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BadgerBoater55

Cost of boat planning

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BadgerBoater55

Hey Crew,

I will be starting my search for my first personally owned boat in the next 3-6 months and would like some guidance on what to expect in terms of cost.  I know that varies heavily on the boat I ultimately end up buying, but there are a few costs that should remain somewhat "fixed" such as oil changes, winterization, upkeep (boat bling  / waxing / etc.), and insurance costs.  Any help would be appreciated, feel free to comment below or shoot me a pm with any tips, tricks, and personal costs.

If anyone has a spreadsheet (I LOVE SPREADSHEETS) that would be awesome!

Thanks.

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Pnwrider

Don't worry about the cost. you'll figure it out as you go. besides, how do you put a price on fun? 

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nlouthan

Don't forget property tax 

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Sixball
4 minutes ago, nlouthan said:

Don't forget property tax 

In our parts of the USA we pay a tax when we buy, No annual other the registration! :whistle:   What kind of boat are we thinking Ski, Surf, size and power.  

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Rednucleus

My thought is once you arrive at a appropriate affordable budget for the boat purchase, the other supportive costs should not be a big deal and certainly not extravagant.  Probably fuel will be your biggest expense besides the boat depending on hours of use.

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footndale

Oil changes can be down for less than $30

Winterization  oil change, trans change($20) and RV antifreeze if you use it( $20)

Oh, by the way, this means you are doing it and not someone else.

Boat bling/waxe  - endless if you want or about $60/year.

Enjoying the boat, priceless. :)

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Pnwrider
45 minutes ago, Rednucleus said:

My thought is once you arrive at a appropriate affordable budget for the boat purchase, the other supportive costs should not be a big deal and certainly not extravagant.  Probably fuel will be your biggest expense besides the boat depending on hours of use.

Eh, maybe this varies by region, but it's all the things that nickel and dime you that could actually add up to more than the loan payment on say a 30k first time boat purchase. example:

Covered storage: $150-200 a month here, if you can get in.

Reliable tow vehicle: 15-20k min

Insurance through ski safe is cheap, maybe 350 ish depending on price of boat and limits.

Don't forget the trailer maintenance (bearings, tires, etc).

And then there is all the equipment to start out. ski, boards (surf and wake), tubes, tow ropes, dock lines, fenders, pfd, first aid kit, cooler, etc. 

 

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Chrisjjbrown

I would just assume a couple grand a year minimum.  

 

 

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Chrisjjbrown
7 hours ago, Pnwrider said:

Don't worry about the cost. you'll figure it out as you go. besides, how do you put a price on fun? 

That's a sound financial plan can I be your client   

Dont listen to Jer bear ......his wife clipped him and he has apparently valued fun at 0 based on his rig 

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hethj7

Well, here are a few things to consider.  Obviously, some of these costs can vary greatly depending on the boat and I'm sure I'm not 100% accurate on some of the accessory items, but it should give you a good idea.  

Insurance - $460/year for me with an agreed upon value north of $100K on the LSV

Sales Tax - One time deal and not applicable in all states, but for me it was somewhere between 8 and 9% of purchase price, less what I sold the old boat for

Personal Property Tax - I haven't paid it on the new boat yet, but am guessing it will be around $1,500 (ouch).  

Slip rental - I think I'm somewhere around $1200/year for a 12'x28' slip at my local lake

Boat lift - One time costs, but figure between $3000-$8000K depending on new vs. used, style, and capacity

Dry lot storage for the trailer - $450/annually

Winter storage - $600 (I'm able to put mine in limestone caves here that stay about 60 degrees all year long).  

If you don't already have gear, there will be a lot of 1 time costs to get set up -

Lifejackets - Probably $50-100 each for some decent vests to ride in, and then you can fill out the rest with the orange ones to keep you legal on the water.

Throw cushion - $15

Skier Flag - $10

Fire extinguisher - $25

Ropes, fenders, anchor, etc. - Really depends what you buy, but I'd budget $4-500 for this.  That would get you a box anchor, nice fenders, all kinds of dock and fender lines, etc.  

Tools - I keep some cheap tools on the boat just in case.  Figure $50 or so initially

Spare prop - $400-600

Prop puller kit - $150??  been a while since I priced them

AO cooler or similar for the boat - $80+

A few boat/pool toys for the cove - $50 for water guns, noodles, etc. 

Oil pump, drain pan, etc. to start doing your own maintenance - $150 for a nice Mityvac and large drain pan.   

Chocks and trailer lock - $40

Ball and Hitch - $50

Boat buckles, if not already on the trailer - $100

 

Wakeboards, surfboards, etc. - Even just a few decent boards, bindings, etc. will probably set you back $1000 bucks easily.  You can of course spend much more.   

Cleaning supplies - Maybe $50-100 per year.  Really depends how often and how heavily you are using the products

Trailer maintenance - Again, depends on age and condition of the trailer.  ON my 2000 VLX in 5 years of ownership, I probably spent $1200 on it for new tires, had to rewire the lights, and put on new bearing buddies.   

 

Cover - depending on what you buy and the condition of the cover, you may not need one.  But, if you do, the good ones are probably $900-1200 depending on size and features.  

Stereo - Again, depends what you get with the boat.   If you have nothing, I spent about $2500 putting a system in my old VLX.   I did the labor and that got me a very, very good system, but not a high end one like some guys here have.   For that price, I got 3 amps, new cabin speakers, 2 tower speakers, new head unit, 10" sub, battery switch and VSR, level controllers, and all wiring etc. for the installation.  

Perfect Pass - If not on the boat already, your probably in the $1200 range to buy PP Stargazer (that would not include installation). 

Ballast bags - Depending what is on the boat you may not need anything.  But, figure $120 for an over the side pump and $300 per bag to get started.   Again, it all depends what bags, what size, automated vs. manual systems, etc.  

 

 

 

 

 

 

 

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minnmarker
2 hours ago, Chrisjjbrown said:

I would just assume a couple grand a year minimum. 

For gas. :(

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Chrisjjbrown
10 hours ago, minnmarker said:

For gas. :(

 

11 hours ago, hethj7 said:

Well, here are a few things to consider.  Obviously, some of these costs can vary greatly depending on the boat and I'm sure I'm not 100% accurate on some of the accessory items, but it should give you a good idea.  

Insurance - $460/year for me with an agreed upon value north of $100K on the LSV

Sales Tax - One time deal and not applicable in all states, but for me it was somewhere between 8 and 9% of purchase price, less what I sold the old boat for

Personal Property Tax - I haven't paid it on the new boat yet, but am guessing it will be around $1,500 (ouch).  

Slip rental - I think I'm somewhere around $1200/year for a 12'x28' slip at my local lake

Boat lift - One time costs, but figure between $3000-$8000K depending on new vs. used, style, and capacity

Dry lot storage for the trailer - $450/annually

Winter storage - $600 (I'm able to put mine in limestone caves here that stay about 60 degrees all year long).  

If you don't already have gear, there will be a lot of 1 time costs to get set up -

Lifejackets - Probably $50-100 each for some decent vests to ride in, and then you can fill out the rest with the orange ones to keep you legal on the water.

Throw cushion - $15

Skier Flag - $10

Fire extinguisher - $25

Ropes, fenders, anchor, etc. - Really depends what you buy, but I'd budget $4-500 for this.  That would get you a box anchor, nice fenders, all kinds of dock and fender lines, etc.  

Tools - I keep some cheap tools on the boat just in case.  Figure $50 or so initially

Spare prop - $400-600

Prop puller kit - $150??  been a while since I priced them

AO cooler or similar for the boat - $80+

A few boat/pool toys for the cove - $50 for water guns, noodles, etc. 

Oil pump, drain pan, etc. to start doing your own maintenance - $150 for a nice Mityvac and large drain pan.   

Chocks and trailer lock - $40

Ball and Hitch - $50

Boat buckles, if not already on the trailer - $100

 

Wakeboards, surfboards, etc. - Even just a few decent boards, bindings, etc. will probably set you back $1000 bucks easily.  You can of course spend much more.   

Cleaning supplies - Maybe $50-100 per year.  Really depends how often and how heavily you are using the products

Trailer maintenance - Again, depends on age and condition of the trailer.  ON my 2000 VLX in 5 years of ownership, I probably spent $1200 on it for new tires, had to rewire the lights, and put on new bearing buddies.   

 

Cover - depending on what you buy and the condition of the cover, you may not need one.  But, if you do, the good ones are probably $900-1200 depending on size and features.  

Stereo - Again, depends what you get with the boat.   If you have nothing, I spent about $2500 putting a system in my old VLX.   I did the labor and that got me a very, very good system, but not a high end one like some guys here have.   For that price, I got 3 amps, new cabin speakers, 2 tower speakers, new head unit, 10" sub, battery switch and VSR, level controllers, and all wiring etc. for the installation.  

Perfect Pass - If not on the boat already, your probably in the $1200 range to buy PP Stargazer (that would not include installation). 

Ballast bags - Depending what is on the boat you may not need anything.  But, figure $120 for an over the side pump and $300 per bag to get started.   Again, it all depends what bags, what size, automated vs. manual systems, etc.  

 

 

 

 

 

 

 

Great lists here,

300 per ballast bag seems about 100 or so high .....but everything else seems reasonable, good news is once you have a lot of this stuff your good to go .....until something on your boat breaks

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05hammerhead
21 hours ago, BadgerBoater55 said:

Hey Crew,

I will be starting my search for my first personally owned boat in the next 3-6 months and would like some guidance on what to expect in terms of cost.  I know that varies heavily on the boat I ultimately end up buying, but there are a few costs that should remain somewhat "fixed" such as oil changes, winterization, upkeep (boat bling  / waxing / etc.), and insurance costs.  Any help would be appreciated, feel free to comment below or shoot me a pm with any tips, tricks, and personal costs.

If anyone has a spreadsheet (I LOVE SPREADSHEETS) that would be awesome!

Thanks.

Once youve bought and paid for the boat, I would expect at minimum $5k a year in expenses between new gear, gas, insurance, service, storage etc.  Now if you have a garage to store it in, save a grand, if you do all your own service, save a grand, dont want new gear, save a grand, dont ever drive it, save a few grand.   Id say the non-negotiables will be insurance and service fees.  The crew can help with the service fees, but then you gotta do it yourself.   These beasts aint cheap...not even close.  Shoot, Id bet youd save a ton of money owning a Ferrari.

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BadgerBoater55
11 hours ago, 05hammerhead said:

Once youve bought and paid for the boat, I would expect at minimum $5k a year in expenses between new gear, gas, insurance, service, storage etc.  Now if you have a garage to store it in, save a grand, if you do all your own service, save a grand, dont want new gear, save a grand, dont ever drive it, save a few grand.   Id say the non-negotiables will be insurance and service fees.  The crew can help with the service fees, but then you gotta do it yourself.   These beasts aint cheap...not even close.  Shoot, Id bet youd save a ton of money owning a Ferrari.

Thanks for the tip. I know they aren't cheap, but you can't put a dollar sign on enjoying life.  Another member sent me his spreadsheets so consider this thread mission complete!

Thanks though!

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BadgerBoater55
22 hours ago, hethj7 said:

Well, here are a few things to consider.  Obviously, some of these costs can vary greatly depending on the boat and I'm sure I'm not 100% accurate on some of the accessory items, but it should give you a good idea.  

Insurance - $460/year for me with an agreed upon value north of $100K on the LSV

Sales Tax - One time deal and not applicable in all states, but for me it was somewhere between 8 and 9% of purchase price, less what I sold the old boat for

Personal Property Tax - I haven't paid it on the new boat yet, but am guessing it will be around $1,500 (ouch).  

Slip rental - I think I'm somewhere around $1200/year for a 12'x28' slip at my local lake

Boat lift - One time costs, but figure between $3000-$8000K depending on new vs. used, style, and capacity

Dry lot storage for the trailer - $450/annually

Winter storage - $600 (I'm able to put mine in limestone caves here that stay about 60 degrees all year long).  

If you don't already have gear, there will be a lot of 1 time costs to get set up -

Lifejackets - Probably $50-100 each for some decent vests to ride in, and then you can fill out the rest with the orange ones to keep you legal on the water.

Throw cushion - $15

Skier Flag - $10

Fire extinguisher - $25

Ropes, fenders, anchor, etc. - Really depends what you buy, but I'd budget $4-500 for this.  That would get you a box anchor, nice fenders, all kinds of dock and fender lines, etc.  

Tools - I keep some cheap tools on the boat just in case.  Figure $50 or so initially

Spare prop - $400-600

Prop puller kit - $150??  been a while since I priced them

AO cooler or similar for the boat - $80+

A few boat/pool toys for the cove - $50 for water guns, noodles, etc. 

Oil pump, drain pan, etc. to start doing your own maintenance - $150 for a nice Mityvac and large drain pan.   

Chocks and trailer lock - $40

Ball and Hitch - $50

Boat buckles, if not already on the trailer - $100

 

Wakeboards, surfboards, etc. - Even just a few decent boards, bindings, etc. will probably set you back $1000 bucks easily.  You can of course spend much more.   

Cleaning supplies - Maybe $50-100 per year.  Really depends how often and how heavily you are using the products

Trailer maintenance - Again, depends on age and condition of the trailer.  ON my 2000 VLX in 5 years of ownership, I probably spent $1200 on it for new tires, had to rewire the lights, and put on new bearing buddies.   

 

Cover - depending on what you buy and the condition of the cover, you may not need one.  But, if you do, the good ones are probably $900-1200 depending on size and features.  

Stereo - Again, depends what you get with the boat.   If you have nothing, I spent about $2500 putting a system in my old VLX.   I did the labor and that got me a very, very good system, but not a high end one like some guys here have.   For that price, I got 3 amps, new cabin speakers, 2 tower speakers, new head unit, 10" sub, battery switch and VSR, level controllers, and all wiring etc. for the installation.  

Perfect Pass - If not on the boat already, your probably in the $1200 range to buy PP Stargazer (that would not include installation). 

Ballast bags - Depending what is on the boat you may not need anything.  But, figure $120 for an over the side pump and $300 per bag to get started.   Again, it all depends what bags, what size, automated vs. manual systems, etc.  

 

 

 

 

 

 

 

Thanks @hethj7 ! Rock solid list here!  

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CoMtnBu

We have a short season here in CO so I stopped doing the math a few years ago, as I enjoy my days on the lake too much to think about what it actually costs.

That said, it costs me ~100/mo just to own a boat, before actual use.  

45/mo storage, outside

30/mo insurance

wear and tear on tires cover etc... 200/yr, have to replace ~4-6yrs, in cycles.

reg trailer and boat   75/yr

repairs and maintenance ~150/yr.  Been Lucky so far.   I winterize and do most/all maintenance myself.

Considering we only get 15-18 days on a good year, you see why I quit doing the math.  

This doesn't include the Camper Van, gas and insurance on that, plus boat fuel, Parks Passes etc...

It's an expensive hobby, but you can't put a price on taking your two daughters wake surfing or tubing for the first time.  

With all that, it's still my favorite way to spend a weekend, and it won't change if I continue to have a say in it.

 

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BadgerBoater55
7 hours ago, CoMtnBu said:

It's an expensive hobby, but you can't put a price on taking your two daughters wake surfing or tubing for the first time.  

With all that, it's still my favorite way to spend a weekend, and it won't change if I continue to have a say in it.

 

If you haven't participated yet, please seek out a local Wake the World event!  Talk about not being able to put a price on an experience... One of the children at our event said "this was the best day of my life" and I nearly broke down right on the spot.... Thank goodness for sunglasses.  It was easily one of the most rewarding days of my life and everyone had a lot of fun too!  

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wedge88

I have always figured off the rule of 2x the monthly boat payment.  $500/mo x 2 x 12mo = $12,000.  Now this figure covers boat pmt, gas, maintenance items, insurance etc but it also covers most of the use of the boat.  We don't live on a lake so we have to trailer for day, weekend and week trips so it requires truck gas, cabin rentals, slip rentals etc.   We split the cost of cabin rentals with other families to save money but we usually do two week long trips, a couple long weekend trips and then day trips but even a day trip can add up to a lot with truck/boat gas and food.

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05hammerhead
12 hours ago, BadgerBoater55 said:

Thanks for the tip. I know they aren't cheap, but you can't put a dollar sign on enjoying life.  Another member sent me his spreadsheets so consider this thread mission complete!

Thanks though!

Wasnt trying to talk you out of it, it was more of me kicking myself thinking about how much money I spend on the damn thing and trying to justify it.  HAHA.  I will say, no matter how much fun I have wakeboarding or surfing, my favorite part of my boat is sunday morning coffee cruises with the wife.  So invest in a nice big thermos.

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BadgerBoater55
1 hour ago, 05hammerhead said:

Wasnt trying to talk you out of it, it was more of me kicking myself thinking about how much money I spend on the damn thing and trying to justify it.  HAHA.  I will say, no matter how much fun I have wakeboarding or surfing, my favorite part of my boat is sunday morning coffee cruises with the wife.  So invest in a nice big thermos.

Being a financial advisor (Hopefully soon to be CFP come next month)... It is REALLY HARD to talk myself into it.  But then again my favorite part of my job is helping people enjoy what they have earned while still accomplishing goals.  Expensive, quickly depreciating assets are not good recommendations in most cases... BUT.... :werule:

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DarkSide

The costs vary greatly depending on what your wants/needs are and your local economy for reference here is my local area storage options.  So this can be get crazy expensive fast.  Or not so bad if you plan accordingly.

Example storage 

Garage = Free if it fits and you can do it.  I have never been able to do this yet.

Outdoor uncovered = $80/mo

Covered = $120/mo

12x30 garage = $220/mo

Marina slip = $250/mo open no power

Marina slip = $502/mo with power and lift.

 

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Woodski

Not sure on which type boat (slalom / wake) or how your usage will be, for my slalom / barefoot usage my boat consumes 4.5 GPH or over the last 20 years about $8/hr.  I don't spend any time really cruising around, it serves as a slalom / barefoot tug so it is running hard most of the time but it is a light boat so not using a lot of % throttle.  Others may be able to add in fuel consumption.  So in the big picture, not a big part of your budgeting but not insignificant either.

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