When you talk about a $30k 37 foot boat, it can be assumed that most systems will need major work at some point sooner rather than later and the reason that the boat is only worth $30K is that many if not most of the systems need attention. So with that in mind the $10,000 first year start up does not even begin to touch the real cost. I think that I budgeted almost that much to just get my boat up and running and ended spending nearly double that by the end of the first year and a half.
I think that the maintenance cost is way too low. I do a large percentage of my own work on the boat, but maintenance runs me an average between $3,500 and 4k a year.
I use my boat a lot so these might be acelelrated a little because of hard use, but to calculate the maintenance number, I figure a new sail every 5 years (assumes 2 sails that last 10 years- I actually heavy use 4 sails.) at a cost around $4K per sail for a boat this size. A major engine line item at every 4 years or so ($2-3K on my 3cyl Yanmar. That number includes a lot of smaller items which add up quickly. For example, there are discrete items like a new water lift muffler, transmission rebuilds, main seal replacements, all new proprietary cooling water hoses, prop shaft, dipless shaft seal and cutlass bearing, prop rebuild, lube oil pump, freshwater cooling pump, all belts, etc.). New standing rigging every 12 years ($3-4K). Almost all new running rigging every 7-10 years ($1-2K- For exampleI am on my third set of halyards, and sheets in 18 years). New exhaust, raw and potable water and sanitation hoses (these have a very long life but are surprisingly expensive). New battery bank every 8-9 years (roughly $600 for 2 Group 31 AGM's) New refrigeration every 12 years. New electronics every 10-15 years. New deck canvas every 15 years with repairs every 4-5 years. Upholstery for a boat like that can be $8-12K. I had to do my forward cabin. I still would like to do the main cabin and quarter berths. Rebedding all deck hardware every 15 years or so (not all that expensive but a lot of work and if you don't have a really good friend or a family you end up hiring a helper.) Misc. deck hardware roughly $300 per year. Cabin interior refinishing (materials only $500.) Painting spars ($400 in materials mast, spreaders, boom, and spin pole). And then there is also maybe a little deck recoring, new chainplates, or keel bolts, and perhaps a few new seacocks.
And while these may seem like a lot, there are also a bunch of misc. smaller expenses that tend to be ignored. There are add things like my anchor chain either needs to be re-galvanized or replaced after 18 years and my anchor is getting pretty close to the end of its trustworthy life span. Nicro (Marinco) solar/battery operated air vents are at the end of their life after 12 years. The cowl vents scoops on my dorades needed to be replaced last year. (These are probably 25 years old) but the pair were almost $300.) The Harken jib car lost its bearings. And so it goes year in and year out.
On the other hand, your insurance number is more than double what I pay for my $38 footer including towing with a declared value nearly double the value shown for this boat. Also the depreciation value does not seem right. If the maintenance is performed there should be almost no depreciation since a $30,000 37 footer has depreciated as far as it will probably go, especially if maintained and upgraded. On the flip side, if the boat is not maintained, it can easily depreciate to near zero value over a 10 year period of time. But assuming that your 3% depreciation is right, the broker fee would be 15% lower after 5 years.
Boats are anything but free, but are a good deal on an hourly basis if used a lot, and real bargain in terms of sheer joy per dollar.
Jeff
