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Old 13-07-2012, 23:47   #31
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Quote:
Originally Posted by Cheechako
Once your boat is in good shape, I dont see even anything close to 10%. A good example was my 47 footer. Heck, a major Refit cost less than 20%. (teak decks replugged and recaulked, new sails, new anchor gear, mast and rigging completely rebuilt, varnish work, safety gear, refrigeration including vacuum panel insulation, Added winches and stoppers, running rigging, bottom job etc.) Once that was done, 10% per year would have been $35k per year.... NO way!
I agree completely. I wander what the heck happened to the boats that use this as an ACCURATE means of configuring their expenses.
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Old 13-07-2012, 23:53   #32
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But I'm sure if you aren't very handy and let your boat go and then have to pay someone else to work on it things change![/QUOTE]

But how often do you have to ascertain that handyness? If you maintain your boat properly i.e. replace pipes/tubing etc, the basic stuff, your boat really shouldn't need a major refit! As I'm writing this I am desperately trying to remember a massive job, but I just don't think I've needed one.
I realize there is a fair amount of luck in this but I'm not sure some people really understand how much work a boat is.
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Old 14-07-2012, 00:08   #33
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Re: How Much to Maintain Boat?

I guess it all depends very much on what you buy in the first place. We bought our 39ft Boat for $110.000 and I knew it needs work. That was ok as the same boat in better condition would have cost us about 140 to 150k. We are still in the first year and have replaced the hydraulic steering, the batteries, the standing rigging and the dodger.
Next in line is the bimini and a new anchor winch plus chain. I would say by the time we done we will have spend about 20% of the purchase price in the first year and I expect close to 10 % per year from here on as an average.
I realise it doesn't work on every boat but for us it is spot on.
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Old 14-07-2012, 06:51   #34
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Quote:
Originally Posted by reiner
I guess it all depends very much on what you buy in the first place. We bought our 39ft Boat for $110.000 and I knew it needs work. That was ok as the same boat in better condition would have cost us about 140 to 150k. We are still in the first year and have replaced the hydraulic steering, the batteries, the standing rigging and the dodger.
Next in line is the bimini and a new anchor winch plus chain. I would say by the time we done we will have spend about 20% of the purchase price in the first year and I expect close to 10 % per year from here on as an average.
I realise it doesn't work on every boat but for us it is spot on.
Cheers
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I'm sorry for the misunderstanding, I meant after continued ownership of the same yacht. After countless hours on maintenance and upkeep, that price started to fall. For all I know, that could just be lucky. I hope that isn't the case.
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Old 21-07-2012, 12:50   #35
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What do you guys think of the vinyl paints?
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Old 21-07-2012, 14:02   #36
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Re: How Much to Maintain Boat?

This question does not have a 'short answer'.
There are many variables such as boat age, boat size, boat type, historical maintenance and replacements, amount of time spent sailing and in what weather conditions, what extras are on the boat etc. etc. to name but a few.

I believe (and am fortunate as I am on my boat 24/7) that regular washing with fresh water, polishing and generally keeping components salt,dirt and grit free goes a long way to preventing expensive maintenance costs.

Preventative maintenance is an ongoing 'low' cost that will reduce major maintenance, failure and parts replacements down the line.

Washing and polishing the boat (including stainless steel etc) personally, usually means ones eye picks up new scratches, cracks or fractures ... signs of fatigue!
This is one of the reasons we produce a lot of freshwater on board as we use it to constantly hose the boat down.

As we spot a 'creeping problem' we replace, repair or do whatever is necessary to remedy it 'ASAP'. This prevents one problem compounding to the next and although it means a fairly constant 'short term cost' it also means a substantial cost saving in the long term.

There are so many aspects to maintenance on a boat that one could write a thesis on the matter but in general by keeping salt away, keeping a look out for the little things, resolving issues whilst they are small verses ignoring them, results in Cost Savings, Less TIME on the hard = more time on the water

I have had many sailors say that we have spent too much money on for example, water makers, solar energy, inverters, batteries and the like, but if one takes a long term view on how these items not only provide comfort, but also provide good maintenance ability, then I can guarantee that over no more than 5 years they have saved the equivalent in repairs.

Of course the 'drawback' is that this style of taking a view on long term savings does require an up front injection of cash.
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Old 21-07-2012, 15:55   #37
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Re: How Much to Maintain Boat?

The general rule of thumb of 10% assumes that you are paying for the labor and the materials. Sure most things can be done cheaper if you know how, and are willing to spend the time. But there is still a cost.

Let's say you own a $100,000 boat. So the rule of thumb will be that you will spend $10,000 per year on maintenance. Note that this is the same number the IRS uses for asset depreciation. If you want to keep the boat in the same condition, then you have to offset the depreciation somehow.

Now figure that the average boat yard is going to charge around $50 an hour for general work, and $100 an hour for electrical. So your boat in labor rates is going to take between 100 and 200 hours a year of labor to keep in the same shape she was at the beginning of the year. You can either spend it from your free time, or pay someone else to do it, but it's going to take the investment.

Of course this is a little more complicate by the annual allowance for big picture items that from an accounting perspective should be taken into account. Let's say sails for your boat are $7000, and will last 10 years. So if you start with new sails, you are also spending $700 in sails a year, even if you aren't out of pocket. The same is true for all major system, though the time period may be shorter or longer depending on type.

A mast more like 30, standing rigging 10, engine 20, electrical system 15, ect... Sure you can push these systems beyond their expected life and many people do, but from an accounting perspective this is all money that needs to be allocated on an annual basis to keep things in good condition.
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Old 21-07-2012, 16:22   #38
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Re: How Much to Maintain Boat?

There are far too many variables to accurately suggest an annual budget. Over three years we have put about $15k into our 40 year old boat (plus $250/mo slip rental), but much of that has gone to modernizing electronics and making her ready for extended cruising. So it all depends on what you have and what you intend to do.

Routine maintenance is not that much really if you are handy and don't mind getting dirty. Upgrades can be saved on if you shop wisely (read - ebay, Craigslist, salvage stores, etc.). Don't forget to ask around your marina when you need something, for there is nothing worse than spending $1,000 on an outboard motor to find a day later that your neighbor would have sold you a better one for $500.

So perhaps the best answer to your question is akin to the query "how much does it cost to go cruising?"

As much as you have.
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