Question what is your average yearly cost of boat

I am interested in purchasing a boat in the future but need to make sure I can afford. I will pay cash for the boat and need to understand the yearly cost in keeping it running, insurance, storage and stuff like that.

I am not a CPA just doing my homework on boat ownership and understand the numbers, by the way what do all of you people do for a living to afford these 20K to 40K boats?

who said that they have good jobs. mostley anybody can get a loan!
iam just playing
-alex-

Figure 500/yr for insurance. Couple hundred per year in scheduled maintenance.

Two BIG expenses are: fuel and upgrades. We can't seem to stop tweaking our stuff. I don't have bearing buddies and therefore I need bearing buddies. Are my hubs bad or at risk? Nope, but there's a dangling upgrade. Board racks. Amps. Cooler fenders, ropes, anchors, BALLAST, etc.

1,000,000

500/yr for insurance is fair depending on the value of your boat and deductible. Fuel is expensive, depends on how much you will use the boat. boards, ropes, fenders, coolers, etc all add up to more than you think. Bottom line, your time is most valuable, spend it wisely.

Another factor is property tax. This varies per county, but for my county is 1.12 percent of the estimated value of the boat.

Cost of new wakeboard boat and trailer. $33,000.00

New wakeboard for your 7 year old 200.00

Full tank of fuel $55.00

Lunch and drinks for 5 at Subway. $25.00

Watching him jump the wake for the first time. priceless

don't forget about storage during the off season. This can also be expensive.

My biggest expenses are storage (slip fee for summer, cave for winter) and property tax. My insurance is 60 bucks a year. That is not a misprint. Depnds on where you are, value of boat (mine is older) and your record. Gas is high, but then that is controlled by how often you use it. Figure out what you think is appropriate, then add half again and you will be safe.

FYI - yearly slip rental is 800 plus another 250 for winter storage.

The boat is the cheap part....

In California, registration is negligable, but you get hit with ~1% property tax ($30,000 boat is $300 a year).

Full coverage on insurance will cost another 1% to 2% a year.

Gas is a function of how much you use it. I can easily burn through 50 gallons of gas on a weekend. Part of that is at $2.00 a gallon from a gas station, but part is often at $3.50 a gallon at the marina.

I generally end up with a few thousand $$ a year in repair: dinged a prop this year ($75 for repair), ballast tank valve needs replacing, starter is going out ($400), the stupid @#$%^ CD changer is going flakey, oil changes, tune ups, etc.

I pay $50 a month to store the boat because I don't have space at home.

If your boat is new then you will suffer major depreciation, but not too much upkeep. If your boat is older, it won't depreciate much, but seats will need to be reupholstered, carpet replaced, trailer tires replaced, engine repair, etc. etc. etc. etc. etc.

If you are unlucky, you can blow an engine, smash a windshield, rip all the running gear off on a rock, etc. Such occurances can be rather expensive.

Rod

I did some numbers a while back.
Depreciation, maintenance, storage, insurance, gas, toys, tax, and repair were all factored. Using the boat for 100 hrs a year, I figured about 5000 dollars. Some of the costs are reduced by people pitching in.

$100/year : trailer upkeep
$250/year : boat maintenance and repairs
$550/year : Insurance
$100/year : launch fees
$60/year : registrations
$2300/year: gas
------
$3360/year

Then add in payments and storage if you need it.

man you guys did a good job in scaring the heck out of this new prospect buyer. I hope any boat compnay doesnt read this discussion. BUt that bad thing is that all that stuff you gusy said is true.

yeah, don't forget about Tabs for the Trailer, boat and truck, cost could vary depending on area and what you have.

Has anyone mentioned the costs involved in trailering the boat to and from the launch? Not only do you need a stout pull vehicle but you need to fuel it as well. 9 to 10 gpm is the best I would ever get towing--30 miles each way to the ramp--the tow vehicle expeneses start to add up. (So much so I got rid of the ride and went with the house on the lake--but that opens a whole different can of expenses...)

If you have to ask how much? Then it`s to much..
Douglas

This information has been great…. Thank you very much. And no I am not yet scared, just better prepared.

But know one answered my second question. What the @#$# do all of you boat owners do for a living. I only ask so I can do what you do to afford a boat.

I use my boat to run dope from cuba to florida

Jack, It's not all that difficult to own a 20K to 40K boat. Let's do the math:

Boat cost - $38,000.00
Tax - $2,660.00
Down Payment - $4,000.00

Total Financed - $36,660.00

6.5% interest over 180 months - $336.00 / Month

That's not that much to pay per month if you ask me. Some people like to go to clubs every night and spend hundreds of dollars on drinks. I prefer riding as much as I can!

Jack Murphie (murphie07)
You were the one that said you are paying cash for the boat. What do you do is the question?

this was a good question, i needed it, because it's a crazy reality that has just hit home as i try to figure out what i've spent in the last year and have just put it all together and it's amazing. it's been almost one year since i purchased my boat that cost approx 35k. since then i have dropped a total, including everything, of approximately $15,600!!

down payment= $3,500
boat payments= $3,636
stereo= $2,500
wakeboard/vest= $550
15 lake trips
@ an avg of
$250 per trip = $3,750
1 yr storage = $300
100 hr service = $150
1 blown prop = $400
boat insurance= $500
property tax = $330

total = $15,616 (plus i know i'm forgetting something), that's freakin wild!

but you know what, i have a lot of great memories and good times behind me that i'll never forget. i don't regret it at all! enjoy the fruits of your labor.

Keep in mind a lot of that expense is in the first few years of ownership. Vests, etc wear out over time, but you intially have to stock the boat. I am hopefully buying a new boat in the next year and will have little else to buy bu the boat.

It's expensive for us regular guys (well under $100K combined income). But instead of tightening our belts and giving up the other unpure expenses, we just refi/cash out every couple years when the credit cards get to $20K. Oh, hey, gotta go, think it's about time to refi.

Oh yeah, maybe this should go in the "California is a friggin armpit" thread, but we've cashed out $150K over the past seven years while my wife's been home with the kids, and still have $200K in equity - that's all from a $140K home back in '97. Not a lot of places you can get that kind of return.

Yeah true, the first year is a killer. Your second season you will be surprised how much the cost goes down. We are hitting our second year at the Delta for Labor Day weekend, camping. Last year I bought coolers, folding chairs, a couple extra life vests, a big a** tent, a new wakeboard, wakeskate and assorted other items.

Last night I started getting everything together and realized how little I had to get for this year's trip.

Your down payment and stereo should be a one time deal. So you can cut out $6000 there for your second season.

When we bought our boat I spent $1000 in the proshop right away buying, vests, ropes, anchor, bumpers, wakeboard rope and handle, fire extinguisher, throw cushion, cleaning supplies, etc etc. But again going into the second season I was good to go!

I know it was mentioned in a couple of messages as an aside but if you also need to remember sales tax. Easy to forget if you are getting a used boat and they won't let you change ownership at the DMV without it, at least in California.

Some people have been known to give a lower price as the buying price when filing change of ownership with the dmv and thus paying less on their sales tax, no one at the DMV has any clue on boat values and so would not even think to question what you tell them. I would never advocate such a thing personally but one of those things that make you go Mmmmm

I always tell my buddy dave that the best boat is the one your buddy owns! "Here's twenty bucks man, thanks!" And go home without any worries...

if it floats, flys, or F*&ks... its a bottomless money pit!

ALee That is freakin funny!! LOL

I've heard it said:
if it floats, flys, or F*&ks... rent, don't buy

Buy the boat and have one rule...NO BOYS!
You invite one guy you get ten, you invite ten girls you get one. If you are going to buy the beer boat and gas anyway you won't care as much if its all girls.

Riding when everyone else you know is working = priceless!

It's all managable past the fixed costs. These were well covered above. Getting new boards and bindings for you and your kids every few years as well as upgrading vests, ropes and handles are "investments" that are required as well.

Finish a great day riding with your friends or/and family and try to put a value on that. Truly priceless times!