Expenses

[Rick D]

I took my log book home and put it into Excel for no good reason. Anyhow, I couldn't help but add up the maintenance and additional equipment columns. It was surprisingly even between the two. However, it adds up to 50% of the boat's probable present value after nine years of my ownership (purchased used five years old). I knew I shouldn't have added it up!

As an aside, near where my boat is located in Long Beach/Los Angeles Harbors, it isn't unusual to see loaded tankers anchored off, no doubt playing the commodities market. Something new I have never seen before: a car carrier sitting out there for four weeks. Hard to tell if it's loaded or empty. I know they were out of storage space on the docks, but it's hard to imagine it was just shut down after unloading, but maybe so.

 

[Ross]

Do you hire the maintenance or do your own work and just buy supplies? Labor is very costly and is worth it if you can: A, make more money doing what you do best or B, lack the skills to do the work yourself. If "B" then learning the skills is worth while. If it is "A" then carry on. If you are doing your own work and just buy supplies then you will soon get past the equity of improvements and will stop buying new gear. Your material cost for maintenance should level out soon also to just a few hundred per year tops.

 

[Stu Jackson]

it adds up to 50% of the boat's probable present value after nine years of my ownership (purchased used five years old). I knew I shouldn't have added it up!after unloading, but maybe so.

Me, too, Rick. 12 year old boat, owned for almost 10 years (July 1998). More like 80% of what we paid for the boat, but we installed a completely upgraded electrical system. My profile covers more of what we did. Much of it was elective, because the boat would be sailing just fine without everything but maintenance (new raw water pump, etc.)

I do all my own work on the boat save standing rigging, new furler installation and one dumb mechanic who I'll never let near my engine again!

Figures began to drop after the first five years. Doesn't include fuel, insurance and dock fees.

But it's been worth every penny!

 

[sailingdog]

You do know that there's basically no financially sound reason for owning a recreational sailboat.

 

[Bob S]

It kind of justifies buying a used boat.:dance: You get so much more!

 

[larryw]

Rick D- Huge mistake! I did pretty much the same thing several years ago and regretted it ever since. I try not to keep track of boat (or any toy) expenses now, cause a total is just too depressing. I sail (and ride) to forget that kind of thing.

 

[Mike B]

Every now and then I think of how much money boating has cost us. Then I think of how much pleasure it's provided. I know a lot of people that have saved and done little else. We're just making sure when our time comes we'll leave with no regrets. Life's too short to save all that money and to leave it to someone else. We're outfitting a new boat so you can see how we think

 

[Mike G.]

Don't even think of determining the cost/sail

For us Northerners who don't sail as often, don't even think of dividing the total costs by the amount of times you sail. You will really be down when you quantify the cost per sail.

 

[Rick9671]

I have yet to own a sailboat that didn't need some equipment replaced or improved. If nothing else, the sails need replacement periodically.

 

[Rick D]

Ross: Re Maintenance

The biggest ticket items were new sails, new dodger, electrical upgrade, Raymarine ST60+ instruments, replacement radar and chartplotter, folding prop and bottom jobs and new holding tank and Lonseal floor. I did not factor in insurance, slip rent nor my washdown and dive service. Can't do my own bottom job, most shops don't allow DYI anymore; my canvas work is passable, but not sophisticated enough for big jobs. I do my own engine service. I can't imagine having to rely on someone to do the zillion minor things youhave to do all the time. First is the cost, second the aggravation getting it done through someone else.

 

[rardiH36]

Expenses - Consider Opportunity Cost As A Way to Feel Better About It

The way that I reconcile the occasional "owner's remorse" about my boat purchase price and the on-going expense is to compare against the cost of doing something else with the funds and then contemplating if that alternative would have given me (and my family/friends) more satisfaction and benefit. Examples:

- The net upfront purchase price for my boat (bought about 20 months ago - first boat owned) was about the same as a Toyota Camry (at least the price in mid 2007 before out current economic situation) with a some option upgrades such as leather seats. A new car is nice, but other than maybe some feel good moments for a while after driving the car home from the dealer, a new car wouldn't have done much to provide ongoing fun and a bit of lifestyle modification that I was seeking. Sailing and owning a boat on the other hand provides a plethora of experiences not available to most people. And if you are a DIY'er who actually seeks out maintenance/repair/upgrade projects for fun and challenge, that's another benefit.

- My purchase price + plus maintenance and upgrades since the purchase totals to maybe about the price of a decked out SUV (again the price of a SUV before the we entered into this economic downturn). Still I much prefer to have bought the boat.

- Dock fees + taxes + insurance + other recurring expenses for me is less than what I understand condo fees+property taxes+snow removal+utilities+etc are for a typical two bedroom condo in the Lake Tahoe area. And its likely for most people that a condo comes with mortgage payments.

- Sailing is a hobby and an interest. Expenditure on alternatives such as golf and skiing also can add up.

- I expect that I could sell my boat (even in today's second hand market) for somewhere about 50%-60% of so for my "investment". That 40-50% loss is about the same (or less) as if one instead had put the funds into the stock market back in May of 2007. So the opportunity cost of owning the boat vis-a-vis the market is zero.

- Do you spend a lot of time at the boat, either sailing of just hanging out? Either by yourself or with friends and family? Alternative activities also cost money.

- A second hand boat in good condition probably depreciates at a lesser rate than most new cars or SUV's.

Anyway, this thought process is how I reconcile the cost of boat ownership. It's a successful strategy for me on the occassion I might doubt. I've had a great time owning the boat the last couple of years. At this stage of my life, I can't think of another expenditure that would have given me the same return.

rardi

 

[BobM]

I always tell my Wife that there are much worse habits I could have...and on the plus side...at least my other woman weighs a lot more than her LOL!

 

[sailaway78]

I am afraid to total it up

I am afraid to add up the total costs. Of course I have approx. numbers floating around in my head, but I really don't want to see it written down and toatalled. Ignorance is bliss they say.

 

[NotCook]

I figure that for the cost of our boat, plus the maintenance, dockage, insurance - everything we have spent - we could permanently live on cruise ships. There must be something else we are getting out of it - no, really, let me think - I know something will come to me...

 

[petersea]

What ever you do don't try and get the cost per hour you will be severely depressed ! !

 

[higgs]

Are You Crazy!!!!!

Never, ever make any attempt to look at what you spend on your boat. Are you nuts! Of course it is a losing proposition. You expected otherwise? Boat owners are goofballs.

 

[Ross]

We must recognize that the value we receive from boating far exceeds the cost. The contentment that I get from being on the water and away from the bustle of life on land is worth far more than I spend to make it possible. Could I make it happen in some other way? Probably. A small boat on a smaller pond would still allow me a degree of freedom that I can't get in a car on the road or in a tent in the woods. I have never cared for golf and spectator sports are just ok for me. I can sit on a drift wood log on an isolated shore and have a much better day than I can ever have at a ball game.

 

[Timo42]

Whatever you do, don't let your wife see the numbers, My wife still has the $800 I paid for the hull in her head, hasn't computed my Harken investment (doing better than my 401k), the chartplotter, radio, motor, stove, spinnaker, etc:dance: She knows I spend money on it but is in denial about it.
Tim

 

[Andy1237]

Cheaper than therapy but as addictive as drugs.
It's been a long winter and I'm tired of Nyquil-I need some real therapy.

 

[Benny]

The way to do the calculations is to divide the total cost of the boat and maintenance by the number of times you take her out. It will always yield an ever diminishing figure which will make you feel good. We pay for the privilege of sailing when we want to and going to where we want to go with whomever may accept our invitation.