Help with annual cost of ownership

A

Aron

New Member
Jul 30, 2015
2
Jersey Shore
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So I have been lurking around this great site for quite some time and feel I'm getting closer and closer to making the move into ownership. Growing up my family had a 270 Sundancer that provided us many summers of great memories that I now want to expose my family to. I have been looking at 2005-2006 340 Sundancers due to fitting my wants and budget.

My question from experienced boaters is what can I expect to spend annually on maintenance and costs aside from the monthly boat payment and fuel? I feel I can do minor repairs and maintenance, but will have to pay for many things until I get acclimated. Any information will be greatly appreciated.
 
I figure around $9,000.00 a year for everything (slip (mine is $5,700), fuel, winterizing, summerizing, insurance, waxing). I don't do any work on my own...I just clean it and do some waxing. I have a 1995 330 with twin 454 V-drives, AC and a genny.
 
I would budget 10% of your purchase price. Big items are: slip, fuel, insurance, maintenance, then unexpected items(tranny, engine, pumps, leaks). I'm not trying to scare you, but go into it eyes wide open. I used to own a 340 and it was a great boat. We have since moves up and costs increases with it.


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I spend about $5-6K annually, when nothing major is required.

That includes my summer slip in Philadelphia ($2K), insurance ($200), and off-season dry storage and maintenance work at a marina in southern NJ (typically about $3-4K). I have a Fisher winter cover, so I don't pay for shrink wrapping. The yard does everything, except I do my pet projects (modifications and improvements).

But sometimes maintenance is a lot more, depending on what needs to be done in a particular year, and that tends to increase as the boat gets older. Over the last few years, I've had do the gimbal ring, bearing carrier, risers, and engine mounts. At some point the lower unit housing will probably need to be replaced. And I'm sure there will be some unexpected things too.

It adds up fast. But worth every penny.
 
Hard to nail down cost, due to folks boating differently....
Some have a floating condo's and others actually cruise and due some distance!

But fixed costs can be obtained if you call around.

Loan repayment if necessary..
insurance.
marina float fees.
winterization, storage and shrink wrapping.
Hours you'll run per year @35 GPH of fuel, times local marina fuel prices.
cleaning / buffing costs.
Canvas and systems maint.
And add a few grand for the unexpected ever year.....
 
Aron,
This is the way it plays out for me, some things a bit more expensive in Vancouver:-
Slip costs - you will know of course for you, mine are $6000 pa.
Haul out - $500 w/ pressure wash etc.
Insurance $1000
Average 0.6 MPG Fuel ($3 to $4000 in Canada)
Professional wax polish, $1200
Unplanned mechanical electrical $2000 p.a
Lube, plugs, dist caps, anodes, filters etc $1200 p.a
Bottom paint - average $700 per year (once every two three years).

If I get away with a $14k year it is a good one - $16k is more like it on average - then add a loan fees.
And by the way - worth every single penny given the many many fantastic hours I get out of boat life.
 
Total costs will depend on where you live. Since you're looking at boats around the same size as mine here's my annual budget:

Slip: $5,000
Insurance: $1,400 (partially based on value of the boat)
Winterization/Oil Changes: $1,300 (I don't do this myself)
De-Winterization: $300 (I don't do this myself)
Annual Maintenance: $1,500 (various projects)
Wax (twice a season) $1,500
Fuel: $3,500-$4,500
Haul Out, every other season for bottom cleaning/work: $500
Supplies/Cleaning: $250
Transient Slips: $500 (we travel a couple of times a season)

Other items I've paid for on my boat:
-New glass for the canvas $2,500
-New fresh water pump $150 (installed myself)
-New Raymarine package and KVH satellite system $7500 (dealer installed)
-Bottom paint $1000
-Impellers $900 (very difficult to do on my engines, so left this to my dealer)
 
Thanks for all the input. My internal battle continues as to whether this is the right time to dive in. The fight is will there ever be a right time.

I'm hoping to find a boat that has had the risers and manifolds changed. I'm not naive to the expense this way of life brings. Convincing my wife is the hard part since she has not been around boats, therefore does not appreciate the life style.
 
I should have read your post more carefully. I thought you were looking at a 270, single no generator, which would have made your costs in the neighborhood of mine. 340 with twins, generator, etc. will obviously be much more. Looking to go in that direction ourselves next year or two, knowing full well all the costs will increase. Best of luck.
 
Aron said:
Thanks for all the input. My internal battle continues as to whether this is the right time to dive in. The fight is will there ever be a right time.

I'm hoping to find a boat that has had the risers and manifolds changed. I'm not naive to the expense this way of life brings. Convincing my wife is the hard part since she has not been around boats, therefore does not appreciate the life style.
Click to expand...

You might try leasing a boat a few times to build the lifestyle?
 
Convincing my wife was hard too. I highlighted the extra family time we'd have with the kids for years to come. The biggest selling point was that we NEVER go on vacation. Since the boat, we've been on three this year and out on day trips just as often. This was the biggest selling point for me - that we'd have mini vacations instead of working on the house on our weekends. Relaxing the purse strings was more difficult, especially since she's so cheap. She wants a four ten with only paying $2,000. I was very honest with her, so she didn't hate the boat once we got it. I also showed her the pros and cons of different boats. Slowly warmed her up from a $20k budget to $50k. When we saw the boat, she loved it and said it felt like home. The kids helped sell it too, since they were all about playing in the mid cabin. I tried to get everything I wanted in the boat as is, so I wasn't asking to spend more money right away. I broke all the expenses (per year) down into a monthly cost. Previous posters did a great job of capturing the costs. Don't forget about the survey and the initial surge of stuff you'll need though (spare parts, cleaning supplies, safety gear, coozies, and tools add up quick - I'd say budget for $1,000).

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My costs may be different as in Australian Dollars. However I am aware some of the labour rates I have seen we are not that far apart.

The comment of the 10% budget, I cannot agree with this at all, I have head it several times......My argument here is, that is saying if you buy a new or near new boat for $300K then budget $30k, if you buy the same model a few years old for $150K then it will only cost you $15K, a couple of years older for $90K, then $9K and an older model for $50k then $5k................
Anyone in the mechanical industry, experience etc., will well know maintenance costs increase with age.

I work on $20-25K per year here for everything, slip, fuel, insurancem servicing etc. I am in the water 12 months, the slip eats nearly $9k of that.

The boat has just been up, $3200 on the Slip, antifoul, anodes, Hull Polish, a minor repair, and a layup day for the mechanic. The machanic's bill was also around $2500, I have legs, had one leaking tilt ram, bellows replace (thats 4 years in the water) and service on both.
I have the boat hand polished every 3 months and buffed yearly. $400 for the hand polish. I cant do it, back issues.
I service the engines and generator myself, around $300 in parts and oil. Anything major, like manifolds, hard to get at leaks, I pay for, otherwise it takes me a few weeks of accupuncture, massage and pilates to get over it.
I am about to get all the side combing panels in the cockpit replaced, which I am expecting $1-$2.5K in labour.
Each year, I seem to get some upholstery or covers work done, i try to keep on top of this, so I am spreading the costs out, rather than just getting hit for all new clears etc.....maybe again $1k per year.
I currently have a winch issue, I am considering sellin the boat, (upgrade time) so I will first remove it and see if we can fix it in house, otherwise new winch $1K
New rodholders this year $400
There is always something, so on top of what you can glean here, always allow an extra couple of boat dollars..........

As everyone will say, some years you may spend $8k, the next $10k, then you may have a curve ball......engine or something!

The one piece of advice i can give........is do NOT let the maintenance slip. Keep on top of it as it needs doing.
 
I have a 2000 340 and the cost break down like this.

Slip - $2,500 (April - October) includes power, water, basic cable and wireless internet
Winter Storage - $3,200 (Indoor heated)
Storage prep and launch prep - ~$500 (engine fog, disconnect batteries, replace water seperator filters)
Insurance - $600 (Boat US)
Impellers - $400 (Every other year)
I change my own oil and filters, clean screens and drain my water system and prep it for winter.

I clean and wax the boat myself during the winter layup so no charges there.


Fuel - About $500 per month with additional fuel purchased for longer trips.. (IE - from my marina to downtown Chicago and back is a $100+ gallon trip on plane) $3,500
Food and Libations - ??? $100 plus per weekend. $2,500

Every year I also budget something to upgrade. I try to keep this at $1,500 - 2,000.

Every year something has broken or need to be replaced unexpectedly... $1,500 (This year was my eisenglass in my canvas as hail punched holes in it...)

So all told I spend about $15,000 per year to operate and enjoy the boat... And that is WAY more than 10% of the cost...
 
Another similar set of costs in Western Australia:

Annual slip fees $4,900
Annual engine service $3,000
Allowance for pro-active maintenance throughout the year $1,500
Annual hardstand and anti-foul $3,200
Fuel $2,000

All up around AUD$15,000 per year. The boat is probably worth around AUD$110,000 if we put it on the market today
 
I have no slip fees, and do all my own work and my annual costs have ranged from a low of $4k to a high of $25K. Without including your slip costs, and depending on how much you use your boat, and the cost so gas, I would plan on the following:

$3K in gas (the more you spend the better the summer)
$1K Winter storage (including shrink wrap)
$2K Painting, waxing, Zincs
$2K Water pumps, oil changes, fuel filters, spark plugs, and minor repairs (DIY)
$ 500 insurance (with a high deductible)
$1.5K Other cost (slip fees on trips i.e AC, dinners out, and boat drinks)
$10K Total
 
bjdunnie said:
Another similar set of costs in Western Australia:

Annual slip fees $4,900
Annual engine service $3,000
Allowance for pro-active maintenance throughout the year $1,500
Annual hardstand and anti-foul $3,200
Fuel $2,000

All up around AUD$15,000 per year. The boat is probably worth around AUD$110,000 if we put it on the market today
Click to expand...

You need to spend more on fuel... :)
 
compared to some of you upstate NY is cheap....

$1800 for slip april - oct
$1k for haul out, block, wrap, relaunch in spring
~$2000 fuel, like everyone else this varies
$300 for fluids and filters, including winterization stuff like drive gaskets, AF, etc. but I do all my own maintenance so we save there.
$550 insurance with unlimited great lakes towing
~$500 in other "stuff"

We make our own beer, so I save a bit on booze:thumbsup:
so about $6000 guaranteed annually.

We also did mani/risers this year for $1400 for both motors, and I'm replacing the canvas this winter for about $2k but it's a new to us boat this year.
 
Strecker25 said:
compared to some of you upstate NY is cheap....

$1800 for slip april - oct
$1k for haul out, block, wrap, relaunch in spring
~$2000 fuel, like everyone else this varies
$300 for fluids and filters, including winterization stuff like drive gaskets, AF, etc. but I do all my own maintenance so we save there.
$550 insurance with unlimited great lakes towing
~$500 in other "stuff"

We make our own beer, so I save a bit on booze:thumbsup:
so about $6000 guaranteed annually.

We also did mani/risers this year for $1400 for both motors, and I'm replacing the canvas this winter for about $2k but it's a new to us boat this year.
Click to expand...

It looks like your slip is about $8.5 per foot per month for a seasonal slip. That's pretty good. In the DC area we typically see $10-13 for an annual slip and a bit higher for seasonal.
 
Just about, our marina is a little unorthodox in that they charge a flat fee per slip depending on which dock it is. We are in a slip which can fit 27'-30' with a beam up to 12' and it's $1800 if paid by Jan 1st each year.

Most other marina's around here charge by the foot so I think the flat fee model saves us a little bit.
 
Same boat but a bit older. Figure 1k per month before I leave the slip. Add $100 per hour cruising and what ever slip fees if we overnight at a distant marina.
 
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