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Monthly Cost of Ownership


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There was a thread not too long ago where people were posting up what their monthly cost of ownership was (payment, gas, storage, etc.). I'm not trying to depress everyone by bringing it back up :biggrin: , but would like to go review that thread. I've been searching for the last hour and can't seem to stumble across it again. Anyone have a link? Thanks in advance!

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There was a thread not too long ago where people were posting up what their monthly cost of ownership was (payment, gas, storage, etc.). I'm not trying to depress everyone by bringing it back up Biggrin.gif , but would like to go review that thread. I've been searching for the last hour and can't seem to stumble across it again. Anyone have a link? Thanks in advance!

Don't have the link but here is a simple version of what I do for cost planning.

55.00 per month stroage

one to two tanks of gas a week during the summer when the kids are out of school. ( usually around 40 to 50 gal.)

One trip per week during school (spring and fall) Usually about 15 gal.

For boat vacations I plan a tank a day.

No payment

I think my insurance is 500 per year Not sure.

A lot of what you are looking for is going the be based on what is going on in your life. Right now with three kids and an adoption under way, kids drive my schedule. We are down to one trip a week due to school, and activities. Work on how often you will hit the lake and for how long each day, this will affect how much fuel you need to have in your budget. Also call around your local area to see what the cost of storage will be, it varies greatly. Your payment will be based on what you buy, how much down payment and what financing you choose. There are bank calculators that you can play around with and find out what you have to do to get the numbers where you need them.

Also don't forget to budget for life's little unexpected problems, they will come at you and you need a cash savings for a cushion.

Good luck getting into a nice boat. and don't forget that used is a great option.

REW

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I think the thread you're talking about was specifically the cost of houseboat ownership.

If so, here's the thread.

Yeah, I started the HB thread, I don't recall a thread on boat ownership...

HeHe...with the current state of financial affairs and the sheer number of assaults on my bank account a HB or any kind of fun for that matter is just a pipe dream at this point.... :Frustrated::cry::badmood::blowup:

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For me...Payment=$0 Rockon.gif Storage in the garage=$0 Leaves a lot more $$$ for gas Blush.gif

Wont fit in the garage, some id10t built my house with a garage door that is only 6'8".

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Hmm, maybe I'm just dreaming or it was on another forum. As I recall, there was a thread where everyone kind of tallied up their monthly cost. Most didn't really want to think about it, but all agreed it was worth it for the enjoyment and memories made on the water :thumbup:

Edited by hethj7
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There was a thread not too long ago where people were posting up what their monthly cost of ownership was (payment, gas, storage, etc.). I'm not trying to depress everyone by bringing it back up :biggrin: , but would like to go review that thread. I've been searching for the last hour and can't seem to stumble across it again. Anyone have a link? Thanks in advance!

Varies a whole bunch state to state, city to city. Andy by how you use the boat. Equipment you buy, extras you add, projects you do, gas you burn, etc. Just add it all up and divide by 12 and that's how much you need per month.

If you borrow, add your boat payment plus how much your boat depreciates each year (divided by 12). Buy a $50,000 boat, and it loses $20,000 in value in the first 5 years. If the boat payment is $500/mo - and you are losing $4,000/yr in depreciation - your monthly ownership cost is $833 plus everything else. If you pay outright, just the depreciation divided by 12 plus everything else. And once out of warranty, just budget something for repairs and maintenance every year.

Example - I winterize myself - costs me about $60/yr. My storage is indoors at a friend's barn - costs me $125 for 5 months of storage. ($18/mo)

I could take the boat to a marina, have it stored indoors, and winterized for a breathtaking $850 ($70/mo).

Point being - it's really a wide range. Just my $.02. It is really wise, in my opinion, to budget a monthly boat expense, and accrue the funds in slow months and spend the surplus in busier months. It sounds like that's what you are trying to do. Smart.

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Exactly. We definitely want to buy before next season, but I want to make sure I do all my research. I just want to make sure we aren't forgetting some hidden costs, and that once we drop XX amount on a new (to us) boat, we don't all of a sudden find out we can't afford to put gas in it because we forgot to budget for insurance, or life jackets and boards, or taxes, or.....

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Gas, gas, gas. And dont forget the extra gas your tow vehicle will use if you are towing (or driving a long distance) to your spot. And that all depends on your situation, where you boat and how much time you spend on the water. Its a real expense, especially when the boat is new to you and you want to spend evey second you can in it!

I'm fortunate, our lake house is only about 30 minutes from where I normally live and work. Boat sits on the lift ready for me, so I dont have to tow it anywhere. BUT, we scoot up to the lake 2 or 3 times a week after work for a couple of hours on the water, in addition to some quality weekend time up there.

We've put almost 1000 bucks into the fuel tank of my new boat since I picked it up exactly 4 weeks ago today. And that does not include the gas needed for each trip to/from the lake, which I'd estimate to be another 50 or 60 gallons a month easy.

BUT, our season is short here. I cant spend that much on fuel each month on a regular basis, id go broke :crazy:. We only run like that for 3 months a year, and even at that, the past 4 weeks have been a bit more than normal (a new boat and very good weather are to blame).

Edited by chadwick02
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Payment

Storage

gas

insurance

yearly unsecured taxes (luxury tax)

Gear (boards, sacks, jackets, towels, sunscreen, tools, spare parts,flag)

food/drinks

fuel to get to the lake

TIME to go to the lake

Did I forget anything??

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Somewhat hidden cost for me was the cost of the lift. We pay $700 a summer to have a pier spot at the public park, but are required to have a lift. Rounding up a little, 8-10K new. Also kids grow out of equipment pretty quick, and also learn that wakeboarding with one of our orange preservers isn't cool. Just kidding, but we did just have to upgrade the board the older kids ride, and all 4 kids vests. And that starts adding up fast.

Well worth it.

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Payment

Storage

gas

insurance

yearly unsecured taxes (luxury tax)

Gear (boards, sacks, jackets, towels, sunscreen, tools, spare parts,flag)

food/drinks

fuel to get to the lake

TIME to go to the lake

Did I forget anything??

Here are some less broad details.

These are specifics from my budget - your results will vary a lot.

I budget $300/mo for boat fuel in June, July and August. I burn about 20 - 30gals in a week of playing around, and taking my kids skiing and wakeboarding.

I bump my auto gas&fuel budget up about $100 - $150/mo during the summer months for towing.

Boat Repair & Maint - I accrue $150/mo, leaving me with $1,800/yr to work on the boat. I use that money for maintenance & repair, as well as improvement projects. This year, I reupholstered 2 seats and the engine cover for $800, bought tires for the trailer, had the cover patched, have spent about $100 in wax and cleaning products, replaced some stereo components, etc.. Insurance is about $20/mo.

I have another budget line for Kids Activities. If you have kids, the equipment is expensive and needs to be replaced as they grow. Skis and wakeboards are about $300-$500 each every other year or so. Wet suits, board shorts, ropes and handles, boot butter, rash guards, etc. Just last month, at the Malibu Open, young son 1 talked me into a MasterLine locking gloves and young son 2 talked me into a new vest - Seth Stisher's folk also helped. Total bill - $165 - just for kicks and giggles.

My launch fees are only about $100 for annual permits on the two lakes we use most often. Another $100 for the daily launches on other lakes in my part of the world. There are areas where launch and inspection fees can be $100/day though.

Bottom line - in June, July and August, my boating budget is about $600/mo. In April, May, Sept & Oct, it is about $400/mo. And in the winter, it's about $200/mo.

Big thing here - I don't have a boat payment and I have an old boat that is pretty much done depreciating. And I live in a state where it's pretty inexpensive to own a boat (tax and launch).

If you borrow, and you have a newer boat, and you are going to try to stay ahead of the depreciation, you have to save what the boat is losing each year. The boat payment won't begin to keep up with that until way late in the loan. I also don't have a lift, we don't pay luxury taxes in WI, our registration is only about $25/yr, and there are no taxes on the boat other than sales tax when we purchased. You may have big monthly costs for those items depending where you live.

I'm on the really, really low end of the curve. Older boat, older truck leaves me with an annual expense of about $4,500. The big $50k+ boats with the required big trucks to tow - loans, depreciation, more fuel, more expensive toys, more expensive upgrades - those boats can easily cost $12,000 - $18,000 or more a year to own and operate.

Hope that helps fill in some blanks?

Edited by JeffS
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boat reg. $50

Trailer reg. $100

Storage $175/mo (I know, I know, but it's cheaper than a new house)

Insurance $400

Maintenance (impeller, oil, filter, grease, tranny fluid) $100

Repairs (stuff that breaks -- this year tires alone were $400) $500

Boat Toys $800 (boards, etc)

OUCH -- so my "fixed" costs are $4K

Then gas and ramp fees.

Ramp ($10 avg)

Gas $100/day between boat and truck if we stay within 50 miles, $150+/- if we go farther.

spray wax / cleaning supplies / misc $30 a month or so

We find we also probably spend more on food -- prepared foods for the boat (sandwiches, etc) and then take out when we get home because we sure aren't cooking at 7:30 or 8:00 pm after a full day on the lake. That's probably another $30-40 a weekend than we'd spend if we stay home.

Good lord. I'd probably better get back to work!

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Jeff's response is probably the most thorough so far. I didn't see where he mentioned it specifically, but don't forget to figure the maintenance on the trailer that you should be doing - tires, brakes, bearings, etc etc. For most, it's just as important as maintaining the boat. I would also point out that if there are any special items on the tow rig or special ways that you treat it because it is a tow rig then that would need to be accounted for as well.

My uncle told me years ago when we bought our first boat, "don't ever run the monthly figures on it, it won't do you any good".

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"don't ever run the monthly figures on it, it won't do you any good".

...until you try to budget a dune buggy because you're never at the lake house anymore! Then ya' start thinkin...

To the OP, my whole boat budget for the Echelon is less than $2,000 per year, with everything. It's about the experience, not the boat. Go cheap, make the best of it and have a good time. I slalom, wakeboard, barefoot, and next summer will surf that beotch. I get lots of "nice boat!" compliments, and our family has a blast with it.

If I were upgrading, it would be to a 1999 or so. Maybe around $18k. Something in better than new condition.

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Hmm, maybe I'm just dreaming or it was on another forum. As I recall, there was a thread where everyone kind of tallied up their monthly cost. Most didn't really want to think about it, but all agreed it was worth it for the enjoyment and memories made on the water :thumbup:

It was on that other forum. :P If you can't find it, I can PM you over there.

When I did it there, I had my Moomba, which was paid for. Now I have the 2010, which came with a payment and I don't want to know. :)

I do know that in July we spent $1000 on gas between two vehicle and a boat. We spend ~$100 a day between the boat and towing back and forth to our normal lake 60 miles away. Most of my regulars fill the tow vehicle or the boat, but we go out alone quite a bit, too.

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Jeff's response is probably the most thorough so far. I didn't see where he mentioned it specifically, but don't forget to figure the maintenance on the trailer that you should be doing - tires, brakes, bearings, etc etc. For most, it's just as important as maintaining the boat. I would also point out that if there are any special items on the tow rig or special ways that you treat it because it is a tow rig then that would need to be accounted for as well.

My uncle told me years ago when we bought our first boat, "don't ever run the monthly figures on it, it won't do you any good".

It can be shocking - that's for sure.

For a while - we did the age-old justification...

Put it on the credit card - we don't boat in the winter, we'll just pay it off then.

And we didn't.

A couple of years of that - and uff-da.

It's not a happy moment when you have to look up at your boat from the depths of the hole you just dug yourself into...

I know that no one here would EVER be digging a hole. It's only us other guys who ever made that mistake. Blush.gif

Knowing what I know now though...my oh my... If you are afraid to know your annual cost - you might want to get honest and run it, before it runs you. Innocent.gif

Edited by JeffS
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...until you try to budget a dune buggy because you're never at the lake house anymore! Then ya' start thinkin...

To the OP, my whole boat budget for the Echelon is less than $2,000 per year, with everything. It's about the experience, not the boat. Go cheap, make the best of it and have a good time. I slalom, wakeboard, barefoot, and next summer will surf that beotch. I get lots of "nice boat!" compliments, and our family has a blast with it.

If I were upgrading, it would be to a 1999 or so. Maybe around $18k. Something in better than new condition.

:rofl::rofl:

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2010 23 LSV - $70,000

Gas in boat & Truck (one day) - $200

Fun with my kids & friends - Priceless

How many other sports can we do with our entire family and a bunch of friends for $200 a day? Not many. Try taking a family of 4 golfing at a decent course. How about a day of snow skiing at Tahoe? Except for the initial investment in the boat, the daily cost is probably less than those activities and it is a hell of a lot more fun. Been going almost every summer weekend for the past 23 years and wouldn't change a thing if I had it to do over again.

Edited by Roselaw1
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