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Old 16-02-2011, 13:24   #1
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How Much of a Black Hole Is a Boat ?

I never owned a boat in US however I built one (26 ft) and owned in Europe for a long time. I love boats and would like to come back to sailing in US but even though I am professional and doing well I am scared by stories about boat being a whole in the water for putting money in it. I wonder if anybody can share with me your own experience? I am looking into owning a boat in NC area, size 33-38 ft 10-20 years old. Can you help me and estimate the following costs and any other I forget to mention: slip, insurance, maintenance of engine and boat, taking it out of water for cleaning, securing it for winter and/or hurricanes etc. Any real life experience of yours will be appreciated.
Michal W.
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Old 16-02-2011, 13:54   #2
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Let me respond. I had a boat bought 1 year old used in 1976. I paid 25k for it. I sold it in 1996 for 12k. I calculated I put in 500/month slip fees, repairs insurance haul outs etc over 20 years including payments on loan for boat. That is 120k. I did have fun with the boat. I always was quoted as saying I am not having as much fun as I am paying for. I never use the words ROI or investment in same sentance as boat.
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Old 16-02-2011, 14:14   #3
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Ok. My last boat was a little smaller than yours, but maybe a lot of it will relate to your situation. NC sailboat, purchased for $1.. Had her for 6 years. Put about $6000. into her (maintenance, canvas, dingy, cushion covers, chart plotter, engine and injector redo etc.) The list was fairly extensive. In addition, I paid $127. per year for insurance (in a line with the same Co. as my homeowners and auto) and $1200. per year for my slip. Being in NC, in salt water, I did not Pull or winterize, heck, if the weather cooperated, I was out sailing on good weekends. Had several hurricanes. Put her on Two anchors in the creek, again, at no cost. We pulled her once for bottom paint, about 750. total, BUT I included that in the $6000. figure, just breaking it down so you have an idea of that little venture. Every spring, I would scuba under the boat and clean her bottom, no cost there. I sold her for a little over $17000. last year. I never looked at her as being a diminishing return though, I had way more fun than cost outlay, IMHO.
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Old 16-02-2011, 14:25   #4
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I bought a 30' boat in 2004 for 30000€, spent over 30000€ more on her in 6 years, including 3 sails, 1 liferaft, 1 outboard engine for the dinghy, VHF, GPS, 1 anchor, charts, books, bottom paint, insurance, taxes...

During that time, I had a swinging mooring. The expense rate will increase because now, I have a berth in a marina.

Alain
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Old 16-02-2011, 14:26   #5
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Quote:
Originally Posted by mjwarner View Post
Ok. My last boat was a little smaller than yours, but maybe a lot of it will relate to your situation. IMHO.
I forgot to mention that my boat was 32 feet. So I sold the boat and thought I was done with boating. Guess not.......
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Old 16-02-2011, 14:30   #6
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I would think that you could find a slip rental rate in NC at around $300/month or less and if you are one to do much of your on maintenance like mjwarner, posting above, you could get by with less than $5,000/year and still keep pace with some upgrades. You could easily triple this cost or more if you elect to keep your boat at a resort marina and pay others to maintain it.
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Old 16-02-2011, 14:38   #7
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You have a lot of different unknowns there... First, My European friends all tell me that owning a 30+' recreational sailboat, is mostly for the "well to do" folks there.

Here in NC, that is not the case. IF it is just for cruising the Sounds, Chesapeake, Or ICW & such, you can find an old 29 or 30' fixer upper, in pretty good shape, for well under $10,000. The only required insurence (if it is not on a loan), is liability for the marina's comfort... This should be less than $150 per year, and dockage less than $2,000 per year.

When someone ask me how much it cost to BUILD a boat, I tell them: "ALL THAT YOU'VE GOT"! Mark
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Old 16-02-2011, 16:57   #8
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I own a 26' sailboat, and live aboard for $348 a month.

So my boat makes me money, because I have to live somewhere, and $348 is the cheapest rent you will find in Seattle.

It takes all kinds.
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Old 16-02-2011, 18:04   #9
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If you want to save money look into fractional boat ownership, I have a friend who loves it, has a brand new hunter thats like 40ft. However he can't use it all the time and there are other rules I don't know or care about. I had a 36ft sailboat in Richmond CA that cost me 375 a month for slipfees, and another 50 living aboard. I paid 800 a year for insurance, I was 23 at the time. When my girl started livin with me I spent a bit to fix up the inside, but it made her happy. After a few months she had had enough of waking up on saturdays miles out on the pacific with drunk sailors getting the cockpit dirty with crabs, fishguts and beer cans. I was happy to go fishing in peace, she was happy to live on land with room for all of her clothes and shoes.
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Old 16-02-2011, 19:02   #10
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Quote:
Originally Posted by wlodzimierzw View Post
Boat-how much of black whole it is?.

Large enough to consume the 'whole' of your funds.
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Old 16-02-2011, 19:36   #11
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My wife fell in love with a 1977 Cheoy Lee Clipper 36 that was in sad shape. The owner was asking 44,000 for the boat and I was able to purchase her for 20,000. Over the last 15 years we have probably spent over 50,000 on her. Will we ever recover the money, NO. But this boat is our home and the money spent on her makes our live easier, so it is worth it.
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Old 16-02-2011, 19:40   #12
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PS: We found a small marina in Virginia that needed a manager so we are managing this 37 slip marina for no money but have a free slip and no electric bill.
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Old 16-02-2011, 20:25   #13
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We don't find great options for good slip rental rates north of the Chesapeake or south of Stuart, Florida. This does present a good number of options and we usually opt for a longer break from cruising with dock time in north Florida, but NC.....New Bern, Little Washington, Oriental, Elizabeth City, and more. have some good prices.
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Old 16-02-2011, 21:09   #14
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How big is the black hole?

IT'S EFFIN HUGE!! GIGANTIC - CONSUMES THE UNIVERSE

Sorry, not much more to add cuz I don't have anything left.
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Old 16-02-2011, 21:28   #15
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Hey. Lighten up on Black Holes. The newest thinking is that inside a a black hole - time itself stops.

Sorta like on a sailboat.


Carl

And on a sailboat you avoid some of those nasty sounding environmental problems you get in a black hole. It would probably be quite uncomfortable.
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