Pushing the budget

[chris.burcher]

Hi everyone,

My wife and I are in an unfortunate situation. Our launch time is approaching. She is nearly retired and we can exit the proverbial rat race in a few months (summer 2024). We have planned to sell the house and buy the boat sometime in the next six months and it is finally here.

Unfortunately, we fell in love with Antares and it remains alone at the top of our list. Second and third-place contenders are quite distant (probably a Lagoon 42 or Leopard 44 as they are available). The problem is, the second and third place boats are in our budget and more available.

We would love it if a used Antares under $600k comes on the market this spring, but we know those chances are slim. And at that price, it would likely have to be pre-2008 which lowers the probability even more due to numbers.

There is an Antares available now that looks nice, but it blows our budget by $150k as it is a 2014.

So, the classic dilemma arises.

Do we blow our budget and struggle to some degree? We will have the money once we sell our house so it is possible. But we won't have very much in the way of an emergency fund.

Or do we make do with something cheaper, more cheaply made, and that will require more refitting to stay in our budget and maintain a healthier emergency fund?

It seems there are two schools of thought here: 1) you only live once, buy the Antares, and 2) stay safe, stick with your budget, and 'just get out there'.

My wife is less financially risk-averse. I'm a frugal bastard. Is this one of those times to let loose, or to stay the course?

Thanks for any input you can share!

[KeelsonGraham]

You only live once! And a shaft drive is infinitely preferable to a sail drive.

[Messing About]

I can relate. Although I will be solo and I'm not as close to buying as you are, instead of a 15ish year old boat for $200k, I'm starting to lean toward a 2-4 year old boat for twice that amount. Although all boats will require maintenance, I'm hoping a near new boat will help avoid frequent repairs. There are a couple of IP349's that have hit the used market and they simply make my heart beat faster. If I'm going to cross oceans and live aboard this thing, I want it to be really capable and really nice.

I would still have 2/3 of my principal savings, plus recurring lifetime income over $30k per year but it is a real gut check to think about shelling out that much money. However, my book says go as new as you can afford to pay cash for, so long as you have recurring income and a couple years worth of maintenance and living funds available.

Let us know what you do and especially let us know how to follow along on your adventures.

[MicHughV]

$600K can buy a lot of boat.
In your shoes, I'd shop around a bit.

[chris.burcher]

Originally Posted by KeelsonGraham

You only live once! And a shaft drive is infinitely preferable to a sail drive.

I hear that. But I also hear, 'you might get in a situation where you wish you had some cash'


Messing About - thanks and that's cool and I can totally relate though we have different specific targets.

We have income from rental properties so we're lucky not to have to worry about the kitty. This is just the 'what happens when things go south' money.

I agree that these costs are likely to be less with a newer boat, but I also know even brand new boats will require some expense right off the bat. I wonder if the relationship between refit/after purchase costs and boat age is linear or exponential. . . .

I guess it comes down to probability and risk, and having never done this before those things are hard to estimate except based on others' experience.

[chris.burcher]

Originally Posted by MicHughV

$600K can buy a lot of boat.
In your shoes, I'd shop around a bit.

Oh we've been shopping for five years already. It's time to poop or get off the pot. We know what we like as far as we can given our lack of experience. Not really interested in discussing monohulls, performance cats, etc. To me, it is impossible to estimate without just doing it. I've had enough experience with other things to know that is how we feel.

[ranger58sb]

Originally Posted by chris.burcher

We would love it if a used Antares under $600k comes on the market this spring, but we know those chances are slim. And at that price, it would likely have to be pre-2008 which lowers the probability even more due to numbers.

There is an Antares available now that looks nice, but it blows our budget by $150k as it is a 2014.

You might consider that some systems in a 15-year old boat -- if not already replaced -- may be approaching end of life. ACs, water heaters, ovens, etc...

That might not account for a $150K difference, but it might mean the newer boat isn't actually as much MORE expensive at it at first looks.

And then if you end up keeping a 2014 boat, you may end up replacing those kinds of systems on your watch anyway.

-Chris

[Kettlewell]

That might not account for a $150K difference, but it might mean the newer boat isn't actually as much MORE expensive at it at first looks.

Keep in mind too that every boat, brand new or otherwise, will require money to outfit, repair, etc. I have met people with brand new high-end boats who spent big bucks after delivery getting things set up the way they wanted. Any slightly used boat will require time, money, and effort to get it set up.

[chris.burcher]

Many people complain about youtube, but I have learned the 'new boat' lesson watching a bunch of people buy new boats only to struggle to leave the dock due to all the repairs.

I know whatever we buy is going to require initial and ongoing work and maintenance. Maybe there is no way to predict these things and one just has to make a leap. . . .

I appreciate the fact that major repairs are coming for any older boat, especially if we keep it many years. Those are the repairs I am trying to budget for. Maybe that's too much planning ahead. . .

[Kettlewell]

I appreciate the fact that major repairs are coming for any older boat, especially if we keep it many years. Those are the repairs I am trying to budget for. Maybe that's too much planning ahead. . .

Often used boats are ready to go at least. In other words, if the previous owner has been regularly using the boat the major systems should be set up and working, even if you find you want to upgrade things eventually like electronics and equipment. Watch out if the boat has been sitting out of the water or in for a long time with no use. You'll often find that there is a reason for that.

[MicHughV]

Well, there is more to going cruising than just the boat. Being a hands-on mechanic and DIY specialist can and will go a long way as things invariably break or need maintenance on a boat.
Having a simple, easy to maintain craft goes a long way here.
In this regard, I think a mono has a multi beat in many ways.
That aside, your general health and well being is also a key component in maintaining a vessel.
Same can be said about your cruising destination.
I've also seen countless people "fall in love" with a particular vessel, but that does not mean it is the " right" vessel.
Seeing as that there will likely only be two of you aboard, I'd consider going smaller.
It's all good a well to look at a boat while tied to a dock, but it's quite another matter to deal with the boat in inclement weather....sail changes in high wind, tricky anchorage spots and the like will put you to the test in no uncertain manner and it doesn't take much to start the " what was I thinking when we bought this boat ?". These instances can be a real deal killer in no time.

[KeelsonGraham]

Originally Posted by chris.burcher

I hear that. But I also hear, 'you might get in a situation where you wish you had some cash'
.

One other thing. You’re already at retirement age, so you’ve probably spent most of your life NOT fulfilling your dreams. At this point, you may not have as much time left as you think. Buy something; go now. Don't let analysis paralysis take large swathes out of your remaining life.

[MicHughV]

lissen....I'm at "retirement age" and I can personally attest to the fact that things I did in my 20's takes 2-3 times longer now....maybe 5-6 times...I forget...oh yeah....that too...
whereas there was a time I could leap tall buildings in a single bound, these days, just jumping over a small puddle is enuff to try my nerves...
'jes sayin'....

[chris.burcher]

Those are some wise posts there and I appreciate your wisdom.

My wife and I still have one daughter with us and three more we hope will visit for a week once in a while - fully realizing they probably won't. Three of us, still.

And while we are early retired, I'm not that old and my wife is younger. Part of our whole deal is to go while we are younger and go back to work - or not - whenever we return to land life.

KG - Again, while I'm only 51 you are right. I've been a frugal SOB my entire life. Of course, having 4 kids ain't cheap. But I'm the type of guy who usually picks the next to the cheapest thing and makes do. It would be nice to not do that with a boat. I appreciate your words here a lot.

The assumption that an Antares will satisfy is full of unknowns, but we have done a ton of research, walk-ons, and charters but this was the only boat where we went 'Wow'.

[MicHughV]

51....pffttttt....youngster !!!