Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 13-08-2016, 17:26   #1
Registered User

Join Date: Dec 2015
Location: SE Pennsylavania
Boat: shopping
Posts: 58
Average cost of owning formula

Is there any standard formula for annual cost of yacht ownership either per foot or by another metric. I understand the cost will vary based on age and how much of a do it yourself person you are as well as location and other factors. But sweat equity can have a value placed on it and locals averaged as well as age or condition, and I understand it will be no more than a starting point. So is there an industry standard that would state an in new or new boat should require on average X dollars per annum per foot or per dollar value of the boat?

I tried several search terms before I posted the question and found little information. I'm considering my first large boat purchase and can afford the purchase its the cost of ownership that concerns me more. My fear here is cost of acquisition is nothing compared to cost of maintaining it. Just looking for a starting point.
__________________

__________________
icedog11 is offline   Reply With Quote
Old 13-08-2016, 17:31   #2
Resin Head
 
minaret's Avatar

Cruisers Forum Supporter

Join Date: Aug 2007
Location: Seattle WA
Boat: Nauticat
Posts: 7,020
Images: 52
Re: average cost of owning formula

Rule of thumb is +\- 10% of purchase price per year.
__________________

__________________
O you who turn the wheel and look to windward,

Consider Phlebas, who was once handsome and tall as you.
minaret is offline   Reply With Quote
Old 13-08-2016, 17:37   #3
Registered User

Join Date: Dec 2015
Location: SE Pennsylavania
Boat: shopping
Posts: 58
Re: average cost of owning formula

Quote:
Originally Posted by minaret View Post
Rule of thumb is +\- 10% of purchase price per year.
is this just physical maintenance or does it include storage or docking fees as well.
__________________
icedog11 is offline   Reply With Quote
Old 13-08-2016, 17:45   #4
Moderator
 
Hudson Force's Avatar

Cruisers Forum Supporter

Join Date: Nov 2008
Location: Living aboard & cruising since 1972
Boat: Morgan OI 413 1973 - Aythya
Posts: 7,592
Images: 1
Re: average cost of owning formula

Quote:
Originally Posted by minaret View Post
Rule of thumb is +\- 10% of purchase price per year.
This is true because of the plus or minus. It leaves all options on the table and that represents a huge range. Personally, I spend far less maintaining by boat than the typical expense of those that are maintaining houses; however, I do almost everything myself.

I've also had the same boat for 31 years and this lowers the yearly average.
__________________
Take care and joy, Aythya crew
Hudson Force is online now   Reply With Quote
Old 13-08-2016, 18:02   #5
Resin Head
 
minaret's Avatar

Cruisers Forum Supporter

Join Date: Aug 2007
Location: Seattle WA
Boat: Nauticat
Posts: 7,020
Images: 52
Re: Average cost of owning formula

That's why it's called a rule of thumb. Depends on too many factors. Obviously, if your boat is tiny you may spend 100% of the purchase price just on yearly moorage. If it's mid range, the 10% figure may be fairly accurate, depending on condition. Rule of thumb is the best we can do for an OP with no stated boat type. It's amazing how often this particular rule is accurate, as soon as one small partial refit is factored in.
__________________
O you who turn the wheel and look to windward,

Consider Phlebas, who was once handsome and tall as you.
minaret is offline   Reply With Quote
Old 13-08-2016, 18:16   #6
Registered User

Join Date: Dec 2015
Location: SE Pennsylavania
Boat: shopping
Posts: 58
Re: Average cost of owning formula

the Boat would be in the 45-50 foot range and just completed a fairly comprehensive refit. new rigging, engine, new or rebuilt winches, new sails, all electronics and wiring, boat was fit out for long range cruising, owner had issues cant complete his plans.
__________________
icedog11 is offline   Reply With Quote
Old 13-08-2016, 22:57   #7
Registered User

Join Date: Jul 2014
Location: Livingston, TX / Anacortes, WA
Posts: 8
Re: average cost of owning formula

Quote:
Originally Posted by minaret View Post
Rule of thumb is +\- 10% of purchase price per year.
I've been wondering about this also. This rule implies the cost of ownership decreases over time. Is that accurate? It seems cost might increase as the boat ages. The more things age, the more they need repair or replacement Slip fees usually increase over time. But, with a decrease in boat value, insurance cost may decrease. I can see applying this for a new boat purchase, but wasn't sure if it still applied to the purchase of a 10 or 20 year old vessel. To clarify the rule of thumb, is the 10% cost per based on the used boat value, the used boat value when it was new, or the equivalent new boat value in the current year? Thanks.
__________________
TimButterfield is offline   Reply With Quote
Old 14-08-2016, 01:27   #8
Registered User

Join Date: Jul 2006
Location: Underway in the Med -
Boat: Jeanneau 40 DS SoulMates
Posts: 1,762
Images: 1
Re: Average cost of owning formula

Some of it depends on how you plan to use the boat. Day sailing once a week or every other week - full time cruising where the boat gets a lot of wear and tear or sitting at the dock as a drinking platform or tues night races -

we spend quite a bit to keep our Jeanneau DS40 going and it varies year to year but we are full time liveaboard cruisers and push our boat pretty hard each sailing season.

You can go to dollars and cents forum under 7 years of cost data here and look at our costs and we break out the costs by various categories
__________________
just our thoughts and opinions
chuck and svsoulmates
wintering over in Kusadasi Turkey
chuckr is offline   Reply With Quote
Old 14-08-2016, 07:05   #9
Registered User

Join Date: Apr 2013
Posts: 4,264
Re: Average cost of owning formula

There is no such thing and the 10% number is pure SWAG (Scientific Wild Ass Guess).


Blow an engine in a remote area and it may be more than the boat is worth to fly parts and a mechanic in to repair it. If you are good with DIY and you anchor out, it could be a few hundred dollars per year.


I would suggest setting up a budget based on the size boat, look up marina costs in the area you will be in, cost of bottom paint, wash/wax a couple times per year, oil changes, maybe 10hrs of mechanics time, maybe 1/10th of the cost of new sails, etc... and come up with a number.


Remember, some of these are just hard work and not overly complex. Bottom paint is expensive if you pay someone but it's really pretty simple to apply and you can save a ton of money.


In the end that number won't be dead on accurate but probably closer than some percentage of the boat price and more importantly, it gets you thinking about what ongoing maintenance you should be doing.
__________________
valhalla360 is offline   Reply With Quote
Old 14-08-2016, 07:07   #10
cruiser

Join Date: May 2010
Location: SF Bay Area; Former Annapolis and MA Liveaboard.
Boat: Looking and saving for my next...mid-atlantic coast
Posts: 6,197
Re: Average cost of owning formula

Storage and Docking fees is NOT maintenance.
__________________
SaltyMonkey is offline   Reply With Quote
Old 14-08-2016, 07:13   #11
Registered User
 
dwedeking2's Avatar

Join Date: May 2014
Location: Jacksonville, FL
Boat: Cabot 36
Posts: 225
Images: 1
Re: Average cost of owning formula

Good Month: Bank Account Balance - $20 (for beers at the bar)

Bad Month: Bank Account Balance + Credit Card Availability/2 - $10 (for cheap beers at the bar)
dwedeking2 is offline   Reply With Quote
Old 14-08-2016, 07:25   #12
cat herder, extreme blacksheep
 
zeehag's Avatar

Cruisers Forum Supporter

Join Date: Jul 2008
Location: furycame alley , tropics, mexico for now
Boat: 1976 FORMOSA yankee clipper 41
Posts: 17,000
Images: 56
Send a message via Yahoo to zeehag Send a message via Skype™ to zeehag
Re: Average cost of owning formula

the rules being made to be broken and bent,, many do have numbers that do not coincide with these rules of thumb h ah ah a
is like asking the car show price of the aston martin la gonda. ha h ah ah ah a
it all depends on the boat when purchased and how it works after.... have fun an good luck.
ps, i am the curve breaker in class. ha ha ha h ah a
zeehag is offline   Reply With Quote
Old 14-08-2016, 07:30   #13
Registered User
 
Snore's Avatar

Join Date: Jan 2011
Location: SFL& St Petersburg
Boat: Tartan 33
Posts: 1,665
Re: Average cost of owning formula

Minaret's rule of thumb is a standard.

BUT, that means nothing to you buying a new-to-you boat.

Surveys are nice starting points. But they never show all the issues with a boat. Expect to find more. When you buy a used boat, you buy the work done by all the previous owners. Depending on the age and quality of work done, you could have numerous hidden issues. If the survey is decent, they should not be huge.

My SWAG is estimate $3-4K in "they @#% did what?" repairs as well as things the surveyor said were acceptable, but really need to be fixed. You will not find these things in the first month or so of ownership. They will rear their ugly heads after 6-12 months.

For example, my decks check out as dry. But both the port and starboard genoa tracks needed rebedding. Fortunately, we did this ourselves. But the cost of having that done would have been healthy, as it required disassembling cabinets.


All that said, the toughest years of my adult life were the one's I was boatless.
__________________
"Whenever...it requires a strong moral principle to prevent me from deliberately stepping into the street, and methodically knocking people's hats off- then, I account it high time to get to sea..." Ishmael
Snore is offline   Reply With Quote
Old 14-08-2016, 07:44   #14
Registered User

Join Date: Apr 2005
Location: Southern Calif.
Posts: 171
Re: Average cost of owning formula

My slip fees are more than 10%, boat valued at $75000 slip is $643/month or $7716 per year plus $100/year property tax on the slip I don't own.
I delude myself into thinking the boat only sucks $1000/month, but I'm not counting the new $2200 dodger, $1500 sail, $100 furling line (that's right $100 for a piece of rope) last month or the $2000 bottom paint/haul coming up.
It's impossible to estimate, all depends on how deep your wallet and how bad your OCD is, the dodger only leaked when it rained, I didn't HAVE to replace it technically.
__________________
Calif.Ted is offline   Reply With Quote
Old 14-08-2016, 08:28   #15
Registered User

Join Date: May 2016
Location: Currenty in Hurghada, Egypt...Boat is in the US though
Boat: 81 Hunter Cherubini 27
Posts: 268
Re: Average cost of owning formula

I've also wondered about the +/- 10% rule of thumb. I did exactly what Valhalla360 suggests prior to purchasing my little 35 year old 27 foot pocket cruiser (Surveyed as good in near all areas), and came up with a rough estimate for my boat at something around 24-28% of the cost of the boat per year barring any MAJOR problems. Heck, the cost of hauling and doing the bottom myself puts me over the 10% mark due to the purchase price of the boat. Factor in all of the regular maintenance and minor repairs that WILL have to be taken care of, and the percentage increases dramatically fast (Oil and filter changes, replacing a bilge pump or float switch, light bulbs, batteries, lines/sheets/halyards, and the list goes on and on ad nauseum).

IMHO I think that the 10% figuire is more likely based on repair and maintenance costs of a new, or nearly new, boat over 30-32 feet in length which is turnkey and has no issues (is there such a thing?). Purchase price of older boats, in whatever condition, is generally cheaper when compared to newer boats. As such, the 10% rule of thumb pretty much goes out the window.

As has been previously stated, there are just too many variables involved to have a "cookie cutter one-size-fits-all" formula for annual maintenance costs, even among identical model year boats.

As for older boats, and this may be somewhat off-topic, I will be outfitting my boat as a liveaboard to do coastal cruising when I return to the States next year. The cost of outfitting the boat as a liveaboard to safely sail, plus some fancy electronic gizmos (radar, AIS) which are not really, really necessary at this juncture, will cost more than the purchase price of the boat....and that's with me doing all of the work! Something to keep in mind. Your first year of maintenance and repair costs will be expensive but will decrease with time as you learn your boat and its equipment, upgrade older systems and equipment, etc.
__________________

__________________
Teknishn (Technician): One who fixes S%#T you can't, based on dubious information provided by those with questionable knowledge and/or experience.
Teknishn is offline   Reply With Quote
Reply

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
Cost Of Owning A 30ish Foot Boat DonZe Boat Ownership & Making a Living 19 20-06-2015 23:39
Cost of owning a 40'ish boat Max Sail Monohull Sailboats 27 30-03-2013 15:29
Average Cost to Go Solar / Wind on Sailboat ? markmark Electrical: Batteries, Generators & Solar 44 24-09-2011 23:53
Average Liveaboard Cost / Foot unbusted67 Liveaboard's Forum 17 05-06-2010 18:19
Average Cost of Maintenance - Cat vs Mono forsailbyowner Dollars & Cents 2 26-09-2009 07:53


Our Communities

Our communities encompass many different hobbies and interests, but each one is built on friendly, intelligent membership.

» More about our Communities

Automotive Communities

Our Automotive communities encompass many different makes and models. From U.S. domestics to European Saloons.

» More about our Automotive Communities

Marine Communities

Our Marine websites focus on Cruising and Sailing Vessels, including forums and the largest cruising Wiki project on the web today.

» More about our Marine Communities


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 22:49.


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.