Average cost of owning formula

[polaris2.11]

33 foot boat - all in: slip, taxes, insurance, fees, towing, maintenance, upgrades - we are doing ok on a base budget of $6k per year and keep her well maintained and cruise ready - but our slip is only $200/month, and I am not counting about $10k for new standing rigging + mainsail + etc. that is budgeted for about 3 years from now.

[buzzstar]

Originally Posted by icedog11

Is there any standard formula for annual cost of yacht ownership either per foot or by another metric.

As you can see, there are no real standards, and many varied opinions and pretty much meaningless individual unrelated examples. Another consideration, is the interest of the provider. For example, both brokers and boat sellers would probably be low, as those with bad individual experience would might tend to be high.

There is nothing wrong with the 10% number at some level, just as there is nothing wrong with 15%, or some other number, it is not a discipline or a science. You should remember two of the standard aphorisms about boats, especially as they grow in size: the hole in the water; as well as, if you have to ask....

As I am sure you have figured out, the closest you might come to a decent guess is knowing an truly open owner of the same or very close, make, model, and year operated in the same locale, with similar equipment, and operated on a similar schedule. But then, do not forget to factor in the value of your enjoyment. Good luck!

[cpt_757]

Originally Posted by dwedeking2

Good Month: Bank Account Balance - $20 (for beers at the bar)

Bad Month: Bank Account Balance + Credit Card Availability/2 - $10 (for cheap beers at the bar)

Good month: dreaming an upgrade.
Bad month: start looking for an odds job to cover a cost.


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[sailorboy1]

Originally Posted by icedog11

Is there any standard formula for annual cost of yacht ownerships.

NO! There is only internet formula discussions

[a64pilot]

I do not go with the 10% rule either, as I can't see it making sense.
I buy a new boat for 300K, it costs 30K a yr?
I buy an old boat for 30K, it only costs 3K per year?
Substitute a house, car , airplane or anything just about for boat and it doesn't make sense, I don't think it does for a boat either, although maybe on AVERAGE people spend 10% for an average boat I don't know.

I'm in the it cost either what you have or are willing to put into the thing. I have spent and will spend a lot more than 10% for at least another year, then hope the excess spending will buy a couple years of lower than average spending.
I have put a lot of Luxuries, not needed, but nice to have things in ours as I am having to work longer than I wanted to or needed to, so I guess I splurge some, and I think these things will help keep the better half happier, and I know if she is not happy, well you know the rest.

Funny thing is, it's easy for me to show you what an airplane will cost you per year as engine and propeller life is known as is overhaul cost, insurance, hangar etc are fixed.
But a boat isn't nearly as easy to determine costs long term.
A blown engine, blister job, lost rig, will throw the averages out of wack for a long time.

[Hudson Force]

Much of the costs are varied by how much, as an owner, you are willing, free and capable of controlling the costs. I recently replaced 14 port lights for a total of $1,500. I spent as much money on twelve of the fixed port lights as I did for two higher cost, but very nice, aft cabin opening port lights. Everything was ordered online and installed myself. My $1,500 project, that I'm extremely pleased with, could have been $4,500 if I had selected the more expensive port lights for all 14 locations and my $1,500 cost could have gown to $9,000 if I had just taken my boat to a yard and signed off for all the parts, installation and labor.

It's the same with marina costs. We can rent a slip for a month for our size boat at a cost of $450 or $1,200. We can buy a daily rate for $45 or $200.

We don't often find that the more expensive choices offer equivalent value for the increased cost.