Buying advice please

N

Neil.tf001

New Member
Aug 14, 2018
8
Boat Info
Yet to be determined
Engines
Boatless
Hello all,
I am a few years off buying a boat. I am in the process of doing due diligence, learning about what I want, the uses I waist to use the boat for, what classes are best for the use I plan to do, Navigation, maintenance, etc.
I am in Chicago.

The question I have is;

I would like a (currently) a 480 DA. I plan to have a a Budget of $300,000.
Of this $100,00 I hope will be enough for operation costs, slips etc for around 10 years. (Retirement budget).

Would the members advise buying a boat for $200,000 or around $125,000 and the other $75,000 for upgrades and repairs that most likely will be needed in the first year or so with an older boat.

IE, Plumbing, engines, systems, Generator etc.

Thanks in advance.
 
Welcome to CSR!

I think that depends on how much work you want to do once retired. I'd try to find one that already has the upgrades done. That way you could spend your time enjoying it.
 
Thanks for the reply’s. Having bought used cars, Homes etc, anytime you buy used their always seems to be us seen issues. I would expect this even with the 2 surveys (body etc and Engine’s). Am I wrong with this? Would after a good Survey I be “mostly” trouble free?

Also would $10k a year be reasonable for operating costs?

Thanks
 
Since you are a few years away from buying the boat, start tracking prices.

Pick out your top 2-3 models that you are interested in. Start checking different sources for prices on a regular basis. Start building an understanding of the market - you may see the same boat listed for a year, others may sell fast.

You cannot go build knowledge of the market at a point in time, needs to be over a period of time. While you are researching requirements, how you will use the boat, etc - also start building knowledge of how different models are priced and moving in the market.

Good sources for research: Yachtworld, Marinemax used boats, and boattrader.
 
Also find the discussion thread on this site for the model you are interested in.

Read the entire thread, every single reply (you have a period of time to accomplish this). Will be the best education on the model and the input from owners.

I would also jump out and download several years of specification sheets off the SR website for specific models I may be interested in. I kind of wonder how long that resource will be available.
 
Thanks Football Fan, you give sound advice. All of which I am doing. It’s the cost after the purchase I am looking at.
I understand there are many factors. But in general is it better to get the best boat your budget can handle or hold some back for the unexpected. And how much should the unexpected be budgeted for?
 
$10k/year seems kind of light for a 48 footer. I think slip fees and winter storage will chew into that 10k pretty well.

Check out a few local marinas and see what the charge for summer dockage and winter storage. Winter storage in ascending prices can be outside plus shrink wrap, inside cold, or inside heated. Also, there will be winterization costs if you don't store inside heated.
 
I'm also looking at 48's. But DB's. Based on my research so far (which includes talking to people that own the model I'm considering - yes, that's a hint) I would say $10k might be a fair estimate for average annual maintenance provided nothing significant breaks. In a 48, you've got a diesel and a rebuild would exceed $10k by a lot. So the engine survey is critical. It won't guarantee a problem free boat, but it will help improve the odds. With diesels, you also have to include biannual after cooler and heat exchanger maintenance costs. So every other year will likel be more than $10k, with the off years being hopefully less.

Also, that $10k would NOT include slip fees, IMO. At least not around here. It's about $5k for a 50' slip here (Baltimore). It also wouldn't include upgrades like a new fridge, new helm electronics, etc. Or winter storage.
 
Welcome!!

It's not the question you asked, but I think you might need to reconsider the $100k for 10 years of operating costs. Mooring at Montrose will probably cost about $5500 the first year plus electric, and go up periodically after that. That assumes you are a resident. Non-resident is a 25% surcharge I think. DuSable would be another $1000 if you went there, 31st a little bit less than Montrose. I'm getting storage estimates for my 40' at around $5500, and that is up north. I would guess your 48' will probably be a good bit more but you can call Crowley's and see. My insurance is about $900 a year, and my boat value is less than yours. Is fuel in the $10k per year? Add regular maintenance for those diesels, even without significant repairs, and the operating budget will probably be challenged pretty quickly. That might change your mix of the $300k a little bit.

I don't mean to scare you off - it's a great lifestyle and a great way to enjoy the best city in the country, but I know you are (rightly) doing your due diligence, so it's important to start with the right costs.

Your scenario may also be a bit polarized. You probably wouldn't buy a $200k 480 without any repair or upgrade costs, and unless you had to replace the engines you probably wouldn't spend $75k on repairs and upgrades right out of the gate, although I guess it's not out of the question to spend that over 10 years.

You have a wealth of resources on this site, so keep asking questions and educating yourself. Good luck with your search!
 
$10k/year covers my slip, insurance & state registration... Our house is 20'x60' and it is a lease included in that number.
2018-08-05 15.04.44.jpg
 
I remember hearing a rule of thumb, plan on 10% of your purchase price.

Not sure how accurate that is.

Do not think 10K a year would cover Slip, maintenance, winter storage, etc.

Are you going to do your own Oil Changes each year? If not, $1,200 just for that.

Not sure how often you have to wash the boat in that area? Are you doing that or are you hiring someone?

Would expect at least 1 waxing a year (I don't know much about the northern climes).

Adds up...
 
10K seems very light to me. 3 tanks of fuel, 500 gals times $3.00 = 4500.00
$500/mo slip plus electric inc winter?= 6000.00 plus elec
1 oil change = 1200.00
Insurance guesstimate = 2500.00
other issues that will come up, after all they are boats, another guess= 5000.00

Seems like $20K more likely
 
We have a gas boat and I budget 25,000 a year for all in fuel, slip, food drink, maintenance, drink, travel to boat. Some years it is 10,000 some it is 20,000 but one must remember at one point you will need some big items. One year we spent 30,000 on hull work due to years of neglect. If we had a diesel we would spend a bit less but I can fix a gas engine and save a few dollars. The smaller the boat the less cost. We had a 28 footer at the water line. To fill the tank was 70 gallons now it is 300 gallons.
 
Agree with the comment about operating costs. 10,000 does not begin to cover the costs of using it. We can go through that in 4 weeks of cruising. Storage and slip fees plus insurance and unforeseen expenses add up quickly. I read an article in the Wall Street Journal a while back concerning tips for a successful retirement. Number one was "don't buy a boat". Also on the list, "stay away from expensive sports cars". Sorry to rain on your parade. Hopefully, you will have the resources to do both when the time comes.
 
I am docked up at Winthrop Harbor. Slip fees and winter storage is about $10k for my 40' Sedan Bridge. A 48' boat would be maybe $12K. Diesel Fuel is anywhere between $3.00 to $4.10 a gallon around here. Add food and drink and you are pushing $20K per year without any maintenance costs..
 
Thanks so very much everyone, This is very helpful Info.

I will run my numbers again and see where I am. Thanks again.
 
Step 1...get out of Chicago! ha. You are looking at a monster boat and are in a high-cost area. I think you could get much closer to the $10k per year range if you downsized your ride a bit and consider not keeping it in Chicago. There are some nice harbors north of you in WI that would be a fraction of the cost.

As mentioned above a big determinant of cost will be how much you use it. Boats that never leave the dock cost a whoollleeee lot less to feed than the guys running all summer long from one end of the lake to the other. Don't buy a boat you can't afford to feed if you want to see the world. But if you're looking more for a floating cottage than budget just enough fuel to keep the junk off the bottom :)
 
Stee6043 said:
Step 1...get out of Chicago! ha. You are looking at a monster boat and are in a high-cost area. I think you could get much closer to the $10k per year range if you downsized your ride a bit and consider not keeping it in Chicago. There are some nice harbors north of you in WI that would be a fraction of the cost.

As mentioned above a big determinant of cost will be how much you use it. Boats that never leave the dock cost a whoollleeee lot less to feed than the guys running all summer long from one end of the lake to the other. Don't buy a boat you can't afford to feed if you want to see the world. But if you're looking more for a floating cottage than budget just enough fuel to keep the junk off the bottom :)
Click to expand...

So a lot will depend upon where you live. If you're already in the city, then you're used to the costs and congestion. If you want a home away, you could do North Point in Winthrop Harbor. Train station is right there so you wouldn't need a car. It's empty so they have room for you. It's secluded -- no city noise. Waukegan could work, but is more industrial.
 
Golfman25 said:
So a lot will depend upon where you live. If you're already in the city, then you're used to the costs and congestion. If you want a home away, you could do North Point in Winthrop Harbor. Train station is right there so you wouldn't need a car. It's empty so they have room for you. It's secluded -- no city noise. Waukegan could work, but is more industrial.
Click to expand...

A 50' North Point slip would be $4,500 per year. Includes power, water and basic cable at the slip. Bathhouse / restroom / laundry facilities are a short walk from "B" dock. Also 6 pool passes are included per slip. As mentioned, there is room (but we are not empty - LOL). Heated winter storage at Skipper Bud's would about $6,400 per year.
To join the Winthrop Harbor Yacht Club would be another $700 per year. Add food and drink @ $150 per week x 26 weeks - $3,900. That's $15,500 without any maintenance or fuel included.

I have a 40' sedan bridge on "C" dock. Has plenty of room for me. PM me if you would like to come check things out and I will show you my boat.
 
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