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Originally Posted by BigSilverCat
(Post 4465564)
People are putting out estimated numbers for normal boats, lets take a look at the other end. A very high performance boat going to several poker runs a year.
Boat (assuming you financed it for 10 years)(just to get a number) $15,000 Per month Truck to haul it $3,000 per month insurance for both $2,000 per month full time Boat hauler/washer/mechanic $5,000 per month Boat Fuel for one poker run and one fun weekend (116 race fuel) $11,000 per month Truck Fuel and expences to poker run $2,500 per month enter poker run plus a few additional hands (fpc) $1,200 per month rebuild engines, trans, drives,ect. After one season (if your lucky) $3,000 per month Break a prop, scratch some paint, ect. $1,800 per month Storage $900 per month Hotel rooms and entertainment while at poker run $3,500 per month Flights to get to poker run (assuming you don't have private jet) $2,000 per month Misc. $2,000 per month Total $52,900 per month Per hour total use $7,500 per hour Don't anyone tell me my numbers are way to high. These are actual costs. I know several guys that spend more then this and would love to only spend this much doing it. |
There's people on this forum that don't make 53k a year, just sayin some of these numbers are not the reality of what an average go fast costs to operate, don't need to be rich to own one is my point
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The other end of the spectrum. Tristan is really budget conscience.
Cost of boat financed for 5 years $1.03 Per month Engine ? (paddle) $8 rebuilds $0.10 per month Truck to haul it. $0.00 (just carry it) Insurance $0.00 (home owners insurance would cover it) Fuel $2.40 (1 can RedBull) Registration $1.80 per month (but hasn't been paid in 5 years) It may not be the fastest at the poker run but will usually make it home with out breaking down. |
Originally Posted by Speedracer29
(Post 4465437)
If it's any consolation procharged, I've pondered stealing CashBar's boat and riding off into the sunset toward Cuba, where I would use my prowess and rugged good looks to convince beautiful local women to become a guerrilla army and do my bidding.... But the logistics aren't right at the moment, so I'm stuck in my 24ft'er.
But just to clarify, that thing's insured, right Greg?! (Dear NSA, please disregard this post, it is not a form of collusion or conspiring) |
40 per foot not for a wash but for a full detail compound and wax even bottom of hull. A hand wash runs me 4 to 5 hundred if boat not bad dirty.
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Originally Posted by BigSilverCat
(Post 4465587)
The other end of the spectrum. Tristan is really budget conscience.
Cost of boat financed for 5 years $1.03 Per month Engine ? (paddle) $8 rebuilds $0.10 per month Truck to haul it. $0.00 (just carry it) Insurance $0.00 (home owners insurance would cover it) Fuel $2.40 (1 can RedBull) Registration $1.80 per month (but hasn't been paid in 5 years) It may not be the fastest at the poker run but will usually make it home with out breaking down. Unless you plan to just leave her in jail! (Heartless, bro, heartless). |
Originally Posted by Cash Bar
(Post 4465591)
Just FYI, my GF still has a LOT of pissed off family in Cuba. One pigeon-delivered message and you would be in for some bad days. LOL
Way to go, dream crusher! |
Originally Posted by Speedracer29
(Post 4465596)
I finally save up enough money for hair plugs and plastic surgery to make me look like David Hasselhoff, and you come along with that monkey wrench and foil my plot....
Way to go, dream crusher! |
Cost of ownership, I've always worked around the 10% rule of thumb and never been far off.
Whatever your boat cost you to buy, you'll spend about 10% of that every year just to own it. Storage, insurance, annual service, general maintenance. This does not include fuel, repair bills for mechanical failure and incidental damage, or payments (if she's financed). 100k boat = 10k per year. 200k boat = 20k per year. Trying to factor in everything that could, or may happen is too hard, I just count the 'non variables' that I know I'm up for every year and then hope the rest is under control. Not many people know how many times they're going to use their boat in a year or how many things will go wrong. RR |
Well said.
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The secret is you have to spend less than you make. Otherwise, you won't get to stay in the game for long.
10% rule is actually about right on and I would say figure 10% of purchase price not nada value after 10 years of owning it. We have had our Apache for 10 years this September and if I went back and added up the receipts for insurance, maintenance, and upkeep it is more than we actually paid for the boat. Luckily we still enjoy the boat as much as the day we bought it so we will continue to spend money on it and enjoy it. It's all relative but the 10% rule seems to come out pretty close and if you get by cheap for a few years you will have a $30k repair the next lol. Live beneath your means and it won't be that big of a deal. Life is too short to not enjoy it!! |
Of Life?
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That's why I have a very nice OLDER boat, all my boating is paid for cash, no credit, boat is paid for, new engines paid for cash, the boating on weekends are paid for cash, if cash is tight I do less, if I have more I do more, I build my own stuff, clean myself, tow it from home every weekend and drop it in, store in my yard, plan to build a building next year to house it...
I could easily afford more if I wanted to use credit, but I like to live where I could park boat if something happened and not be forced to sell it, many guys go in over their head and get into trouble... I give up other things to afford this with no issues like big family vacations, trips to other lakes/poker runs, things like that, I stay in all winter and barely drink or go to bars, it's all in how you want to stay financially safe.... |
Took 5 years, a lot of waiting, spent cash on it when it was disposable, dealt with a lot of headaches that a project produces over time, had a lot of people involved along the way to help.
I could have never bought it outright at the time, but spending along the way made it possible. At times it had to sit idle because I just didn't have the means to do what I wanted, when I wanted. Some sacrifices along the way. 10% maintenance cost on price of purchase seems pretty close. BUT, the higher the output/horsepower, the higher the bills are, probably exponentially..... |
lots of work and cutting other hobbies. I stopped spending 3-5k a year deer hunting and other things. but for work...
day job- family construction company side job- ornamental iron work, build copper stove hoods and hang 1/2 round gutter, opps crew for 5k, 10k, 15, half marathon and full marathon also triathlons \ non paying jobs, VP of tickfaw 200 and St. Jude poker run |
Originally Posted by BigSilverCat
(Post 4465587)
The other end of the spectrum. Tristan is really budget conscience.
Cost of boat financed for 5 years $1.03 Per month Engine ? (paddle) $8 rebuilds $0.10 per month Truck to haul it. $0.00 (just carry it) Insurance $0.00 (home owners insurance would cover it) Fuel $2.40 (1 can RedBull) Registration $1.80 per month (but hasn't been paid in 5 years) It may not be the fastest at the poker run but will usually make it home with out breaking down. Watercraft exempt from registration are: •Those 16 feet or shorter, propelled by oars or paddles, and not used for rental or commercial purposes; •Nonmotorized canoes and kayaks not used for rental or commercial purposes, rafts, surfboards, sailboards, and swim floats, regardless of length; and •Watercraft registered in another state and used only temporarily in Michigan. However, one ticket for no pfd could be a real kick in the knutesens... |
So I'm in the young (28) with a performance boat category and here is how I have done it. I bought a home in 2012 when the market was just rebounding and got a killer interest rate via FHA loan. My education was paid for, and that was a huge burden that I'm very thankful to not have to pay for. I own everything outright with the exception being the boat and my wife's car. Have one kid and baby number 2 will be here tomorrow. Most kids my age are driving some flashy new car that costs similar money to my boat. I bought myself a 4 door wrangler when I was still in college and paid it off a while back. For me it was a lifestyle choice. I go without a car payment and that allows me to have a boat payment. We use the heck out of the boat (although a bit less this season due to baby 2) and sure enjoy having it.
Edit: I am a government contractor doing logistics. Guess that part might be important? Don't have a trust fund or make retarded money. |
A few different ways.
1. Inheritance, Lotto, things handed down. 2. Some people work hard get an education and just make big bucks. 3. People sacrifice some things for a nice boat, or do smart shopping, my last fountain was less than 30k 6 years ago. A 30k boat just about anybody can do. 4. Some people are dumb, ive seen people take out 15-30 year loans on boats here. To much credit, live in a tent but have a 100k boat. etc 5. Some people are a combination of a few of things. |
Originally Posted by precisiondetails
(Post 4465539)
I mean even the average go fast is way less than that I think. I mean is that including the 1,500 a month payment? 18k for fuel, I mean even in Cali where I live that's 6k gallons at 3 bucks a gallon. Even if you made 20 boating trips a year that's 300 gallons every time out. Wow that's just not what people do on most boats anymore. There is rafting up, docked at the restaurant or bar. Then 7k in storage, I guess of you are keeping your 35-40 ft boat in FL inside by the water then sure. Out here we pay 200 a month for a 30 ft boat. Indoor climate controlled thats way less than 7k. Cleaning at 3k,an I wish all my boat clients spent even 20 percent of that when I had my detail business. To me those numbers are just way way to high even for the average go fast. I think those numbers are even high if you towed your boat a few states away for some poker runs.
I agree that's nuts, and very high end. a 30-40k boat for 5-7 years on a note will run you 5-600 a month. Insurance another 500-1000 a year. Winter storage 1000 a year, annual maint(DIY) $200. Do the math eaily 1000 a month or less with a note. Of course if your going the marina route etc add more. My last 29ft fever I bought cash for 26. Insurance was 400 a year full coverage, stored it at home under a lien to, annual lube and filters was around 150 for twins. Registration was 50 bucks for 3 years. Gas was use dependent. really wasn't that much |
Was actually doing some online window shopping last night. Really at any budget you can be in. an older 25-30foot boat with twins you can be in it for 15k or less, or a newer 22-24ft performance boat usually less than 20k. In fact we have a nice 87-88 271 Formula with twin 350 rebuilt around here for sale, nice shape, 14-15k. I doubt that boat long run cost you any more money than a 22-24foot four wins. So you pick a budget that can be had and youll be fine. Sure the 35-40ft boats with big power will cost you. Even on a non economy budget say less than 50k, things are very doable.
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Originally Posted by Mseuro
(Post 4465478)
I hear "Good Credit" a lot, depending on what you buy you can turn that good credit in BAD credit. I don't know you or your wife's work schedule or where you live but you also have to look at the amount of time you will be able to enjoy the boat because believe me the money does not stop flowing because the boat is sitting still. I have been asked many times about cost of ownership and the only answer I can come up with (depending on the boat) you can figure about 30K to 40k a year and that's for the average "Go Fast" some of these boats are over 100k a year. Also God help you if you have a major repair.
I am not trying to scare you but to prepare you. I would consider my boat to be an average Go Fast/Cruiser and with the maintenance (4k year), Storage (7k year), (cleaning 3k year), insurance (4k year), Fuel (18k year), misc (who knows a year). There is only me and my wife (0) kids and with my work I can come and go whenever I want and stay away for however long I want. I spend this money on boats, cars, ect because if I work it just right the last check I write will bounce. As Tom Cruise once said "If you have the means I highly recommend it" Storage, I would build my own building or buy one before I spent 7k a year renting one Insurance, I would think our boats are similar in value and I pay less than $1,500 a year. Cleaning, $40 a foot is rediculous, I get my boat washed for $60 Fuel, I'm not sure how much you boat but 18k a year is the most I've ever heard. I've never added mine up for the season but I'd guess it's 5-6k a year. Not trying to disagree with you but man your paying a lot more than I am. Not sure if everything is cheaper up north or not. |
Originally Posted by jbraun2828
(Post 4466237)
You are paying way too much in my opinion other than maintenance, you really can't get around that.
Storage, I would build my own building or buy one before I spent 7k a year renting one Insurance, I would think our boats are similar in value and I pay less than $1,500 a year. Cleaning, $40 a foot is rediculous, I get my boat washed for $60 Fuel, I'm not sure how much you boat but 18k a year is the most I've ever heard. I've never added mine up for the season but I'd guess it's 5-6k a year. Not trying to disagree with you but man your paying a lot more than I am. Not sure if everything is cheaper up north or not. Clean yourself which makes it free or find somebody cheaper. Built a lean to on my garage 20 by 50 for 2500 in materials, someone else would have built it 5-6 grand. After that with the cleaning yourself, easily 10-12k wiped off there. And that's 5-7k gallons of fuel a year. But hey some people make the money to spend good on them. I would have considered my last fountain an average go faster. insurance was 4-500 a year, storage free, cleaned myself which maybe supplies ran me 50 bucks a year. Annual maint done myself for less than 200. boat was paid for. I estimated 2-3k in fuel a year. If I spent 5k a year on owning that boat, that would have been a lot. |
Originally Posted by jbraun2828
(Post 4466237)
Insurance, I would think our boats are similar in value and I pay less than $1,500 a year.
My 35 Sonic was $2700 a year even with Tres Martin boating class for me and the lady. |
Originally Posted by jbraun2828
(Post 4466237)
You are paying way too much in my opinion other than maintenance, you really can't get around that.
Storage, I would build my own building or buy one before I spent 7k a year renting one Insurance, I would think our boats are similar in value and I pay less than $1,500 a year. Cleaning, $40 a foot is rediculous, I get my boat washed for $60 Fuel, I'm not sure how much you boat but 18k a year is the most I've ever heard. I've never added mine up for the season but I'd guess it's 5-6k a year. Not trying to disagree with you but man your paying a lot more than I am. Not sure if everything is cheaper up north or not.
Originally Posted by Nate5.0
(Post 4466263)
Place of living, amount of time you can boat throughout the year, and all that plays a roll there.
My 35 Sonic was $2700 a year even with Tres Martin boating class for me and the lady. Local marinas in S Florida get $25 a foot for rack storage plus 6% tax plus $50-100 per month for wide/tall boats. 7K a year in storage sucks but not sure you could buy a lot, build a small building for even 70K (10 yrs storage). One car "garage condos" are 150K for 1000 sq ft ones in a rough area: http://www.loopnet.com/Listing/15152...-Lake-Park-FL/ Then you have taxes/HOA fees which I suspect will get real close to 7K a year. |
Originally Posted by Jupiter Sunsation
(Post 4466266)
Location plays a big part in costs. I think Mesuro lives 5 hours from where he boats so dragging a 405 Baja cruiser that distance would be a huge hassle.
Local marinas in S Florida get $25 a foot for rack storage plus 6% tax plus $50-100 per month for wide/tall boats. 7K a year in storage sucks but not sure you could buy a lot, build a small building for even 70K (10 yrs storage). One car "garage condos" are 150K for 1000 sq ft ones in a rough area: http://www.loopnet.com/Listing/15152...-Lake-Park-FL/ Then you have taxes/HOA fees which I suspect will get real close to 7K a year. Agreed my aunt lived in south florida terrible costly. Only thing I would say though, is paiting this as the average go fast cost is probably not really average then. Minus a note on the boat and no catastrophic repairs, I doubt people are spending over 5-10k a year for fuel, insurance, minor repair and annual maint. Also matter where you live as up north you got 12 maybe 16 weeks of boating. Again the average is probably a fraction of what was stated. |
A short boating season sure helps and lately I`ve been really saving on gas usage :
http://cdn0.wideopenspaces.com/wp-co...02/fmeme11.jpg |
Originally Posted by soldier4402
(Post 4466267)
Agreed my aunt lived in south florida terrible costly. Only thing I would say though, is paiting this as the average go fast cost is probably not really average then. Minus a note on the boat and no catastrophic repairs, I doubt people are spending over 5-10k a year for fuel, insurance, minor repair and annual maint. Also matter where you live as up north you got 12 maybe 16 weeks of boating. Again the average is probably a fraction of what was stated.
$3600 storage and $2700 insurance......so $10k is not far fetched at all. |
Originally Posted by Nate5.0
(Post 4466303)
I laided it out.....no note or major repairs and I was over $5k in insurance and storage alone.
$3600 storage and $2700 insurance......so $10k is not far fetched at all. |
There really is no secret, its how you plan it around your family's needs and wants. Just remember you never make money on the boat when you sell it-you make it on the purchase, and it would suck and egg to have one broken down while you are making payments and cannot afford to fix it.
Know where you are at in life, and where you want to be- a bad investment can sink your dream in short order. Just my $.02 LC |
My buddy bought the OSO top gun as a demo in 2008. 525 boat and he never bought drives or headers after 300+ hours of salt water use. Boat did some poker runs, ran to the Bahamas a few times.
He lost 100K in depreciation, spent 50K in fuel/ FPC poker runs (back then marina fuel was $5+ a gallon) and about 17K in insurance. He had a Pantera and a well used Donzi prior so this wasn't his first go fast but I suspect it will be his last. He moved on to new Ferraris.....3 458's in a row. 1st one broke even, 2nd one made 40K and third one should be another 75K in profit. Insurance is about $1800 a year, zero on maintenance. Hard to see the value in offshore anything. His latest 488 twin turbo is at the port so he should have it shortly. |
Originally Posted by Nate5.0
(Post 4466303)
I laided it out.....no note or major repairs and I was over $5k in insurance and storage alone.
$3600 storage and $2700 insurance......so $10k is not far fetched at all. I got $0 storage , $1000 insurance |
Originally Posted by ICDEDPPL
(Post 4466504)
Why is insurance so high?
I got $0 storage , $1000 insurance |
Originally Posted by ICDEDPPL
(Post 4466504)
Why is insurance so high?
I got $0 storage , $1000 insurance that was my low quote and rate via Sy on this site. Geico and other big names wanted $4k+. |
Originally Posted by Jupiter Sunsation
(Post 4466443)
My buddy bought the OSO top gun as a demo in 2008. 525 boat and he never bought drives or headers after 300+ hours of salt water use. Boat did some poker runs, ran to the Bahamas a few times.
He lost 100K in depreciation, spent 50K in fuel/ FPC poker runs (back then marina fuel was $5+ a gallon) and about 17K in insurance. He had a Pantera and a well used Donzi prior so this wasn't his first go fast but I suspect it will be his last. He moved on to new Ferraris.....3 458's in a row. 1st one broke even, 2nd one made 40K and third one should be another 75K in profit. Insurance is about $1800 a year, zero on maintenance. Hard to see the value in offshore anything. His latest 488 twin turbo is at the port so he should have it shortly. |
Originally Posted by buck35
(Post 4466528)
You can lose your azz on any purchase if you pay above market value, if you spend wisely things can and should work out much better.
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Originally Posted by ICDEDPPL
(Post 4466504)
Why is insurance so high?
I got $0 storage , $1000 insurance I had a 32 Sunsation with small blocks and a guy at LOTO paid less for his insurance on his new 43 ft F4! |
I'm going to tell you right now, some of these numbers are insane. These are personal choices to live at the very top of the spectrum.
Real life breakdown of 99% of us. Here is my breakdown: Boat: $400/mo Truck: $400/mo Ins: $110/mo during operational months Fuel: $3000/year Cleaning supplies and season prep: $500 maybe? Storage: Have a barn I wouldn't take advice from people who's truck payment is over 1000 a month... those people are in a different class. This is for a weekend warrior working a normal work week. Could be more, could be less. This is with a 33 powerplay, 525 efi's, and a 2016 Silverado. Like Soldier4402 posted, it can be done at any budget. you can spend 30k a year boating or 2k. All it takes is a budget and sticking to it. |
The easy way for dual income people to live the good life. Live on the lessor or two's salaries. Save the spouse with more income money. In a few years, you should have enough for a nice cottage or even nice condo near the beach. You can also buy a nice boat and vacation home on the water by saving this way. Or you could go the credit route. In Canada we have something called a term deposit. You agree to lend the bank your money for a fixed term. You receive some interest on the money, usually more then a savings account. The best part here the deposit is 100% insured. Say the wife takes home $60k per year. Save that money via a term like deposit and in 10years, with very little work have over $600k. You could also buy a nice toy or two with the ones spouse salary, while living off the others. The mistake people make is living beyond their means because one spouse has better income. Managing money is easy. Recreating over again is not.
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Stayed with small affordable boats until our kids finished college. Then we went bigger and it's still affordable ten years into retirement.
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The secret is that there is no secret. No two families have the same exact situation so everyone has to do what is best for themselves. To really simplify:
Step one- Pick out your dream boat. Step two- buy it. If you can't afford it, earn more money. |
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