Costs of Ownership

[Guest]

My wife has managed to persuade me that we need a yacht, and we are looking at a 24' Sloop, but before I take the plunge I'd like to get a better idea of the costs of ownership, on an annual basis.

We intend buying a 24' fin keeler with a draft of about 4', and keep it in a mooring in Poole Harbour. I know that I'll have to pay mooring, lift out, VHF fees, insurance, etc, but I don't know how long this list will be, or how much each item is likely to cost.

Any help would be appreciated.
Thanks,
Russ

 

[rogerroger]

Russ

The cost will vary widely depending on so many factors; what equipment comes with the boat, the condition it's in, what breaks, what improvments you hope to make etc.

I think it's impossible to put a figure on it but I justify my ownership of a 21 year old 27 footer in that if I owned a "nice" car (e.g a new BMW, Audi, Alfa etc) it would cost about the same in terms of running, insurance and most importantly, depreciation. (I have a boat and a motorbike instead of a car).

It will always cost more than you think, I've spent about 2 grand on the boat in the first year (excluding mooring) and am budgeting another £3.5k this winter.

If the expenses bother you then don't own a boat.

Roger Holden
www.first-magnitude.co.uk

 

[Boatman]

There is a rule of thumb and it's said to be about 10% of new cost, some years you will spend it others you won't. This crazy calculation depends totally on how much maintenance you do yourself and whether you say 2 weeks hols a year are excluded etc etc.

My rule says boats are like big black holes you poor money into, however I have found that take the cost of mooring, insurance, lifting / antifouling and add 25% of total you should cover yourself. I am sure other owners will disagree and maybe they are right, but my rule is based on 3 boats owned at the same time, so let the arguements start.

 

[JeremyF]

Boat ownership can be as much or as little (almost) as you choose.

I suggest that if you are buying a boat in good running order, you should work out what you are prepared to spend per annum. Subtract the essentials, and leave the budget for discretionary items. Essentials will be £100-£125 p.m. I would have thought. If you give yourself a budget of £2500p.a. you'll know what you have for replacements and upgrades. Some years you may be forced to spend more, but you should be able to hold to this, subject to your willpower!

 

[david_e]

Roger, is the £3.5k for the items that you list in your (excellent) website or is it for maintenance etc, and if so what?

 

[rogerroger]

Sadly no, even after the £3,500 (ish) the list of things I want (on the site) will still remain largely aspirational.

The biggest expense is new genoa and main - total price about £1,200.

Then there'll be an engine major service / overhaul - perhaps £300 - £500.

Possibly new echo sounder and log (so probably new transducers as well).

Add to that numerous small things from anti-foul to fuel gauges to engine rev counters to emergency VHF anntena, second life ring, new jackstays etc.

I might be able to stretch to a cruising chute but will see how the money goes - a large chunk will be spent this Saturday at the Boat Show.

I'm also building more interior stowage but luckily I've roped a mate into doing the work.

I plugged all I wanted into a spreadsheet and to my horror the total in the price column came to over £3k. Still, it's only money and it's not like I have an expensive crack habit to feed.



Roger Holden
www.first-magnitude.co.uk

 

[romany123]

bugger it just get on the water

If the cost is a concern then think about a trailer sailer, but whatever you do get on the water. I have spent a lifetime sailing,you wont regret it, great fun, people,and a brilliant sport.
Best of luck to you and your wife.
Dave

Dave

 

[david_e]

Interesting, my first year as well and have spent practically zilch on the boat mainly because it was new in 2000. I am looking to upgrade and still trying to work out the newer or 10 - 15 year old option. ie newer = french type boat, ben 31.7 type or older = sigma 33 type boat. The monthly budget for newer could be less than the older even though the price is up to £20k different. Will have to leave the cheque book at home this week-end!

 

[Guest]

Take my advise

Don't add it up or you will not buy a boat and you will miss out on all that sailing and fun

I had a 24 foot boat until recently and it was not expensive to run, the main cost is always the moorings. Each boat needs stuff doing to it and you always want to screw another gadget on to it but it usually is controllable acording to budgets. Be care full what you buy and shop around for bits.

Go for it, it beats tripping to B&Q every weekend!

 

[steve_cronin]

This is very rare...

..You have a very unusual lady there. I hope that she keeps her enthusiasm when you start bringing home various boxes each year as the latest "Must haves".

Some of these boxes will cost £600 (new GMDSS VHF, Plotter, new gearbox, outboard etc) some will be cheaper at £250 (new fenders, sleeping bags, wet weather gear, club membership) but one or two will be even more expensive (say £1000 boxes) these will be :- new dinghy, mooring, radar(maybe not on a 24) spinnaker & pole. And so it goes on.

She will notice the neighbours coming home from holidays with all over (friendly are they?) sun tans and she will remember the three days of lashing rain that you spent going up and down in a damp boat with the dead fish, stormbound in some south coast port waiting for a weather window to take the family on the promised idyllic cruise and what the lack of time did to the proposed itinerary. Then there is having to catch the ferry back at the end! (We gave it up after 27 years persistance!)

If she puts up with that you have a prize indeed -JOIN THE CLUB!!

Good sailing

Steve Cronin

 

[Guest]

I bought my first boat last year, a seamaster 925 for £15000 (a bargain considering that the previous owner had fitted every conceivable luxury to it including radar, bow thrusters, even a cd player) and have worked on the 10% rule of thumb, - a bit on the low side actually, I've probably paid near that in mooring fees and insurance alone.

Also it costs me £50 in fuel every time I visit the boat for the 450 mile round trip from Nottingham to Poole, but Am I bothered, not a bit of it (and I'm not loaded either!)

You can get a list of companies (large and small) that own swinging moorings in poole from the harbour master, the prices vary enourmously, but for my 28 foot boat I paid about £600 for the summer, that includes the crown estates levy and harbour dues, plus around another £650 for the winter (including towing from your mooring, haul out, wash and chock up).

My advice when looking for moorings and winter layup is look round a good 6 months before you need them, they get snapped up and you end up having to pay over the odds.

Regards

Sean

 

[Guest]

Re: Who cares

If you want freedom to choose how you spend your free time and where
(apart from the weather) .
Boats are every thing ,nothing compares in any way .
Me I do it all my self but to be honest it's still expensive tools equipment cost a lot but why worry .Recent biggy was a new mig welder it cost £380.00 odd needed to weld the tug ,boc bill last month £190.00 plus the other stuff
Next item on my list is a s/h diesel engine £150.00 which when coupled up to the welding set will mean I can rebuild my moorings to keep the hooligans at bay .Once the job is done I still have the stuff any way .
In the end I will get years from the boat with not a lot of expensive stuff needed so just do it .
Buy well to keep costs down consider cheaper moorings even if you need to travel
and shop around
Mick

 

[dah]

Mooring costs really are dependant on your sailing area to a degree. I have a Westerly Centaur moored in Ravenglass (Cumbria). Mooring costs Zero!!. This gives me a head start and allows me a liitle slack to spend what other folks spend on marina Charges on my boat. On average per year I spend around £500 per year which includes paint. anti-foul, varnish etc. Harbour dues around the Irish Sea/Solway area are approx £7 per night. There is affordable sailing out there, you just have to be in the right place

 

[Athene V30]

When I bought my first boat (21' sloop) 2 years ago, I did much the same as you and tried to work out how much it would cost annually and you have covered the main items.

What I forgot to add in was the cost of the survey and lifting the boat out of the water for it! Not a major investment but at the same time as you are paying for the boat, it hurt a bit!!!

I don't regret it and have just put the boat on the market to buy bigger so I can sail with all my 4 children at the same time!

Best of luck - any tips from your wife to persuade my wife to want to come sailing?

 

[BarryH]

Re: Who cares

EA moorings on the river frome in wareham are reasonable, i had one acouple of years ago and in cost £325 = Vat for a full 12 months, only drawback it was midriver, so i had to buy a dinghy, but at least the kids learnt to row that year

 

[claymore]

Didn't think you'd need antifoul with all that stuff floating around from Windscale

 

[bedouin]

Re: Hidden Costs

If you are married then there are certain hidden costs of ownership that might not be apparent at first. These include:

a) A meal at the best restaurant in town every night - meaning having to berth in the expensive marina rather than lying to you own anchor.

b) ££££ for the wife to buy all those expensive designer sailing clothes that are totally inappropriate for sailing a small boat in the Solent.

c) The cost of at least one VERY expensive foreign holiday a year to make up for dragging the missus out sailing in the glorious British summer.

d) Ad hoc presents to wife everytime you make a major expenditure on the boat.

e) Paying for your wife's alternative hobby she'll take up whenever you go off for a sailing weekend with the lads.

I estimate these figures come to about 50% of the cost of the boat per year....

... if you have to ask - you can't afford it (Even if you think you don't have to ask you might not be able to afford it!)

 

[steve_cronin]

This man knows what he is talking about!!! nm

..

 

[kingfisher]

Breakdown

Go to http://sirocco31.tripod.com
In the "shipyard" section I've compiled an average breakdown of cost for a year's maintenance (forgot the insurance at 220 €, though).

This does not include the kit you will be tempted to buy (a tiller pilot, this year), and the overnight mooring costs.

On the other hand, your holidays will be quit cheap.

Obi-Wan

 

[claymore]

Marital Discount

Occasionaly a piece of equipment will be too expensive for permission to purchase to be given. Knocking a suitable amount off the price to bring it within budget is quite a common practice - you will then need to devise some form of double entry system to account for the dosh discrepancy but at all costs, avoid a stocktaking exercise
best wishes
JS