How much boat can I afford?

[billknny]

I used to teach a seminar, "How to Buy a Boat". Two take-away lessons that you should think carefully about.

The cost to buy the boat is (almost) immaterial. The cost to maintain it is everything. Figure on 5 to 10% of the price of the boat as IF IT WAS NEW. A new 32 footer would set you back (very roughly) $150K, so expect to spend between $7.5k and $15K on keeping her working as she should every year. Some years more, some less.

Sort of following from that comes my first rule of boat buying: "Do not buy the biggest boat you can afford. Buy the smallest boat you can tolerate."

Now a tolerable size is different for everybody, and different for every use. For some people a Dana 24 might be as small as they could tolerate, for a few others it might be a Wally 105. But, you WILL have more fun with a smaller boat. You will sail it more, and have money left over to do fun things when you get to where you are sailing to. Unfortunately, that is a rule people ignore far more often than not. Big and shiny overwhelm common sense.

http://fetchinketch.net

[NedX]

Originally Posted by billknny

I used to teach a seminar, "How to Buy a Boat". Two take-away lessons that you should think carefully about.

The cost to buy the boat is (almost) immaterial. The cost to maintain it is everything. Figure on 5 to 10% of the price of the boat as IF IT WAS NEW. A new 32 footer would set you back (very roughly) $150K, so expect to spend between $7.5k and $15K on keeping her working as she should every year. Some years more, some less.

Sort of following from that comes my first rule of boat buying: "Do not buy the biggest boat you can afford. Buy the smallest boat you can tolerate."

Now a tolerable size is different for everybody, and different for every use. For some people a Dana 24 might be as small as they could tolerate, for a few others it might be a Wally 105. But, you WILL have more fun with a smaller boat. You will sail it more, and have money left over to do fun things when you get to where you are sailing to. Unfortunately, that is a rule people ignore far more often than not. Big and shiny overwhelm common sense.

http://fetchinketch.net

This is great advice, and I will remember it. By your logic, if I splurge for 25k on a boat that sold 150,000 new I can keep it running for between 5 and 10 years with what I got left, and there's my answer. And since I sail a small boat pretty much every day I'm near water and it's blowing less than 30kt, I agree with your philosophy on that, too. Thank you!

[zeehag]

before you ask how much can you afford, which is like asking the aston martin dealer what the la gonda you covet costs..he says if you must ask you cannot afford it..... first ask yourself..
how much boat can i sail???
how much strange can i handle before it kills me...what would make this boat more easily managed by only me...
and what are your exit plans.
obviously you asking this question means you havent the skills yet to handle much boat. learn diesel repair, sailing skilzzz, weather, anchoring, and how to dock your toy, and rigging. you will need to tune your rig occasionally. learn to do the necessary repairs to keep boat sailing and floating. saves a lot of money and stress on yourself.
learn to repair the diesel and rewire all boat by self. then you can handle a larger more roomy monster. 41 formosa is easier to manage solo and short handed than a 35 ericson.
boats are as individual as lovers. choose wisely so ye dont have to redo.

[AJ_n_Audrey]

A couple of years ago I looked at a pristine 28-year-old Contessa 32 for $45K. Not much in the way of electronics, but otherwise almost like new. But those sort of opportunities are not common. If I were planning to spend $100K, I would get a bigger boat, especially if I were going to live on it. And I would look at a lot of boats, and get a lot of advice from experienced sailors before buying.

[boatman61]

Taken from another thread by Steadyhand..
What is possible if one has the spirit and will.. A quiet achiever, sailing alone around the world
You just have to find where you fit in between the above and what others think is indispensable..

[meirriba]

If total budget is $100k, i.e. it will cover running costs ad well, do the following math:
X for purchase, 0.3X for basic upgrade/repairs, 0.1X annual maintenance per number of cruising years. The above is not god's gospel and you will get different factors from different people but I think the methodology may be of help.

[CascadeThumper]

IMHO, try to get a good boat that needs nothing at a great price. That is half of what you will soon be spending.

[a64pilot]

Originally Posted by geoleo

.....almost all 32ft sailboats are really sloooowwwwwwwwwww so you better have plenty of time ............suggest an older high quality 40 ft-er as the price of these has really dropped a lot in past 4 years.........

This but not so much due to speed. A 40 is twice as big as a 32 and can be had for about the same price.
I’d spend no more than 50K and bank the other 50 and don’t buy anything for a year. You may be surprised at how much of that necessary stuff isn’t and in fact it may just add to a continuing maintenance cost. Running up and down the East cost require very little more than a sound hull and a good engine

[1Sunseeker]

That's sort of like asking how high is up? With that budget you are home safe. That Freedom above looks very tempting to me. I bought my 32' in Long Beach for about 27K and have put that much and more into it. but it is still only 32'. Actually 31'-6".

There are many factors to consider, your experience, age, marital status, a pet? Where do you want to go, mentioned above, but plans change. Will you need to work to supplement the cruising funds? Work clothes storage? Is this to be considered your first and last boat? The only thing I would really stress is try to find a good second hand one that the PO has spent many $$$$ on to bring/keep in solid condition. They are out there. Try San Diego for a P.O. boat as many folks from the NW start out to sail around the world get as far as San Diego and one or both bail out. And remember a boat can sit very quietly in it's slip and things will go wrong. Buy a boat that you are proud to own. Even though my boat is only 31'-6" a lot of folks tell me how nice she looks. And it's a 77 model. I am proud of her but no matter what I do, she is still only 31'-6". Sorry, "La Traviata" now don't pout.

[CruiseEasy]

Originally Posted by daletournier

You can get alot if 32 ft boat for 100k!!! I know you didn't ask what type of boat but if I was looking that sort or size with that sort of money I'd look at something like this 1997 Freedom 35 Sail Boat For Sale - www.yachtworld.com

Very good quality, fast, classy, soooo easy to sail and you'd still have money in the bank. Sorry, bit of a little drift.

Even if they come down on price, I feel that is too much on a $100K budget... unless he has a pension or other check coming in regularly or he desires to work/cruise to cover the ongoing maintenance and living expenses.

[nwdiver]

This is what your 100k can buy, well sorted, great brand, new rigging, newer beta engine, wrong side of the pond but that may be an opportunity.......

1983 Hallberg Rassy 352 Sail Boat For Sale - www.yachtworld.com

[CruiseEasy]

Originally Posted by billknny

The cost to buy the boat is (almost) immaterial. The cost to maintain it is everything. Figure on 5 to 10% of the price of the boat as IF IT WAS NEW. A new 32 footer would set you back (very roughly) $150K, so expect to spend between $7.5k and $15K on keeping her working as she should every year. Some years more, some less.
http://fetchinketch.net

Does this 5-10% rule of thumb apply to a full compliment new electronics being maintained along with other modern equipment and gadgets being maintained by shop or marina labor? Bottom job labor vs DIY cost in this estimate formula?

[captjamied]

Personally, I feel anything more than $1000/ft. (LOA) is no bargain..

[CascadeThumper]

Originally Posted by nwdiver

This is what your 100k can buy, well sorted, great brand, new rigging, newer beta engine, wrong side of the pond but that may be an opportunity.......

1983 Hallberg Rassy 352 Sail Boat For Sale - www.yachtworld.com

Nice boat. My experience says that 100K will quickly become 200K. I always end up double with everything nautical despite my good intentions.

[NedX]

Originally Posted by boatman61

Taken from another thread by Steadyhand..
What is possible if one has the spirit and will.. A quiet achiever, sailing alone around the world
You just have to find where you fit in between the above and what others think is indispensable..

That is an absolutely incredible story, and thank you for sharing it. I'm a lot closer to that guy than I am to some of the stuff I've read on this site, but a long way to go to be him.