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Old 22-11-2018, 18:04   #1
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What is accurate regarding cost?

I'm a complete greenhorn when it comes to sailing. I know what you can learn from YouTube. So my question comes from a video I saw. On Sailing Ruby Rose, Nick and Theresa talked about cost and spending for boats. There advice was to hold back 20% of what you have to spend for anything that may pop up. That sounds reasonable to me. Kind of like a house. With both houses and boats, you have an inspection done by someone reputable. Assuming you've already factored the inspection results in with your offer, is 20% a sound number? One day, I'd like to buy a bluewater cruiser and if I have a 100kUSD to spend for example and the boat is overall sound without any obvious major expenses, that leaves 80k for the boat and 20k for incidentals. If the boat is in the 42-45' range, is it better to have more than 20% set aside? Should that percentage grow with boat size? This will be the first of many questions I will be asking over the years while I gain more tangible experience. Thanks all.
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Old 22-11-2018, 18:13   #2
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Re: What is accurate regarding cost?

If I had $100K, I'd spend $20-30K and have more for incidentals.

Unless really beautifully maintained, up to date everything to my taste ready for blue water, then the other way around might be OK.
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Old 22-11-2018, 19:10   #3
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Re: What is accurate regarding cost?

<<<If the boat is in the 42-45' range, is it better to have more than 20% set aside?>>>


These are recommended guidelines. That's all. It says that whatever you buy WILL require additional funds for immediate maintenance. Even new boats. And not for buying new toys for it.


But also recognize that each boat "deal" is different. Each boat will need a different list of things to do.


That's why it's only a good rule of thumb. YOU have to do your own budget for each boat you consider, because they will all be in different shapes/condition.


Good luck.


PS - suggest you do a search on "project boat" to get another view of the concept.
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Old 22-11-2018, 20:20   #4
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Re: What is accurate regarding cost?

I certainly wouldn’t go for less. Even when buying a new boat you can very easily spend 20% more between it being delivered and you feeling ready to go for a decent trip.

I was looking at two boats in detail when I was looking recently. One was right at the top of my budget, somewhat high for the boat’s age, but had been hardly used and upgraded to the hilt. Everything possible had been added, professionally and with expensive equipment. Another was larger but was settled at 30% lower. This gave me a huge “fixing” budget. Although the cheaper boat didn’t have a generator, new sails, and so on, it left me with easily enough in the kitty for me to get precisely the new sails and generator I actually want, in the timescale I want it. If I spent the whole difference I would probably end up with a similarly specified boat, but of course I won’t be doing that. I will be spending it on exactly what I want, and will end up with a larger boat more suited to my needs. This’s even with the assumption that the other more expensive boat wouldn’t have needed anything spending on it (and I don’t believe that for one moment).

So yes, definitely do the 20% thing. And if you can find a boat that’s under-used and under-specified for 40% less then look at that seriously too. As long as what you’re buying is structurally sound you will have the best time by reserving as much of your budget as you can.
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Old 23-11-2018, 10:12   #5
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Re: What is accurate regarding cost?

In my experience the lower the price, the more money you need to set aside for repairs and upgrades. In other words, always look a gift horse in the mouth.
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Old 23-11-2018, 10:15   #6
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Re: What is accurate regarding cost?

there is no right answer here. if an answer to boat finances is necessary stay away from boats.
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Old 23-11-2018, 10:22   #7
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Re: What is accurate regarding cost?

Quote:
Originally Posted by Southpaw72 View Post
I'm a complete greenhorn when it comes to sailing. I know what you can learn from YouTube. So my question comes from a video I saw. On Sailing Ruby Rose, Nick and Theresa talked about cost and spending for boats. There advice was to hold back 20% of what you have to spend for anything that may pop up. That sounds reasonable to me. Kind of like a house. With both houses and boats, you have an inspection done by someone reputable. Assuming you've already factored the inspection results in with your offer, is 20% a sound number? One day, I'd like to buy a bluewater cruiser and if I have a 100kUSD to spend for example and the boat is overall sound without any obvious major expenses, that leaves 80k for the boat and 20k for incidentals. If the boat is in the 42-45' range, is it better to have more than 20% set aside? Should that percentage grow with boat size? This will be the first of many questions I will be asking over the years while I gain more tangible experience. Thanks all.

It all depends on the boat, it's fitout, and the condition. It also depends on you DIY ability and what specifically needs to be done.
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Old 23-11-2018, 10:40   #8
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Re: What is accurate regarding cost?

Are you going to have money coming in after the purchase, or is it more a $100k and sail away kind of thing?

The less you spend on the boat and the handier you are, the more time you'll have to do the things you bought the boat to do.
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Old 23-11-2018, 11:32   #9
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Re: What is accurate regarding cost?

Be very careful in what you and others tell you are upgrades and needs , there are some who will go out with 4 ip ads 2 chart plotters, sat phone , internet, SSB 2 auto pilots , windvanve and the best money equipment can buy.
Now that is the extreme, and the other hand people go out theRE with their sextant and windvane and no diesel engine.
if it works why upgrade, also navigation equipment can be done on $100 tablets, the boat you buy will most certainly come with 90% of the gear you need and if your handy you can do most things your self , prioritize the safety first , before buying a $2000 dollar chart plotter that tells you the time on the moon (who cares).
The boat should be sound and suit you for your sailing trip , do not get sucked in that more money gets you a better boat , their are plenty 30 to 40 year old boats as strong as oxes out their and their owners have maintained it well.
No disrespect to your U tubers but he sold his business for a lot of money and bought a near new southerly on the basis of a keel that moves up . and if you have the money to spend generally you spend it because you have it.
It is amazing when you dont have the money how you tend to find bargains and hunt around for stuff and get very good at doing it yourself , in my opinon more satisfting that way.
Happy hunting
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Old 23-11-2018, 11:50   #10
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Re: What is accurate regarding cost?

Get the smallest boat you can afford. Not the largest one!

Maintenance cost increases exponentially with the length. Not linearly.
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Old 23-11-2018, 11:51   #11
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Re: What is accurate regarding cost?

Southpaw72: It is a common experience that folks will buy as much boat as they have available leaving little to repair/maintain/upgrade it. You can begin to get some idea by looking at the price of your desired 42-45' boat range to determine what owners are asking and how old the boats are. Older MAY mean more is needed but brand new usually means even more as boats don't come from the manufacturer fully outfitted like automobiles. A bigger boat will mean most parts are more expensive as well to replace. This may have you second guess on the boat size you desire.


Next comes to the boat's condition and that is totally wide open...you can't look at too many boats to get an idea of what money can buy. Not everything is of equal importance so educate yourself on what to look for. Aesthetics are nice but are second to what keeps the boat afloat and sailing.


One factor few talk about is YOU. If you are the type of guy that must have all the latest technology/gadgets then expect to need more money. However, there are older boats with fully functional older systems that can get you to your destination and save you many dollars. By their nature boats are things that require constant ongoing care so being happy with whatever you have that is fully functional can get you going sooner. The second part of this YOU is your ability to complete some level of maintenance DIY or whether you will have to have a shipwright do it...if the latter you will need more money.


Good Luck.


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Old 23-11-2018, 12:07   #12
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Re: What is accurate regarding cost?

Buy a sailing dingy that can be moved on your vehicles roof. or a trailer IF you have somewhere to park it and then go out and start sailing in the nearest lake, river, or sheltered bay to where you live. that's how most of us started teaching our selves when We were much younger. However there are many who will say that it is almost never to late to start. Over 40 feet is a lot of boat to handle even for an experienced sailor. So learn to be a sailor first.
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Old 23-11-2018, 12:08   #13
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Re: What is accurate regarding cost?

Quote:
Originally Posted by john61ct View Post
If I had $100K, I'd spend $20-30K and have more for incidentals.

Unless really beautifully maintained, up to date everything to my taste ready for blue water, then the other way around might be OK.
I couldn't agree more. Just because you have $100k doesn't mean you should spend it all. There are so many great boats out there right now for sale...its a buyers market. There are FREE boats even!

I suggest spend half your budget on the boat purchase at most. That way, you will have lots in the bank, and live a happier life not worrying about money. If you spend too much on the boat, you will never be happy.
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Old 23-11-2018, 12:58   #14
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Re: What is accurate regarding cost?

20% sounds low to me. JMHO Err on the high side.
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Old 23-11-2018, 13:12   #15
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Re: What is accurate regarding cost?

It really depends on the age, and condition of the vessel you buy. Just realize that if you buy a $50k boat and put another $30k fixing it up, it doesn't mean you have an $80k boat. It means you have a really nice $55k boat.
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