (Internet quote. Not at all sure what type of coverage I should buy)
-- -- -- --
$1,299.46 Total

Am I in the ballpark or being naďve? What costs am I forgetting about? If you've been tracking your costs in Excel (or could run a Quicken or Microsoft Money report) that would be incredibly helpful!

Many thanks,

Eric
Seattle

[sailingdog]

You are getting ripped off on the USCG documentation IMHO... Yes, most lenders will require it, as it allows them to put a lien on the vessel more easily and makes their loan a bit more secure. That kind of loan is actually called a Marine Mortgage, since it is a secured loan.

I doubt your insurance is going to be only $840 a year, but I could be wrong—this is especially true if you want to go bluewater cruising in the boat. Given that you're looking at an IP32, rather than a Benehuntalina...you're probably not looking to stick to the coast.

Also, your slip fees sound low, since they're less than $3,000 per year. The repair and upgrade numbers are very low... since they're less than $3,500 annually, and this is a 17-year old boat we're talking about. You should figure on closer to $10,000 per year, at least initially....especially if you're planning on outfitting the boat for bluewater cruising.

[chucklesR]

I have to totally disregard the monthly re-occurring cost as they are individual in nature depending on your boat and payments, same with slip rental and insurance.
We use Quicken to manage our house hold expenses and categorize nearly every purchase. We only pulled like 700 bucks in cash this past year - everything else is debit card and therefore traceable. What that means is I have a REALLY good idea of exactly what it costs maintain our boat, which is a 2007 Gemini Catamaran so it goes more on toys and less on repair right now. Next year I'm opening a separate account so I'll know even better; all boat stuff will be on the one card, and nothing else.

Bottom line, we sink about 6k a year into the boat, haul outs included (haul out is 500, plus 250 a month for 6 months on the hard). That's everything from diesel to D-rings for canvas work.
That doesn't include 1300 a month in payments, 2500 a year in slip, 860 a year in insurance or food and beverages consumed on board.

[bobmcgov]

WARNING! DANGER! These calculations are veering perilously close to "How many dollars am I spending per sailing hour", and that way madness lies. Just keep telling yourself, "It's cheaper than a day at Disneyworld. It's cheaper than dental surgery. It's cheaper than Eliot Spitzer's girlfriend."

Well, comparable anyhow. At least a sailboat comes with equity!

[Valiente]

My boats are paid for (luckily), and so I know my slip fees, club fees, obligatory restaurant minimum, and insurance is about $4,800/year. The insurance for my 41 foot steel cutter is $1,400, but that is for April-October in the water, and November-April on the hard.

Ongoing costs tend to be on a 'project" basis, as I am refitting for long-term voyaging. A new suit of sails will cost about $7,000, as will an engine rebuild (if one is necessary). Assorted fabrications will cost $5-7K, and a complete solar set-up will run $3K, plus a couple of grand for loads of truck batteries.

As you can see, equipping for offshore can mean a lot of money, but they are once in 20 year costs (sails offshore are once in six to eight years if you baby them). I am doing a lot of the work myself, however, and so am saving labour costs.

I don't even count rum!

[sailingdog]

Bob-

She ain't your girlfriend if you're paying by the hour and know the rate...

Originally Posted by bobmcgov

WARNING! DANGER! These calculations are veering perilously close to "How many dollars am I spending per sailing hour", and that way madness lies. Just keep telling yourself, "It's cheaper than a day at Disneyworld. It's cheaper than dental surgery. It's cheaper than Eliot Spitzer's girlfriend."

Well, comparable anyhow. At least a sailboat comes with equity!

[bobmcgov]

Originally Posted by sailingdog

Bob-

She ain't your girlfriend if you're paying by the hour and know the rate...

My point exactly: She ain't your boat if you're paying by the hour and know the rate...

Put away the spreadsheet, Chuckles. You won't be able to get the dancing numbers out of your head. Bad for your performance. Just set your jib, lie back and think of England. If you want to anguish over price per hour, charter a cat in the BVI. It's all itemized on the bill.

I like to pretend the boats are totally free, but some dastard has my debit card info and keeps stealing from my bank account. That way my poverty-driven anxiety is directed away from sailing. Clever, huh?

[camaraderie]

Sales tax when you buy the boat?
Annual Personal Property tax?
Fuel?
Allowance for INITIAL upgrades/repairs before "normal" annual maintenance?

[jrd22]

I think your numbers sound realistic, although the insurance seems a bit low for the value of the boat. You will only need one haul out per year and bottom paint every two-three years around here. So I think the 10K/year upgrade maintenance is good unless the boat needs a lot of renovation (you might want to figure a bit higher for the first year). A lot will depend on your personality (and budget), if everything has to be "new" then you better up the $ figure substantially. If the boat is in really good condition and most things are OK for you the way they are you won't spend that much other than wear items and "toys".

SD- the moorage rates are about average for this area, I pay $3600yr for a 42' slip (year round, we sail 12 months here) at Blakely Island and about $2500 for a 30' in Anacortes.

Good luck with the new boat if you get it,

John

[sailaway21]

"If you have to ask, you cannot afford it." JP Morgan, yacht owner