Cost of Boat Ownership

rasbury

My dry storage is 50 bucks a month...for sure typically buy fuel on land...finishing up 2 months in slip that was 300 a month...wish I could do that year round as it sure is nice to stop by the boat and have a beer!

mattie

Insurance $1050
Indoor winter cold storage $1250
Summer stacking indoors $3500
Winterize fall/spring start $1000
=$6,800 CDN

Obviously running the boat costs are on top. Doesn't include preventative maintenance. Batteries, impellers, etc.

MarkB

Uhhmmm. I wouldn't do that to yourselves guys .... don't let sanity prevail ... you'll never own a boat then. LOL.

Handymans342

MarkB said:

Uhhmmm. I wouldn't do that to yourselves guys .... don't let sanity prevail ... you'll never own a boat then. LOL.

My point exactly MB. The joy received does not equal the $ pain

MarkB

Cost = $ and time ... lots of time invested too.  For me, it ended up being ... all that $ and time investment to get out 4 or 5 times a year ... it just didn't make sense. If you're able to get on it multiple times a week, and throughout the year ... totally different proposition.

raybo3

IMHO its a quality of life that comes with boating. Getting out on the water is only a part of it. I spend almost everyday at the club and "down at the boat". Spend weekends there and I only live 3 miles from the club. So yes boating to me is worth it. But it sure is a heII of a lot of money....... Just say'n 

Handymans342

raybo3 said:

IMHO its a quality of life that comes with boating. Getting out on the water is only a part of it. I spend almost everyday at the club and "down at the boat". Spend weekends there and I only live 3 miles from the club. So yes boating to me is worth it. But it sure is a heII of a lot of money....... Just say'n 

It's like an EX

oscar1

I pay $7224 per year for a wet slip, plus $3000 on insurance without any maintenances, fuel or food.  But every time a take the boat out for a ride and drink a cold Heineken at anchor. I forget everything about the cost of owning my boat.

davidbrooks

For me it is $6800 a year for a lift slip. $1k for insurance and anywhere from $4-10k a yr in maint or upgrades. I def couldn't imagine life without it anymore. I wish I could also have the club life also to meet like minded folks but can't afford the Annapolis rates. I need ones with more sweat equity required.

GMSLITHO

I have a barter deal 

Dream_Inn

I'm close to $4k per year for my slip.  I own my lift (so that was an initial cost).  Insurance is ~$1k.  I do my own winterization and have a cover, so that is maybe 3-500 bucks including oil changes.  Probably another $3k or more each year for things that need fixed that I can't do (outdrives, gimbals, alignment, etc...).  That is the number that can really vary, as I've purchased 3 new drives total for this boat.

@davidbrooks We need to raft up some time since we are so close.

davidbrooks

@Dream_Inn definitely.  Lets make it happen this summer.  I have been trying to move closer to Annapolis and get a house on the water.  Actually build.  I thought i had one almost on contract but it doesnt look like it is going to happen now.  If you all think boat prices have gotten expensive you should see what i am seeing with the cost of real estate and construction costs.  I am being told even things like plumbing materials cost 40% more than the previous year.

MarkB

oscar1 said:

I pay $7224 per year for a wet slip, plus $3000 on insurance without any maintenances, fuel or food.  But every time a take the boat out for a ride and drink a cold Heineken at anchor. I forget everything about the cost of owning my boat.

Whoa, $3k for insurance?? That is very high, why so much? Should be like $1 to $1.5k.

skennelly

~$2700 for a 35 ft slip for 6 months for me.  ~$1500 to store inside cold.  Guessing $125ish to wondering.  $275 for trailer storage each summer

oscar1

Progressive Insurances prices in miami are very very bad. It is complete ripoff. I have an agreed value for $100,000 and $500,000 liability. I also have insurance my dinghy and the 5hp outboard, plus 125 nautical miles services for my trip to the Bahamas. I got a quote for boatus last year and it was worse. I may have to start looking for a different provide next year.

aero3113

@oscar1Also try Sea Insure through SeaTow.

oscar1

I will read the thread to get some ideas for my next insurance quote. Appreciated 

MarkB

oscar1 said:

Progressive Insurances prices in miami are very very bad. It is complete ripoff. I have an agreed value for $100,000 and $500,000 liability. I also have insurance my dinghy and the 5hp outboard, plus 125 nautical miles services for my trip to the Bahamas. I got a quote for boatus last year and it was worse. I may have to start looking for a different provide next year.

Yeah, that's bad. I had full replacement value on my boat ... just shy of $100k (and it was actually full brand new replacement value), and liability was $2 million. Deductibles were low. I paid like $1200 a year.

Aqua_Aura

Didn't we have this conversation last year about Florida? I think Florida is just expensive given all the boating and environment 🤷🏽‍♂️

oscar1

I don't understand how insurances has different prices by location, because I have an agreed value to replace it in Florida or any other state, but I have to pay more due to my location. Even i don't have any lien-holder in my boat. Insurances are the best business.

Handymans342

oscar1 said:

I don't understand how insurances has different prices by location, because I have an agreed value to replace it in Florida or any other state, but I have to pay more due to my location. Even i don't have any lien-holder in my boat. Insurances are the best business.

Hurricane's

rasbury

Also in FL boating is year round vs up north where you have two weeks.. 

aero3113

rasbury said:

Also in FL boating is year round vs up north where you have two weeks.. 

Don’t rub it in @rasbury !!

J3ff

7500 a year for a slip 1500 for insurance. 5000 for whatever breaks and gas.  I try not to pay attention to it 🤣

MarkB

rasbury said:

Also in FL boating is year round vs up north where you have two weeks.. 

Sure, but our thieves don't rest over Christmas. LOL.

Michael T

Regarding this discussion on costs of boating......I didn't come down in the last rain shower so my rather lengthy take on a lifetime of sports participation, boat and other vehicle expenses, travelling and general toy purchases is that if you start analyzing all of that too much you will end-up sitting in a chair doing nothing and end-up looking back some day with great regret. Anyway, half the fun - h3ll 3/4 of the fun was trying to divert the Admiral's attention while I ordered another up-grade. (She still isn't quite sure how a Rinker EC 310 turned into an EC 360 in one boating season). The last 1/4 of the fun is trying to convince her it was her idea all along. Right now I'm at about 40% success, with no visible signs of trauma - so no flag on that play. I have spent a lot of money on the aforementioned pursuits and when the lights are finally going out I will be lying there with a big smile on my face. BTW I take great pride in my decades long attempt to help Rinker balance their books! As Ray says .....just sayin'

YYZRC

@Michael T, good to hear from you!

LaRea

@Michael T !! Great to hear from you!  Total agree.  I answer to several masters, as I'm also putting my mechanic's kids through college.  

Handymans342

You guys that make heaps of money obviously could care less what your toys cost or how much it takes to maintain them. Just cut another check. No biggie 

randy56

You cannot take it with you.