Annual Cost data

[CaptainMorgan]

When boat shopping years ago, i recall folks warning me that buying the boat was the easy/cheap part, its all the other stuff that adds up.  Didn't know at the time what that meant, nor how to estimate such costs.  With winterization complete and my final 2023 spreadsheet entries saved, i realized its probably useful data to potential boaters. 

So below is my summary of operational/ownership costs with some notes after 4 full summers with my A24.  i have probably optimized for time/convenience more than min cost, so i tried to break out into categories so folks can estimate what applies to their situation.  

For reference, boat lives on a lift all summer, and shrinkwrapped in my driveway for winter.  Half my trips are family cruise/tube/casual surf (2 boys are in middle school, can surf but are just as happy tubing).  Other half are me and buddies on surf/foil specific outings.  Data is annual average for 2020 thru 2023:

-- Trips = 32.3 // Avg Engine hrs = 84.3 // Gallons of fuel = 405 (4.8 gal/hr)

-- Fuel cost = $1892 --> avg has been $4.67/gal on the water at very convenient marina that is ethanol free; note that gas in '20 and '21 cost like 1200 and in '22 and '23 was closer to $2500

-- Supplies = $831   --> e.g. towboat US membership, anodes, wax/polish, oils/sprays, lifejackets, backup prop, replaced batteries, extra swivel board rack, added non-skid to gunwales, new flares

-- Maintenance = $1081  --> slowly getting more brave with doing jobs myself - as i learn from TMC and have been buying supplies to do so (like an oil extractor pump, prop change kit).  But over 4 yrs its been 90% done by dealership at end of season;  e.g. winterization, impeller replacements, change various fluids, replace starter (relays & wiring harness replaced under warranty)

-- Shrinkwrap = $600 --> don't have a garage

-- Transport = $500 --> don't have an appropriate tow vehicle, pay a guy who has a boat moving business to tow it to/from dealership for annual winterization -- 1.5 hrs each way

-- Toys = $1424 --> wife cringe would if she realized i've spent $6k on toys over the past couple years.  Really driven by 2 big purchases, a GoFoil setup and a Soulcraft custom board -- without those, it'd be more like $400/yr of wetsuits, tube replacements, ropes, helmets, lead, and a generic skimboard.

So after buying and insuring the boat, its costing me about $6k/yr to operate it.  Totally worth it to me, especially when i get shots like below that get me street cred with my kids!

 

[hethj7]

Insurance?  Personal property taxes, depending on your state?  

 

And some of the toys budget in theory should drop.  The temptation is always there, but life jackets and boards aren't always annual purchases.   

[CaptainMorgan]

yeah the toys in theory should slow down...but that takes self control LOL  

For surfing, i find that i've got 4 boards and don't see need for any more.  I have a generic surf-style for kids + beginners, my soulcraft, a generic skim style, and a bigger guy board for visitors.

Foiling has the potential to bankrupt you fast with not only expensive initial setup but then different wing/tail/fuselage combo's; let alone friends trying to drag me into winging.  

[ahopkins22LSV]

Still way less and much more enjoyable then a Disney vacation! 

[Steve B.]

A lot of money yes. But, especially in today's market and being a toy it amazes me how this line of boats retain long term dollar value. Then you can sell it and someone will continue that value. 

[Nick55]

In terms of hobbies, boating isn’t bad.  I have never actually totaled up annual expenses but my wife is a former auditor so I’m sure she has a good handle on it….. she’s only commented once that something seemed a little expensive. However, my other hobby is flying, and that has eye watering costs per hour (easily $750 an hour).  So 8-10 hours a month of flying is seen and felt a lot more.   At least with boating, my whole family wants to go and use it.  So I’d pay any amount of money for that. 

[CaptainMorgan]

21 minutes ago, ahopkins22LSV said:

Still way less and much more enjoyable then a Disney vacation! 

HA yes, disney can bankrupt you fast! 

and i counted over 100 different guests during that time; most of whom mention the boat / ask about the next trip any time i see them throughout the year -- and that's exactly why we keep doing it.

[hethj7]

Man, Disney in here catching stray bullets!  We love Disney as well.

But yes, the boat with multiple friends and family is simply awesome!

[Circleof5ths]

The street cred is worth it!

[ahopkins22LSV]

14 hours ago, CaptainMorgan said:

HA yes, disney can bankrupt you fast! 

and i counted over 100 different guests during that time; most of whom mention the boat / ask about the next trip any time i see them throughout the year -- and that's exactly why we keep doing it.

100%!!

And I wasn't trying to slam Disney, it has it's place for a lot of people. It is just funny at work because I'll have coworkers kind of slander our boat and then I watch them take 2-3 week long trips to Disney or other big resorts a year. And when I tell them the math works to be way cheaper in my favor plus I can "vacation" pretty much whenever I want the look on their faces is also priceless.

[MikeR397]

The operating costs, particularly under warranty are not of concern. I can DIY all maintenance, store it free, and will fill with 5 gallon gas jugs from discounted grocery fuel (I have done this for 9 years with my pontoon and give zero s***s about ethanol free for a boat I’m likely not keeping past the 5yr warranty period). 
 

I’m more concerned/annoyed about depreciation on my “$130k entry level T220 with 18% off msrp” 5 years later. Hoping it’s not losing $10-$12k a year but that’s what I expect over 5yrs and maybe 50-75hrs a year use — maybe $65k value then? It was still worth it to me to spec it my way on a 24MY and the full 5yr warranty is nice to have. 
 

amazing pic OP!

Edited November 12, 2023 by MikeR397

[hethj7]

Depreciation has been very good on wakeboats for years.  Now, buying at the post Covid peak we may see a larger drop off but right now $65K probably gets you into boats that are 10-15 years old, not 5.   

[dlb]

As an example of depreciation, we sold our 2002 WSLSV in 2020 for $26400. Had it built for $42000.  So depreciation was about $867 per year when our four kids were growing up.  I am pretty sure that our Malibu was the best investment we ever made for family fun.  Our oldest is turning 30 soon and the youngest was about 18 months when we bought it.  Their formative years summers were spent on that boat.

[dizzygti]

Some people don't like to know the totals.   For them, ignorance is bliss and they can afford it.   I can afford it, but want to know regardless.    

Picked up the boat May 23rd.   

Hours to date: 229.5

Insurance (annual) = $846 including Boat US $99 membership

Storage= $680.97 (covered, $110/mo, 3 miles from the house, 3 miles from storage to the boat ramp, lake is 7+ ft low, requires 6.5 miles to the next useable ramp)   

Surfing gear (boards, vests, wetsuits) = $2518.38

Boat equipment (cleaning supplies, wheel chocks, anchors, lines, fenders, Domed numbers, etc) = $2115.08

Gas/Oil/Maintenance (all gas purchased at land stations as we trailer, I do all the work myself for oil changes/impellers) = $5120.89

Gas donations = $3644.36   This is a combo of friends chipping in and being compensated by the local surf group for captain'ing 2-3 hours every other Sunday weather dependent    We were out yesterday from 1:30 to 5:15 as an example, was the sixth time this year with the group which has netted $2075 in "gas money" for ~25 hours of engine time.   

This is first year of boat ownership, and we are loving it.   Usage will slow down through the winter obviously, but we are hooked and our friends are all considering buying their own boats now.    We are fortunate to live close to a large accessible lake, the in-laws let us use their dock when they're travelling, trailering and storage isn't a hassle, and this just fits our lifestyle.  Wife wants her own board this off season, but that should be about it for equipment for a while.    With the heavy usage slowing down, the average monthly operating costs will come down, but I'm at ~$1100/mo in storage, transportation, and operating costs.  So I'm averaging 46 hrs/mo,  $870/mo in gas/oil, ~5.75 gallons/hr with most of it surfing (cruising and trips to restaurants have died down since the season is over) and obviously heavy usage.  Happy boating!   

 

 

Edited November 20, 2023 by dizzygti

[mxmark4]

We did right at 120 hours this year, with a new to us boat which  I had to outfit prior to starting the season. Added heater, more ballast, and a couple other comforts for the wife which bumped up the cost. New board for the wife too. Other toys were donated in form of a new tube from a friend and minor little things like a few new jackets and ropes that were on sale. Biggest expenses are fuel and the garage I built to store our boat since we arent on the water. All in all I am ok not knowing exactly what it costs me, I know the payment and fuel costs and thats good enough. Doing all my own maintenance saves me a chunk of change and allows for tools that benefit my shop on paying jobs. Hoping to upgrade one more time but want to see what next year brings as far as deals and interest rates which starts all this over again with modding a boat if I cant find one equipped how I want. 

[JasonK]

My group started shrink-wrapping our boats ourself. It only cost me $100 this year. 

[MikeR397]

1 hour ago, JasonK said:

My group started shrink-wrapping our boats ourself. It only cost me $100 this year. 

I live on a canal which doesn’t freeze and after water levels drop is only a foot deep so leave my hoists and docks in the water for a decade now no issues. I just put the cover on my boats and keep them on the hoist all winter tucked up right under the canopy. 

[minnmarker]

We pay $370 every spring and fall to have our lifts put in and taken out.  The Malibu sure uses more gas than the pontoon and Waverunners combined!  No maintenance costs because I do the simple stuff.  Hoping it stays that way!

[minnmarker]

Zebra mussels just showed up this Summer so gotta have everything on lifts.

[TallRedRider]

I used to be pretty critical of folks who worried about some of the day to day expenses of using a boat.  Buying a $150K boat and then worrying about gas prices just didn't sit well with me.  And I still am, but to a much lesser degree.    The big hole in the yearly expense is the depreciation of the boat.  In year's past, people who sell a boat for nearly what they paid (cue up 5 people about to post about it), which made the boat owning cost not 150K, but just the yearly expenses.  I suspect that is not going to hold for the next couple of years, but I don't know.  

I admire the folks who keep track of their expenses in detail, but I just pay without thinking when it comes to the boat. Everything else gets a more serious cost and benefit analysis.  

[Nick55]

Tell, you make a good point.  But I’m the whole scheme of ownership, the purchase price of the boat is generally a small chunk of the overall use life.  Fuel costs can make a huge difference. I see this in aircraft.  If I’m taking on 700 gallons, $.50 a gallon at a different airport is a big difference in that trip.  Same with waiting to fill at the marina if you trailer. 

[IJM]

Dang Nick55. What you flying that uploads 700 gallons? 4500 lbs of fuel is not a small fuel order.

[Nick55]

I fly big prop planes, but I have friends who have Citations and when we travel and share pro-rated expenses like we are legally allowed to it’s easy to top off a Citation V with that.  And it’s easier to just take turns paying sometimes vs putting it on two cards. 

Either way, Jet-A was much easier on the wallet until a couple years ago…… so yeah, shopping around (think Gary instead of Midway if landing in Chicago, you can save 40% on fuel depending).  Today, at Midway, Jet-A is $8.90 without programs, at Gary it is $5.39. 

We had a Sea Ray 450 Sundancer and it took 400 gallons to fill the tanks (plus 50 or 60 for the generator) and buying diesel in Michigan City was way cheaper than any of the Chicago harbors.  
 

Edited November 17, 2023 by Nick55

[MikeR397]

My old man has a searay 400 with 300 gallon tanks and uses 5 gallons jugs just like I do ;). I have a truck and a lot of jugs, f marina gas. 

[IJM]

2 hours ago, Nick55 said:

I fly big prop planes, but I have friends who have Citations and when we travel and share pro-rated expenses like we are legally allowed to it’s easy to top off a Citation V with that.  And it’s easier to just take turns paying sometimes vs putting it on two cards. 

Either way, Jet-A was much easier on the wallet until a couple years ago…… so yeah, shopping around (think Gary instead of Midway if landing in Chicago, you can save 40% on fuel depending).  Today, at Midway, Jet-A is $8.90 without programs, at Gary it is $5.39. 

We had a Sea Ray 450 Sundancer and it took 400 gallons to fill the tanks (plus 50 or 60 for the generator) and buying diesel in Michigan City was way cheaper than any of the Chicago harbors.  
 

Nice! Great way to get around isn’t it. I do the same. If gas is cheap I top it off, if gas is expensive I take only what I need. Back a while ago I read a study done by Flight Safety that compared the cost savings buying cheaper gas vs the extra fuel burn required to fly with the weight of the extra fuel. Study found it never paid off to carry extra fuel you didn’t need. However, I think that study would have different results with the price of aviation fuel these days. That study was done back in the late 90’s. Plus as you know. The only time you have too much fuel is when you’re on fire. 😂😂😂