We are interested in estimating the annual cost of ownership to operate a ~ 34 to 36' boat in the Great Lakes area (Parry Sound, ON). We have been chartering for several years and are considering purchasing a boat when we retire (a few yrs off). We are thinking about a 5-10 yr old boat (e.g. Beneteau, Catalina, Hunter or equiv.). Are there any rules of thumb for maintenance, depreciation, insurance etc.? What would the list of major expenses be? Thanks very much for sharing your experience. Ian R
Annual cost of ownership for 34 - 36'
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For my 1985 35' O'DAY..
it costs me about $600 per month just for marina fees where I stay. You could do better if you got into a yatch club rather than a marina but you may have to come up with an initiation fee that may be around $5000 or more. My insurance cost about $500/year, a newer boat like the one you want will probably be more. If you plan on travelling around a lot you will have to pay daily marina fees which for me is about $40/day. Then there is always something alse that comes up, that's why its called a B.O.A.T. = Break Out Another Thousand.
it costs me about $600 per month just for marina fees where I stay. You could do better if you got into a yatch club rather than a marina but you may have to come up with an initiation fee that may be around $5000 or more. My insurance cost about $500/year, a newer boat like the one you want will probably be more. If you plan on travelling around a lot you will have to pay daily marina fees which for me is about $40/day. Then there is always something alse that comes up, that's why its called a B.O.A.T. = Break Out Another Thousand.
Annual Cost
Marina Fees - for your area Winter Storage - for your area Boat Insurance Umbrella Insurance Policy Towing Insurance Annual Maint/Repair Routine Maint/Repair Do you plan to pay someone to do maint, or can you do most of it yourself?
Marina Fees - for your area Winter Storage - for your area Boat Insurance Umbrella Insurance Policy Towing Insurance Annual Maint/Repair Routine Maint/Repair Do you plan to pay someone to do maint, or can you do most of it yourself?
R
Rick I
No rule of thumb
Insurance 1000-2000 Summer Dockage 1000 - 3000 Winter storage 500 - 2000 Hauling 300 -500 Maintenance 100 - 10000 As you can see the numbers vary greatly, a lot depends on your ability to fix things and the condition of the boat you buy. If you are going to rely on others you will have to pay. If you know boats and are handy and are inclined to do your own work it's a lot cheaper. Your best bet is to join a self help club. Even with intiation fees and club dues it works out cheaper in the long run. The big plus is that you will meet people who know how to fix things and have had the problem before. If you're not buying the boat for a few years go to your local club and become a crew member. The experience and knowledge you'll gain is priceless. Apologies to mastercard commercial.
Insurance 1000-2000 Summer Dockage 1000 - 3000 Winter storage 500 - 2000 Hauling 300 -500 Maintenance 100 - 10000 As you can see the numbers vary greatly, a lot depends on your ability to fix things and the condition of the boat you buy. If you are going to rely on others you will have to pay. If you know boats and are handy and are inclined to do your own work it's a lot cheaper. Your best bet is to join a self help club. Even with intiation fees and club dues it works out cheaper in the long run. The big plus is that you will meet people who know how to fix things and have had the problem before. If you're not buying the boat for a few years go to your local club and become a crew member. The experience and knowledge you'll gain is priceless. Apologies to mastercard commercial.
Thanks for input
Thank you very much for your response. I have requested budget quotes for insurance, storage and hauling. In my youth I worked at a boat shop, so have some very rusty skills, but that was smaller boats and many years ago now. Do you have any ideas on how to estimate depreciation? Ian R
Thank you very much for your response. I have requested budget quotes for insurance, storage and hauling. In my youth I worked at a boat shop, so have some very rusty skills, but that was smaller boats and many years ago now. Do you have any ideas on how to estimate depreciation? Ian R
S
Steve O.
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1988 H33.5 annual fees: boat payment 2400 insurance 500 registration 100 fuel 50-100 slip fee 3000 (May-Oct) maintenance (est) 500-1000 haul-out & store 1000
1988 H33.5 annual fees: boat payment 2400 insurance 500 registration 100 fuel 50-100 slip fee 3000 (May-Oct) maintenance (est) 500-1000 haul-out & store 1000
Costs
It's virtually impossible to estimate costs because they are so different based on the expenses of ownership in your part of the country. My boat is in eastern OK... my 40' slip rental is $141/month (including water, garbage, security and some electicity...use more costs more); no haul out costs and no winter storage costs.
It's virtually impossible to estimate costs because they are so different based on the expenses of ownership in your part of the country. My boat is in eastern OK... my 40' slip rental is $141/month (including water, garbage, security and some electicity...use more costs more); no haul out costs and no winter storage costs.
Thanks again for all your input
Thanks to all who have shared their experiences. I now have an improved basis to develop a budget estimate. Variability seems to be a theme, and willingness to do one's maintenance as much as possible is an opportunity. Although I hope to enter this with my eyes open, I have to agree with Abe ... however the money shakes ont, I know it will be well worth it. Thanks again, Ian R
Thanks to all who have shared their experiences. I now have an improved basis to develop a budget estimate. Variability seems to be a theme, and willingness to do one's maintenance as much as possible is an opportunity. Although I hope to enter this with my eyes open, I have to agree with Abe ... however the money shakes ont, I know it will be well worth it. Thanks again, Ian R
R
Rick I
$141 a month??
Hey Bert, Don't know OK at all but the price sounds real good. What's the sailing like down there.
Hey Bert, Don't know OK at all but the price sounds real good. What's the sailing like down there.
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