What's the secret?
08-02-2016 | 08:41 AM
#61
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Posts: 1,465
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From: Grand Haven, MI
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"
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.
08-02-2016 | 08:49 AM
#62
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Joined: Jun 2011
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From: Thousand Islands area
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.
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.
Last edited by soldier4402; 08-02-2016 at 08:51 AM.
08-02-2016 | 09:15 AM
#63
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Joined: Jul 2011
Posts: 5,173
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From: Clearwater, FL
My 35 Sonic was $2700 a year even with Tres Martin boating class for me and the lady.
08-02-2016 | 09:24 AM
#64
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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.
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.
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.
08-02-2016 | 09:29 AM
#65
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Joined: Jun 2011
Posts: 2,347
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From: Thousand Islands area
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.
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.
Last edited by soldier4402; 08-02-2016 at 09:44 AM.
08-02-2016 | 10:40 AM
#67
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Joined: Jul 2011
Posts: 5,173
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From: Clearwater, FL
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.
08-02-2016 | 10:51 AM
#68
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From: Thousand Islands area
no I agree and like I said the average is probably 5-10k. I believe certain people pay that, but I don't think the average joe blow is spending 30-40k on boating a year. Just not happening for the average guy.
Last edited by soldier4402; 08-02-2016 at 11:03 AM.
08-02-2016 | 10:53 AM
#69
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Joined: Jan 2007
Posts: 794
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From: Sweet Home, North Alabama and Orange Beach
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
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
08-02-2016 | 04:19 PM
#70
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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.
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.
