Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 06-06-2011, 14:16   #1
Registered User
 
sledjockey's Avatar

Join Date: Jul 2010
Posts: 11
Figuring Finances: Registration Question

I did a search (or 12) before I posted, but couldn't find what I was looking for. I am sorry (in advance) if this has already been covered. If it has, I will play the "NewB" card.......


I went down to the DMV to start looking at annual costs for licensing and registering a boat. To do this I picked a couple online, printed the information, and proceeded to the local WA state DMV. It appears that the original price at purchase is going to be used to for the excise taxes, original licensing, etc., at around 10% of the purchase price. Annual charges are around .5% of that price with some small discounts every year.

So at $500,000:
Initial costs for license, title, etc: $50,000
Annual costs are around $2,500


Is this normal for all states? Where is the cheapest state to register your boat out of? What other annual costs besides insurance should I budget for (other than taking it out on the hard, maintenance, etc.)? Any good ideas for cost savings other than "buy something besides a boat?"

Thank in advance.
__________________

__________________
http://flavors.me/sledjockey
sledjockey is offline   Reply With Quote
Old 06-06-2011, 15:58   #2
Registered User
 
Unicorn Dreams's Avatar

Join Date: Aug 2007
Location: Clear Lake Marine Services - Seabrook, Texas
Boat: Gulfstar, Mark II Ketch, 43'
Posts: 2,359
Re: Figuring Finances: Registration Question

In Texas
6% sales tax
$150 registration per year
$0 registration per year for my boat because of age
__________________

__________________
Formerly Santana
The winds blow true,The skies stay blue,
Everyday is a good day for SAILING!!!!
Unicorn Dreams is offline   Reply With Quote
Old 06-06-2011, 19:09   #3
Registered User

Join Date: Feb 2011
Posts: 150
Re: Figuring Finances: Registration Question

Take a gander at Arkansas, Florida (I think they're pretty reasonable), South Carolina and Delaware.
__________________
rowingdude is offline   Reply With Quote
Old 07-06-2011, 11:58   #4
Registered User
 
sledjockey's Avatar

Join Date: Jul 2010
Posts: 11
Re: Figuring Finances: Registration Question

I will google those states. Most states I have looked at thus far don't have all their prices posted.

Thank you for the responses so far. This really helps.
__________________
http://flavors.me/sledjockey
sledjockey is offline   Reply With Quote
Old 07-06-2011, 19:31   #5
Senior Cruiser
 
osirissail's Avatar

Cruisers Forum Supporter

Join Date: Feb 2009
Location: A real life Zombie from FL
Boat: Gulfstar 53 - Osiris
Posts: 5,416
Images: 2
Re: Figuring Finances: Registration Question

It matters where you are going to keep the boat. If you register the boat in Delaware, but keep it in Washington State you can get into a heap of tax troubles. Same with most other States. Each State will want its "pound of flesh" if you keep the boat in their jurisdiction for extended periods of time.
- - The only way to avoid the problem is to keep the boat moving from one State to another within each States requirements for "transient" boats. This is a serious amount of inconvenience unless you are planning to actually cruise and move from one place to another regularly.
__________________
osirissail is offline   Reply With Quote
Old 07-06-2011, 21:26   #6
Senior Cruiser
 
maxingout's Avatar

Cruisers Forum Supporter

Join Date: Dec 2006
Location: Fort Pierce, Phoenix
Boat: Privilege 39 Catamaran, Exit Only
Posts: 2,606
Re: Figuring Finances: Registration Question

Quote:
Originally Posted by sledjockey View Post
I did a search (or 12) before I posted, but couldn't find what I was looking for. I am sorry (in advance) if this has already been covered. If it has, I will play the "NewB" card.......


I went down to the DMV to start looking at annual costs for licensing and registering a boat. To do this I picked a couple online, printed the information, and proceeded to the local WA state DMV. It appears that the original price at purchase is going to be used to for the excise taxes, original licensing, etc., at around 10% of the purchase price. Annual charges are around .5% of that price with some small discounts every year.

So at $500,000:
Initial costs for license, title, etc: $50,000
Annual costs are around $2,500


Is this normal for all states? Where is the cheapest state to register your boat out of? What other annual costs besides insurance should I budget for (other than taking it out on the hard, maintenance, etc.)? Any good ideas for cost savings other than "buy something besides a boat?"

Thank in advance.
That's a lot of money. I would seriously consider documenting it offshore if you are going cruising.
__________________
Dave -Sailing Vessel Exit Only

http://SailingUNI.com
http://maxingout.com
http://PositiveThinkingSailor.com
maxingout is offline   Reply With Quote
Old 10-06-2011, 06:13   #7
Registered User
 
sledjockey's Avatar

Join Date: Jul 2010
Posts: 11
Re: Figuring Finances: Registration Question

My wife and I are very tired of "the rat race" and are using the idea of cruising/sailboat live-aboard life as a way to do an early "semi-retirement." Transient living is definitely compatible (and fairly in pace) with the lifestyle we wish to transition to, so the offshore registration idea or registering in the cheapest/easiest state to deal with are possible.

We are still several years out, but are trying to plan enough in advance that we can take advantage of real estate prices if we have to. We do plan on buying something like a small parcel of land with a metal building on it for storage, having a place to go if we have to, residency for hunting, etc.

Having a plan to avoid as many surprise expenses is a bit ingrained into my very soul. Too much time working with the Marine Corps? In need of an enema? Probably one of the three......
__________________

__________________
http://flavors.me/sledjockey
sledjockey is offline   Reply With Quote
Reply

Tags
registration

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Figuring Out the Cruising Budget Captain Peppers Dollars & Cents 30 02-12-2010 18:55
Cruising Finances Cap Dollars & Cents 8 03-05-2010 09:37
finances while cruising Jumbyway General Sailing Forum 3 14-08-2008 18:43
Figuring displacement JusDreaming Multihull Sailboats 10 01-07-2007 09:08
Finances in the Bahamas Wmiii Atlantic & the Caribbean 17 03-01-2007 10:54



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 07:30.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.