Total costs of yacht maintenance

[fgrzadkowski]

Hi All!

I've started to think about buying my first yacht. My plan is to first sail it only occasionally (totally few weeks during the first year) to get to know it, and then to sail it for a year (Mediterranean sea + ARC + Caribbean). I'm struggling with estimating costs of maintenance, specifically whether I didn't miss anything big. What should I think of? For now I have:

• Insurance (liability + casco)
• Place in marina during the summer
• Storage for winter (+ cleaning hull + preping everything for the new season)
• Repairs (what is a good estimate during year of sailing non-stop and what's a good value for the first year with only few weeks of sailing?)

What did I miss? How do you approach this?

[S/V Illusion]

Originally Posted by fgrzadkowski

Hi All!

I've started to think about buying my first yacht. My plan is to first sail it only occasionally (totally few weeks during the first year) to get to know it, and then to sail it for a year (Mediterranean sea + ARC + Caribbean). I'm struggling with estimating costs of maintenance, specifically whether I didn't miss anything big. What should I think of? For now I have:

• Insurance (liability + casco)
• Place in marina during the summer
• Storage for winter (+ cleaning hull + preping everything for the new season)
• Repairs (what is a good estimate during year of sailing non-stop and what's a good value for the first year with only few weeks of sailing?)

What did I miss? How do you approach this?

All of those variables are a function of:
how big and how old and how well maintained the boat is, whether it is new or used and how much you know about doing maintenance yourself vs. hiring some yard monkey to do it.

[Shrew]

I tend to think of Storage as one expense column and maintenance as a separate expense column. Sort of like the cost of the boat and storage is the cost of Ownership. While the maintenance costs are a cost of Operation. There will be times when there is nothing to be maintained (though admittedly rare and usually for shorter periods than is preferred), however the storage is a constant, even if the cost is variable. There will be times when the cost of maintenance is massive (auxillary repower, new sails, etc).

For example, the boat needs to 'live' somewhere (even if that is on its own anchoring gear). However, I can live without a fridge for a period of time. My generator has been down for 2 years (being repaired as I write), and I went 6 months with no bow thruster (has since been rebuilt).

You won't know the real true cost of maintenance until you no longer own the boat. At that point, you add the total of maintenance and divide by the number of months you owned it. That number is the true number, however it won't be so neatly and evenly divided across the months like a mortgage or car payment. Instead it will be spikes and lulls. Expect to pay little for months on end, then periodically get hit with a bill for thousands.

[john61ct]

Even if you specify what boat, condition, what you pay for it, will be huge variability - mint to start with or needs a lot of work?

Goal is to get to / keep it pristine as new, or just functional?

Lots can be deferred, then pay lots down the road or sell off the the next owner as a project?

And slips / storage, insurance, etc is completely separate from repairs / maintenance.

Most people say 10-20% of purchase price per year, just for the latter.

But that's just a ballpark, too many variables to say, get a great bargain on a cheap boat for ten grand, upfit for passage-making might spend 200% per year for the first few years.

Get a cherry specimen for 350 grand, maybe for a few years can get away with 20K per year or less.

How long is a piece of string?

[fgrzadkowski]

Sorry for not being specific. I look at 20 y old 51 footer, but after recent refit of most of the equipment (electronics, sails, hull painting, interior). Very good technical condition.

Having said that I more interested in the kind of expenses, rather than actual numbers which I understand are hard to estimate. Did I miss some category?

[Tillsbury]

If it really is in very good condition, you might not spend a cent in the first year of sailing. That would be most unusual though. Most new owners will be replacing at least lines and adding new stuff in the first year.

But you should still be squirrelling away that 10%, as it will end up being needed next time the engine or sails or standing rigging needs replacing, or some other significant repair is required.

[nwdiver]

Maintenance 5% per year for a boat in good shape, if it were 20% save your money and buy a new boat every 5 years......

[sailorboy1]

Originally Posted by fgrzadkowski

Hi All!

I've started to think about buying my first yacht. My plan is to first sail it only occasionally (totally few weeks during the first year) to get to know it, and then to sail it for a year (Mediterranean sea + ARC + Caribbean). I'm struggling with estimating costs of maintenance, specifically whether I didn't miss anything big. What should I think of? For now I have:

• Insurance (liability + casco)
• Place in marina during the summer
• Storage for winter (+ cleaning hull + preping everything for the new season)
• Repairs (what is a good estimate during year of sailing non-stop and what's a good value for the first year with only few weeks of sailing?)

What did I miss? How do you approach this?

it will be more than you think I bet

[gonesail]

diesel engines need attention in the form of pumps .. oil .. filters .. and the unexpected each season. the less time you spend on your boat the more you will have to pay others .. your time being much cheaper. unless you get an excellent deal you will want to do many improvements along the way like sails and rigging and hardware. there is also dockage and boat storage. hopefully you can buy a boat someone else has equipped and fixed up for you

[john61ct]

https://www.google.com/search?q=site...fuel+insurance

[Fore and Aft]

Fgrzadkowski For our 32 foot yacht it works out to be all up $200 a week including the marina. But what will really determine your costs is the type of person you are? I have met sailors who are happy to never replace anything on there boat until it is a 100% broken or worn out. For me crossing my fingers and hoping the motor starts or that halyard lasts for another day is not my style. So I have a constant upgrade program going on which ensures the yacht is in good condition. You really do not notice the expense to much if you do it like that.
Cheers

[Labezin]

Ouch ! 200$ per week all year long that makes in the 10K$ per year only for maintenance ! that seems a lot.

[captmikem]

Back when I was building and running MegaYachts the owners would ask for an estimate of operating costs. I always used 10% of the building or purchase cost. Ie. 10 million dollar boat 1 million per year. This always worked out to be pretty close.
Bear in mind when things needed
repair or replacement money was not an object and I always shopped for the best.

However. On smaller boats I find it is the same or at times even more. 10% is a good base line to work/plan from.

M

[MJH]

Originally Posted by fgrzadkowski

Hi All!

I've started to think about buying my first yacht. My plan is to first sail it only occasionally (totally few weeks during the first year) to get to know it, and then to sail it for a year (Mediterranean sea + ARC + Caribbean). I'm struggling with estimating costs of maintenance, specifically whether I didn't miss anything big. What should I think of? For now I have:

• Insurance (liability + casco)
• Place in marina during the summer
• Storage for winter (+ cleaning hull + preping everything for the new season)
• Repairs (what is a good estimate during year of sailing non-stop and what's a good value for the first year with only few weeks of sailing?)

What did I miss? How do you approach this?

Since you haven't purchased a boat yet let me tell you where you can save a large amount of money...moorage. This is needed by every boater who has a boat too big for a trailer and 99+% will be in a marina slip paying money down the drain, month in and month out, year after year regardless of how much they use the boat.

Using a notional amount of $10/ft/month for a 50 foot boat, that is $6,000 a year...A YEAR! Wouldn't you rather put that money into your home mortgage?

I keep very tight financial records and have averaged less than $14/month since 1995 by designing and deploying my own three-legged buoy and servicing it every three years. I do it out of necessity as I couldn't afford my boat without it. For anyone thinking of buying a nontrailerable boat, it is worth thinking about...numbers don't lie.

~ ~ _/) ~ ~ MJH

[Cadence]

Originally Posted by fgrzadkowski

Hi All!

I've started to think about buying my first yacht. My plan is to first sail it only occasionally (totally few weeks during the first year) to get to know it, and then to sail it for a year (Mediterranean sea + ARC + Caribbean). I'm struggling with estimating costs of maintenance, specifically whether I didn't miss anything big. What should I think of? For now I have:

• Insurance (liability + casco)
• Place in marina during the summer
• Storage for winter (+ cleaning hull + preping everything for the new season)
• Repairs (what is a good estimate during year of sailing non-stop and what's a good value for the first year with only few weeks of sailing?)

What did I miss? How do you approach this?

You missed it is somewhat of an open ended question without specifics;.