Print

Please login or register.
1 Hour 1 Day 1 Week 1 Month Forever
Login with username, password and session length

[tburns]

Hey everyone,

A group of 3 friends and I are thinking of teaming up to buy a boat.  we would be looking for a 20ft+ boat and i was hoping some owners on here might be able to give me a better idea of the total cost of ownership of a boat. 

The three of them are pretty hands on engineers so I'm hoping we can try to fix most stuff ourselves, but any input about maintenance costs, storage costs, insurance, anything else would be great.

As a framework for discussion, this would be the type of boat we would be considering: http://vancouver.craigslist.ca/nvn/boa/5489415046.html

Thanks in advance

[Noahs Arc]

My only advise, would be not to get involved in a multi owner purchase.
Might work for you, might lose friends in the end. Boats are not cheap, even more to maintain and I would expect some finger pointing when someone breaks something or repairs are needed.

[santefe]

The best boat is your friends boat.  I would say one owner, your friends pay the gas, launch or moorage fees or verse visa.
It might work out, but......maybe not.

[SPEYMAN]

The worst kind of ship is a partnership.

[GordJ]

Hey everyone,

A group of 3 friends and I are thinking of teaming up to buy a boat.  we would be looking for a 20ft+ boat and i was hoping some owners on here might be able to give me a better idea of the total cost of ownership of a boat. 

The three of them are pretty hands on engineers so I'm hoping we can try to fix most stuff ourselves, but any input about maintenance costs, storage costs, insurance, anything else would be great.

As a framework for discussion, this would be the type of boat we would be considering: http://vancouver.craigslist.ca/nvn/boa/5489415046.html

Thanks in advance

Your question is too vague. Boats are all different and so is the equipment and the fisherman. What I can tell you is that the old joke about "break out another thousand" is based in reality. Everything costs more than you expect, takes longer and is harder than you thought it would be.
I have had a couple 20' jets now and they have been worth every penny but they have used up a lot of pennies. Insurance is $300 ish, gas is $100+ every time you hook up the trailer, you don't even have to start the boat but the gas somehow disappears, electronics seem to last about 3 years, life jackets, nets, rope, crab/prawn traps, rope, floats and bumpers, batteries, kickers, kicker plumbing, gaffs, down riggers, sturgeon/halibut gear.....

[Damien]

I almost went this route, and decided to go it alone.  Getting into an ocean boat will be expensive for sure.  I would guess, on a boat like that, to expect 3-5K in maintenance per year, without any catastrophic failures included.

Plus all the gear.  Just two Scotties - add $1K right there.  Proper kicker?  Yamaha T8 probably won't be sufficient, look for a 15 merc pro kicker, wired and plumbed?  If new, that will run you over 5K.  Starting to add up, right?  How dated are the VHF and more importantly the sounder/gps?  Tack on another 1K+++ there. 

That is a great boat with good power and priced right.  I would question why it has lasted 15 days.  Grady Whites, as awesome as they can be, are also prone to rot, particularly at the transom.

GET A MARINE SURVEY DONE.  DO NOT SKIP THIS.

[tburns]

Your question is too vague. Boats are all different and so is the equipment and the fisherman. What I can tell you is that the old joke about "break out another thousand" is based in reality. Everything costs more than you expect, takes longer and is harder than you thought it would be.
I have had a couple 20' jets now and they have been worth every penny but they have used up a lot of pennies. Insurance is $300 ish, gas is $100+ every time you hook up the trailer, you don't even have to start the boat but the gas somehow disappears, electronics seem to last about 3 years, life jackets, nets, rope, crab/prawn traps, rope, floats and bumpers, batteries, kickers, kicker plumbing, gaffs, down riggers, sturgeon/halibut gear.....

Thanks for your response Gord.  I understand that certainly different boats will require different levels of maintenance just like a car, so that's why i posted that craigslist ad as an example.  Under the assumption that we budget aside enough money in addition to the initial purchase price to complete any deferred maintenance/repairs, what can we expect on an ongoing basis?  I know it is sort of a thumb suck, but would you say we should budget $3K/year in maintenance?  more/less? 

Also, we would be looking to do all of those things you've listed there other than the sturgeon/halibut.  Prawns, crabs, salmon on the salt (so no need for a jet engine).

And thanks guys for the other responses.  Rest assured that we will be considering seriously the hard($) and soft drawbacks of co-ownership.  Before we buy anything we would formulate a contract stipulating how costs should be apportioned as well as form a joint bank account/slush fund which would be drawn down for ongoing expenses.

I almost went this route, and decided to go it alone.  Getting into an ocean boat will be expensive for sure.  I would guess, on a boat like that, to expect 3-5K in maintenance per year, without any catastrophic failures included.

Plus all the gear.  Just two Scotties - add $1K right there.  Proper kicker?  Yamaha T8 probably won't be sufficient, look for a 15 merc pro kicker, wired and plumbed?  If new, that will run you over 5K.  Starting to add up, right?  How dated are the VHF and more importantly the sounder/gps?  Tack on another 1K+++ there. 

That is a great boat with good power and priced right.  I would question why it has lasted 15 days.  Grady Whites, as awesome as they can be, are also prone to rot, particularly at the transom.

GET A MARINE SURVEY DONE.  DO NOT SKIP THIS. Agreed 100%

Wow so that $3-5K in R&M is honestly more than I expected.  Do you mind doing a little break down of that for me?  I was also told that if i were to look at an aluminum boat the R&M would be less, as well as dry docking.

This is the other boat I was looking at.  http://vancouver.craigslist.ca/rch/boa/5490605116.html.. includes all the goodies + Aluminum hull, but more hours on the engine

[Damien]

It all depends on the year and what comes up.  Could be 3K on a bunch of little things, or a big thing like bottom paint.  Look at the zincs, sanding and refinishing of wood components, new chrome hardware in places, cushions reupholstered, parts and service on the motor, electronics, work on the trailer (tires, brakes, axle etc), replace soft spots in the floor, transom rebuild (switch to a pod?), quality batteries... 

Some will be needed every year, some will rotate in every few years.  $3-5k average per year would be my guess.

I have barely scratched the surface on the list of things that could use attention now, or may need attention within the first few years of ownership.

I kept things simple and found a 2002 17.5 ft G3 aluminum with a 70HP bomb proof 2 stroke Yamaha.  Even this can get expensive.  Nickel and dime to death.

Oh, take a look around here, these guys are SUPER knowledgeable and helpful when it comes to fishing our waters;

http://www.sportfishingbc.com/forum/forum/sport-fishing-bc-forums/boats-motors-trailers-and-towing-rigs-forum

Oftentimes they know the story, the previous owners experience with the actual boat that come up for sale.  Sometimes they have great things to say or know the seller as one who cares for their stuff, other times they know of pitfalls about the boat after already taking a look at it.

Those Crestliners are cool, and hard to find.  The inboard will be thirsty, but are pretty easy to work on.  Think of it as a car engine from the 1980s.

[ShaunO]

The rule of thumb I've gone by is to expect 10% - 15% of the (new) purchase price for annual maintenance.  The costs will go up the older the boat gets.

Also, if you want to guarantee that a friendship will be ruined, buy a boat together.  I have an example within the family and two other friends that have bad blood with former friends/boat partners.

Last thing, the sayings about boats are all true.

B.O.A.T.  = bring out another thousand

Two happiest days in owning a boat?  The day you bought her and the day you sell her.

[bigblockfox]

if you are planning on a coop boat make sure you do it with people that are responsible. i purchased a 20 ft runabout about 8 years ago and my soon to be brother in law split it a few years after i bought it and everything work out really well because we have the same mindset and respect for our possessions. couple of our others friends tried the same thing and they had the total opposite experience.

[VAGAbond]

Based on my experience the 10 - 15% of new price is about right for routine annual maintenance and then there are the big repairs that come along from time to time.  Mine cost me $9K for a new motor and leg when the salt water corroded thru the head.  Also had to buy a new trailer after a few years.  Figure 25% of the new cost per year as total cost of ownership.

[Speyhead]

A ton of excellent advice from the participants here.....

Apart from the cost of maintenance, its the three partner deal that would scare the pants off me, even amongst the best of friends there are just too many arising conflict situations over expenses, disagreements (or bad feeling) over personal usage, mechanical and physical materials abuse, e.g. ("Ok, who's repeatedly beached the boat and knocked chunks outta the prop and who's gonna pay for the repair" etc etc,  all things that can and will put tremendous strains on relationships

Ive owned several large boats and a few small ones and now in my senior years find I've gone full circle, now I'm back where I started with a 14ft Aluminum powered by a small outboard, and yes it was a very very expensive trip that I wont be repeating.

Hope this helps 

[Dogbreath]

The worst kind of ship is a partnership.

Old jokes are Best!