Cost of Boat Ownership

Willhound

With it being -15F out today and nothing better to do, I was reflecting back on our first year as owners of our first cruiser. It had been a long time dream and we had planned for several years before jumping in. I had no illusions about costs, I knew it would not be cheap. You can justify it however you want, compare it to golf memberships, the cost of owning a vacation property, travelling and staying in accommodations etc. but the reality is you need a deep wallet. I had thought maybe around $6000 a year, turns out I was at least a couple of grand low. Fuel was a big cost but my attitude is that I'm not going to own a boat to just sit in a slip (many at our marina do) and if I am going someplace, it'll be on plane. I actually think that my average cost of about $28/Hr was reasonable. All dollar figures shown are CDN, so discount by about 20% for US exchange.
I'm a very analytical person. I just have a need to know. So I took a few minutes to put together the table below. It helps me as far as planning future expenditures, and may help others who may be thinking about taking the plunge. I should add that this is likely a bottom end costing. Although we love our FV270 and it is more than adequate for our current needs, most would consider it an entry level cruiser. Single engine and drive to run and maintain, no generator to maintain or fuel, lower slip fee, but just a solid starting platform.
There are also likely a multitude of things I forgot, likely another $500 or so. That little tool or part I thought I needed, little extras for the cabin, etc. I also did not include the cost of entertainment/food/booze. Likely another $2000 over the cost of the summer. That extra case of beer, the stops at dock side restaurants, food for guests. I didn't include it because I figure I'd do a lot of that anyway, boat or no boat. But likely a little more with the boat. Add another $2000 for the 4 day trip we did to Georgian Bay and the half a dozen or so overnights at other marinas. We would have taken a summer vacation somewhere anyway and likely spent about the same. But if you do add it all up, our first year of operation was likely around $14,000 but as shown below, some of that was one time and start up costs.
Here's the break down:

Handymans342

Minus slip fee I am with you

Willhound

I'd live to have your "slip" @Handymans342 but I imagine the initial purchase and annual taxes are more than my finances would allow. 

Handymans342

Well I don't have bottom painting or winterization either. Plus I dont have time to use it either. Still working full time. 

Willhound

Aww....crap. Forgot winterization. Add another $300.

I'm kind of in the same situation Handy. I was semi-retired, worked about 3 days a week to help a local company. But to be honest, I was too young and started to feel like I was wasting away, so when the company recently asked me to take on a new full time position I agreed. Not sure how I'll like it when boating season rolls around again, but I'm sure the Admiral will like the additional fuel money....

randy56

It's easy to say it will be at least 10,000 per year. you cannot count food and beer, as you are going to eat and drink beer anyway. No mater what your hobby is. 

summerx

you also don't  have the initial purchase of the boat here?  regardless of if you pay in cash or finance, there is a cost for that as well.
I am impressed that you didn't spend more than that with initial, one time purchases as well.  I seem to spend thousands every year on "stuff" for the boat?
I would love to do that for my boat, but am afraid the admiral would find it and make me sell it...lol.

seguir

I have roughly the same breakdown.  We have a 2009 280EC.  This spring we have major outdrive service and expect a bill around $3500. 

Dude_Himself

I keep my 2007 280 EC on a trailer - $840 a year. I wish we had $3k slips around here!

reneechris14

I'm in the same ballpark as you around 10k us$ per year.
4k slip
3k fuel
3k maintenance, haul out , wrap, winterizing 
Time on water is priceless!!

Handymans342

What would you do with that 10G if you didnt have a boat?

reneechris14

The admiral would have rebuilding the house. She says it's and investment but that's no fun. Did that the 1st 20 years. Sold that house double my money and bought a bigger house. Did I say boats are more fun.

Handymans342

Boats are a great enjoyment and getaway if you can use them every weekend or better yet when you retire

Dream_Inn

Handymans342 said:

What would you do with that 10G if you didnt have a boat?

Probably go on fancy vacations. I don't even want to think what I've spent this year, but it's more than what I spent on my first boat (24') years ago.

bella-vita

Nothing I enjoy as much as boating! It’s worth every penny.

LaRea

Boating keeps me from driving cars on race tracks, which is even more expensive than boating.  I could never afford to stop boating.  The more time I spend boating, the more money I save. 

boatman37

I added mine up a few months ago. Including $2000 for new canvas I was about $5000 for the year for a 25'er. Slip fees were about $1300. I do maintenance myself and being on a river with locks and dams it limits our trips. We have a couple of spots we like to anchor so we generally only go a few miles from the marina and anchor so we only went through about $500 in fuel (about 25 hours this year).

Michael T

While @Willhound has done an awesome job (......I wish those had been the costs of ownership and usage of my Rnker cruisers - EC 310 and EC 360 LOL) I measured boat ownership means other than financial costs. The benefits to me were the value of times spent with family and friends - particularly the children and grand children (better on the water than in someone's friggin' basement or at a mall), fresh air, exercise and relaxation. Plus it's pretty hard to beat the thrill of winding your engine(s) -up and punching out of the hole as well as being one of the last places to "motor" that doesn't have a set of lines painted on the route!

BTW .....Enjoy the cost of gas (diesel for Handy) while you can. the enviro nuts are already lobbying for all-electric boats. :-)

Willhound

Have to absolutely agree, you can't put a price in the intrinsic value and enjoyment we all derive from our various Rinker's. That sense of freedom out on the water, the pride of ownership and keeping her "ship shape", the time with family and friends etc. My little exercise in accounting was something I was interested in figuring out and to give me a benchmark going forward. Others may find it interesting or useful also, if only to prove how insane we all are!

Handymans342

Just budget 10 G a year and your good

Willhound

seguir said:

I have roughly the same breakdown.  We have a 2009 280EC.  This spring we have major outdrive service and expect a bill around $3500. 

I am looking at the same. It might just be an upper drive shaft seal, in which case under $500. But if the shaft is scored (and I have a feeling it is) it could be closer to your figure. Mechanic says he might also be able to clean up the shaft and install a sleeve. Won't know until he takes it all apart later this winter.

Handymans342

What would this baby take to maintain???

randy56

Slip fee's, bottom cleaning by a diver, keeping it clean, oil change's, annual maintenance. Would exceed my annual budget. But mister, I would love to captain/ live aboard,  that for a couple month"s

reneechris14

Cost doesn't matter if you can see it from your pool handy. It's only money you can make more.

LaRea

I always figure the annual operating budget is 10% to 15% of the boat's value, not including the alcohol budget (which, on an Aicon 56, could be significant).  

Dirtythirty

There are two types of people when it comes to boats...there are "boat owners", they keep a boat for an occasional day out on the water, they take their friends out, they use their boat for recreation.    
Then, there are "boaters"...Boaters will make their boat a part of their lifestyle. They spend the weekend at the dock, sleep on their boat, cook on the dock, socialize with dock neighbors, and take extended trips to distant locations.
Regardless of which category you may fall into, you need to understand one thing. NOTHING about boat ownership is cheap. If you are worried about the dollars, then boat ownership may not be the way to go for you.  There are expenses and then there are the hidden expenses and after that are the unexpected expenses.  All of which will just keep draining your wallet.  You need to love the lure of the water and overlook the cost factor.  Storms, winter, things that break, preventive maintenance.....the list is endless.  In reality, if you are putting pen to paper trying to figure out if a boat is something that may be an enjoyable pastime for you and your family, I suggest you look at packing a picnic lunch and heading out to the park. 
Buying a new boat will help with the repair and maintenance expenses for a year or two.  But you will be paying it up front.
Buying used will incur repair and refit costs if you aren't satisfied with the overall condition of the vessel when you purchase it. 
The cost of a trailer will off-set the cost of dockage and winter lay up (depending on vessel size).    
Monthly payment, vessel insurance, dockage, winter lay-up, registration, hourly mechanics rate ($100./hr if you don't do all maintenance yourself), fuel, pump-out, electricity, provisions, interior decorating and upgrades. Recreational items,(towables, rafts, vests, coolers...) complete set of dock lines and fenders. 
GEEZ, where do I stop ?...Anyway, you get the idea.  
Think it over well before you jump in.  Once you do, you'll either lose your shirt getting out or you'll be buying a bigger boat !

Ian

BOAT after all is an acronym and not a noun......

randy56

and a 4 letter word............

rasbury

I'll drink to that. Not for faint of heart for sure..

Michael T

@icoultha agreed BOAT. Being Out At Teller.

luvinlife

Yes boating is expensive, Dirtythirty is spot on as far a the reality of costs. I am in the "boater" category......boating is my passion and my favorite thing to do. My dad loved boats as well and we always had boats growing up.  To me, the experiences and memories created on the water along with just the relaxing and calming effect of the water make it worth every penny. Sunny summer afternoons on my boat with friend and family, music playing, cold beverages, visiting beautiful places - priceless. Many family members and friends would never get that experience unless I had my boat. I can't tell you how many times people told me that the day out on our boat was one of their favorite days of summer. Life is about creating experiences, enjoying life, nature, visiting new places. I love it and don't fret over the expense.