[FirstCandC]

All of these what boats to buy threads have me pondering my own dilemma.

Here is the situation:

Retirement is about 8 years away. My current boat needs some work, just like everyone else's I guess. If I put $2-$5K in it, it will likely serve us well until retirement. But this comes at the cost of saving up for retirement. If i put another $5-$10K in it, I feel this boat could actually be set up really nice as a weekender and be competitive as a local racer. It sails great.

The Big Dream is to retire and have a nice 30-34 foot boat, that will spend a lot of time in the Keys and Carribean. I will probably solo it down there once per year. A full-blown snowbird. But finances will likely be tight, so I need to save save save over the next 8 years to make this happen.

The choices:
- Keep socking funds and time into the boat, and get some enjoyment out of it until it just gets too old (she is 38 now). There won't be much return on investment.
- Sell and move down to a trailer sailor, and save as much as possible. Make the big boat purchase right before retirement.
- Sell now and get a big project boat, and find a way to move it to my backyard. Work on it for years and hopefully have that beautiful blue water boat that drops jaws. I have plenty of space and a tolerant neighborhood.

What would you do? What DID you do? Thanks for your experienced advice.

 

[MedSailor]

#2. Provides the most flexibility, the most sailing time, and the least drain on expenses.

All three options include owning a boat, so they're all good.

MedSailor

 

[theonecalledtom]

So - you've probably got a lot more experience than me, but what I have got leads me to not put a boat in my backyard with a plan for it to stay for a few years. Right now I have a 9' RIB in my garage that is three weeks into a couple of days of TLC. I'm okay with that but I've got a big boat in the water to play with.

I'd scratch #3.

 

[bljones]

8 years from now, the 30-34' boats you covet today will be half the price, so let's say $10-20 000 less. meanwhile your C&C will depreciate as well by a similar factor...but that means it is only worth $3000-$5000 less than today. Putting a couple of thousand dollars into a boat you enjoy today makes more sense than selling it, buying a smaller boat that you will put money into, and then selling it 8 years from now.
Keep life simple. if you put $5k into this boat over the next 8 years, that is only $750/year. Not a huge sum to have an enjoyable boat that makes you happy

 

[capta]

I would probably sell my present boat when I can get the most for it and build up my funds as much as possible. Perhaps join a boat rental club so you can use a boat from time to time with no overhead.
Then I would watch every possible source for the boat you want, when it comes on the market cheap, snap it up. Having any money tied up in a boat when you are seriously seeking another boat just doesn't make sense to me.
For instance there are 3 or 4 very, very nice cruising boats, that I believe are in very good shape, all under 30k, down here in the Carib right now.
These boats range from a steel 42'er down to possibly a 32 or 36'er, all of which seem as though they may survey out quite well.

 

[kwaltersmi]

I vote for option 1. It sounds like you like the boat you've got, so enjoy it and save as much as you can for retirement. Purchasing a trailer-sailor isn't a sure-fire money saving plan, so I'd stick with what you have for now.

 

[Don L]

- Sell and move down to a trailer sailor, and save as much as possible. Make the big boat purchase right before retirement.

Do this one, but consider just not getting any boat at all till you are near retirement.

Now I admit this isn't want I did at all. I got my first boat, a Cal-39, with onoy 3 months of sailing experience (on a 33' boat). I sailed that for 2 years then got my current boat (43'). But when I add up the costs of having the 2 "big" boats over the last 7 years it has been an expensive hobby and the money could have gone into the cruising kitty savings.

 

[MikeOReilly]

Eight years is a long way off. I can barely plan for dinner, let alone nearly a decade out. If it were me, I'd consider the kind of sailing/cruising I plan to do next season, and for the next couple of years.

I definitely would not do your option #3. Option #2 might work IF that allows you to sail and cruise as you want to in the immediate future. But I doubt you'd gain a lot of money by selling an old boat and buying a capable trailer-sailor.

Personally, I'd go with the boat you have. Put as much money in it to keep it safe and useful for the kind of sailing/cruising you do now. Enjoy it. Expand your skills. Save for THEEEE BOAT, but enjoy what you have.

 

[krisscross]

Where do you keep your current boat? Annual marina expenses x8 years means big savings and nice boat when you retire. I have 3 boats on trailers and sail A LOT. But it costs me very little to keep them. I would favor option #2.

 

[CS Cruiser]

8 years from now, the 30-34' boats you covet today will be half the price, so let's say $10-20 000 less. meanwhile your C&C will depreciate as well by a similar factor...but that means it is only worth $3000-$5000 less than today. Putting a couple of thousand dollars into a boat you enjoy today makes more sense than selling it, buying a smaller boat that you will put money into, and then selling it 8 years from now.
Keep life simple. if you put $5k into this boat over the next 8 years, that is only $750/year. Not a huge sum to have an enjoyable boat that makes you happy

Agree with this!

 

[PaulinVictoria]

You could die next week, go with option 1 and go sailing.

 

[FirstCandC]

Some great advice, thanks to all.

I agree that having a project in your back yard makes no sense, but for some reason I can relate to Richard Dreyfus in Close Encounters, where everyone in the neighborhood thought he was nuts.

KrissKross, our marina is pretty reasonable ($165/month), quiet, and hurricane proof. It does take about 30 minutes to motor out to get the sails up though. $165/month plus insurance plus towing insurance adds up.

 

[paulk]

Thought about this a bit before answering. A bird in the hand is worth two in the bush. Keeping the boat you have, and which you like, is probably the least cost for the most fun option. As others have mentioned, 8 years is a long way off. You could get hit by a bus 7 years and three months from now, or even tomorrow. Use the time to determine exactly what kind of "new" boat you want and what they cost. Your current boat is going to depreciate, but if you keep it up it will still be worth something. If you find THE new boat you want at a price you can't resist, you will know it, and then do what you have to do to secure it for yourself. Until then, spend as little you must and have fun.

 

[svzephyr44]

At the risk of creating another "how much does it cost" thread my recommendation would be to start by developing a realistic post retirement budget. I infer that money is tight and will remain tight after retirement. So instead of "what should I do" the real question is "what can I afford?"

I would divide the budget into four segments:

1. Being alive
2. Sitting still
3. Limited movement
4. Extensive cruising</>

Being alive:
This is the component of the budget that is independent of the boat. You need food, clothing, etc. You may want to keep a car, have money to visit family, etc.

Sitting still:
Fiberglass boats don't sink (most of the time) and require minimum maintenance while standing still. With the exception of dockage and a bottom scrub every couple of months this budget should be a small increase over item #1 Perhaps a haul out every couple of years to paint the bottom. Lots of stuff doesn't have to work - for example the engine. You don't need sails, etc. You can purchase an adequate big boat for a couple of thousand dollars if you are going to sit in a marina all of the time.

Limited cruising:
Lets presume you are going to snowbird. Assume further you are going to do the Chesapeake to Florida route each year. At this level you can assume that "good enough" works. So what if the sails are pretty much blown out? So what if the standing rigging is old? You are in the US. Towboat or SeaTow is close by for a very modest annual fee. You can also take advantage of using non-marine parts. Many people in this situation purchase window air conditioners and "dorm" refrigerators. A few hundred dollars rather than a few thousand gets you working appliances. (Note that going to the Caribbean does not fit into this category but the Bahamas most likely does.)

Extensive cruising:
This is where the budget goes exponential. There are lots of threads on "how much does it cost" but the general consensus seems to be around $30,000 per year for a comfortable life style if the boat is paid for and already equipped. People do it for more, people do it for less. Now safety takes the forefront. You need to trust the boat. Good sails, good standing rigging, good engine, probably an autopilot that works, etc.

At this point you should be able to make a realistic assessment of what size boat and what lifestyle you can afford in retirement. Now to your choices:

1. Keep your current boat: The least risky and most likely the least cost. For the snow birding life you describe (someplace to live and that will provide you with minimum mobility) there is nothing wrong with an older boat.

2. Downgrade: You will lose value on the sale of your current boat and value again when you sell the trailer sailor. You might get caught out by the economy. Right now boats are cheap. In eight years if the economy improves your dream boat may be priced out of reach. I would not recommend this choice.

3. Buy the big boat that will "wow them on the docks:" Why do you care? I assure you that your dock mates will not care if your boat says "wow!" How will you feel when the new multi-million dollar Gunboat pulls into the dock? Do you really have the thousands of hours it takes for a project boat? Boatyard are littered with unfinished project boats and permanent residents who after many years are still "trying to get ready." Do you have any idea of the budget to take an old project boat to "wow!"? I think this is a very unrealistic option.

My two cents.

Fair winds and following seas

 

[rnixon]

Retirement is about 8 years away. My current boat needs some work, just like everyone else's I guess. If I put $2-$5K in it, it will likely serve us well until retirement. But this comes at the cost of saving up for retirement. If i put another $5-$10K in it, I feel this boat could actually be set up really nice as a weekender and be competitive as a local racer. It sails great.

The Big Dream is to retire and have a nice 30-34 foot boat, that will spend a lot of time in the Keys and Carribean. I will probably solo it down there once per year. A full-blown snowbird. But finances will likely be tight, so I need to save save save over the next 8 years to make this happen.

It sounds like your finances are too tight to easily absorb the occasional bigger costs of owning a boat, so getting the right 30-34' boat will be vital. $5k doesn't sound like much for 8 years of enjoyment, so I'd keep your current boat, but for the last couple of years of the 8, I'd be looking for the nicest next boat. Hopefully the economy will be down when you're looking, and you'll get a deal on something with lots of recent expense.

I wish that I was closer to retirement (not by age though)

 

[sony2000]

Option #1 definitely. Then when you're retired, sail it south!

 

[SHNOOL]

As a present trailer-sailor owner, and former truly trailer-only sailor, I can honestly say, the work involved with a true trailer sailor isn't likely less than what you have now, in fact it probably doubles. Adding a trailer into the mix is almost always an un-fun thing extra to work on (the trailer). Lets not get into the PITA it is launching and retrieving anything other than a truly small trailerable (18 foot or less). At about 20-22 feet it gets to be quite a lot of work to sail off the trailer, taking anywhere from 45 minutes to hours to launch and and same to retrieve.

I too would love to sail bigger waters, and would love a bigger boat to spend weekends on, maybe do some coastal bumping... more so when I have more time (retirement)... but the plan "now" is to sail as often as I can with what I have. Maximum enjoyment with as little cost as possible.

I also see 3 possibilities for my future.
* I continue sailing this boat on my landlocked puddle until I die or it does
* I never have enough time or money to buy bigger, but I move my boat to bigger water (likely)
* I finally say f*&k it and buy the boat I really want, put it where I want I suck up the time it takes to get to it.

My sailing "season" is May 1- mid October. My boat is indoors on the trailer for the winter (I work on it when I can heat the garage up enough). During the summer I sail the boat 2-5 times a week... Yes! and its still 45 minutes away from home.

I vote for ANY OPTION that has you sailing as often as possible. That C&C is likely a helluva boat... and I bet sinking some $$ into it will give you at least 8 more years of quality sailing. Do yourself a favor. Look at the money you spend on the boat to "fix" or "improve" this or that, in terms of equal amounts of time spent say going to the movies, or gulp, a round of golf. If you break that down over a year, you'll find its not so much. Ask yourself if it provides an equal amount of distraction/enjoyment as either of those activities.... my bet is the sailing equates to WAY more hours of enjoyment than either of those, er hem, hobbies.

To quote my brother (who likely was quoting someone else)... ".. it's not he who dies with the most toys, it's he who has the most fun!" - truer words never spoken.

Just my unhumble $0.02.

 

[dinosdad]

I vote keep your current boat , upgrade as needed/wanted , and enjoy being on the water with a boat you have crawled in every nook and cranny, you know what you've done, what should be done soon . although a small trailer sailor may have less sytems , you still will find things you want/need to change.
And though I'm in my forties I work in a industry dominated by a older workforce with the majority who are at or within a few years of retirement and I have seen far too many people hold off on enjoying life because they were saving their pennies and "planning for when they retire so they could do whatever they had been dreaming of. Sad part is more than a few times declining health derailed dreams and plans ... So plan for retirement but dont put off today's enjoyment!

 

[MedSailor]

Don't forget that you can buy a trailor sailor and keep it in the water when convenient. Pull it out for the winter and you just cut your moorage costs in hslf without all the hassle of frequent launchings.

 

[RobGallagher]

Get (or keep) the boat you are going to use the most right now. Long term saving is good, don't have a boat that will keep you from putting some money away.

Long term planning is nice, but, trying to figure out what life will be like 10 year from now is called dreaming. Dreaming is nice, but it's not reality. Reality is here and now.

Now put your yoga pants on and get into the present