UPDATE 1/6/09 - Please see page 16 of this thread for an updated cost figuring schedule with 3 seperate scenarios posted. http://www.sailnet.com/forums/buying...ensive-15.html
Thought I would post this here, it may help those looking to buy a boat think about all those other costs involved.
Everyone who ever wanted to buy their first boat has gone through the same thought:
"I'm going to buy this $10,000- $30,000 boat, and take my friends and significant other out at least several weeks per summer."
You believe you will go out for several weeks.
But realistically, how many days will you, your SO, your friends, or THE WHOLE GANG be able to break away to go sailing? Is it a few weeks or a few weekends?
What about winter? Are you in a climate where you can even imagine sailing in anything less than peak summer weather?
What about maintenance? Slip fees? Insurance?
SEASONAL WEATHER AFFECTS THE NUMBER OF DAYS YOU CAN ENJOY YOUR BOAT
If you own your own boat, car, train, plane etc. you are faced with issues related to seasonal conditions. If you only envision balmy summer breezes and pleasant evenings, sailing or motoring along placid waters... remember a couple of things:
Unless you live in the tropics, the seasons will change, but still, the tropics have their own set of issues like hurricanes or tropical storms. Winter will come and with it a set of conditions that many times cause people to lose interest in "taking a trip in my boat this weekend. " If you are beyond 35º north or south of the equator, you may want to consider what has to happen to sailing vessels and power boats when October rolls around in the north or May, "down under", it may be time to put away the golf bats and put the "yacht" on the hard, where it may be less expensive, but not available to use.
Taking seasons into consideration along with job related time constraints and family duties, HOW MANY (wonderful/warm/sunny) DAYS A YEAR WILL YOU BE ABLE TO ENJOY YOUR FLOATING DREAMBOAT? 30? 60? ...I wonder!
DON'T FORGET DEPRECIATION
Assign 30% depreciation for the first year on a new boat, 20% for the second year (Or the first year on a used boat ) and 10% (of the original price) for each year thereafter. At some point the depreciation will taper off, but the maintenance will escalate to make up for it.
FIGURING THE COSTS
Lets put the total cost of your sailing vessel or power boat down on paper.
A used, 25 to 30 foot, 10 to 20 yr old boat, bought at a realistic price to value, with good enough equipment (sails/engine/batteries/bottom paint/etc) to get by for a while, berthed at a normal marina will pencil out something like this, over a 5 yr ownership.
5 Yr Ownership
$20,000 PURCHASE PRICE
- $4,000 first year depreciation
- $3,200 first year $300 per mo. slip rent + $200/yr liability insurance (possibly add electricity) Not including live aboard fees if you are planning to do that.
next 4 years
- $8,000 next 4 yrs depreciation/maintenance
- $12,800 next 4 yrs slip fees and insurance
$28,000 TOTAL EXPENSE
+ $20,000 ORIGINAL PURCHASE PRICE
$48,000 TOTAL to own this boat for 5 yrs.
That's approx. $9600/year if you don't sell it.
If you do resell it after 5 years for $14,500 resale value (private sale/no commission)
then $33,500 non-recovered expenses/depreciation divided by 5 yrs = $6700/year
*The numbers I use are based on my personal experience (I have owned dozens of power and sailing boats, ) and are also based on my observations of other boat owners. You may wish to challenge any of my numbers by up to 50% (I know that you know a guy...) but the costs, even at half of my forecast) are eye opening. Just think, what if "your guy" and I are both wrong and you buy a boat with unseen issues? WHAT IF THE NUMBERS ARE DOUBLE?
I CAN FLY ALMOST ANYWHERE AND STEER A SAME SIZE OR BIGGER (BARE BOAT) CHARTER BOAT IN SOME PRETTY NICE PLACES (FOR A WEEK AT A TIME YEAR-ROUND) AT LEAST TWO, MAYBE THREE TIMES A YEAR. FOR THAT YEARLY AMOUNT. If I talk another person or couple into splitting the charter fee......maybe I can go more often or we can hire a bigger boat. Imagine the simplicity and convenience of it all. Chartering offers you the opportunity for year round fair weather adventure. You can pick your cruising ground, pick your season, enjoy, take some pictures, return home and plan your next nautical safari.
So remember next time you are having that dream... unless you can get some serious usage out of your sailboat, and can stomach the thousands of dollars it will take to own a sailboat yearly, maybe you don't need to own a sailboat after all!
Anyone have any thoughts to add?