SirSnoozalot
regular
Reged: 25/05/2008
Posts: 830
Loc: East Coast UK
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I have been told that as a rule of thumb, I should allow 20% of the purchase price, per annum, for the maintenance costs of my intended boat. Is this right? It seems a high amount. The boat I am looking at is a 20 year old Nauticat priced at £235,000. Does that mean it will cost me £47,000 a year in maintenance? If so, I need to look at a much cheaper boat!!!
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OliveOyl
regular
Reged: 15/08/2006
Posts: 1097
Loc: Belgium
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We were told 10%. Still a lot, bit looking forward to posts from those who have been there and done that.
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Stingo
regular
Reged: 17/10/2001
Posts: 6491
Loc: Durban
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I think you will find that that includes marina fees, insurance and so on i.e. all related costs to owning a boat and if you do most of the maintenance work yourself, you could possibly halve that amount.
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Cruising and Sailing Wiki By Cruisers
Anecdotes From Stingo
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SirSnoozalot
regular
Reged: 25/05/2008
Posts: 830
Loc: East Coast UK
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Thanks guys. Well, if it is £47,000 a year, then I will probably go for a 40 year old Snapdragon instead. I thought I would buy a boat for equal value to the house, but with the 20% maintenance and the present falling prices in the housing market I might just be able to afford a Mirror Dinghy!
Yeah, I too am looking forward to the posts of those who have been there done that. Have any of em written a book about the costs etc?
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petehb
regular
Reged: 26/12/2001
Posts: 337
Loc: Staffordshire
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I suppose if you average it out over the life of the boat to include sails, rigging and the inevitable upgrades to elctronics etc combined with annual running costs of shore storage, insurance and the like its probably not far off. A lot will depend on how much work you can and are prepared to do.
Amoret has its own account which SWMBO keeps track of, I prefere not to look but with in excess of £30K spent on refitting over the last 2 years with me doing much of the work its more than 10%
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RAG @ STICK
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mocruising
regular
Reged: 21/03/2004
Posts: 358
Loc: Corfu/Qatar
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Have just worked mine out for the past 5 years boat value 300k length 48' on deck purchased at 7 years old now 12. Added 6 new sails SS davits and Avon dingy plenty of maintenance on both engine and gen set. All inclusive of insurance marina fees, annual lifting and antifoul plus polishing plus plus plus , it works out at 6% pa.
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BobnLesley
regular
Reged: 01/12/2005
Posts: 613
Loc: Aground in Wensleydale for 200...
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That's an interesting though perhaps also a 'piece of string' sort of question; it did get me looking back at our own expenditure records for the last five years during which we've been on passage/cruising for 6 or 7 months, then winter lay-up ashore, covering a trip from Wales to Greece via the Western Isles of Scotland.
Bear in mind we're only small (27 foot and probably £11/12k in value) and definitely low-tech (If its not fitted it can't break) but our annual maintenance cost has been amazingly consistent (+/- 6%) at around £1200 every year.
This is calculated exclusisive of mooring/lay-up charges and annual insurance premium, but includes all fuel, oil and replacement parts, for the proper maintainence & repair of the vessel - I consider the boat to be in equal if not better order now than she was the day we set off.
There's not a lot of labour costs as I've done virtually all work myself.
As consistent as the overall expenditure has been the cost breakdown itself identifying one £500ish renewal expense each year (mainsail, electronics, cruising chute, fridge) and the rest in fuel, oil and bits & pieces.
Our experience seems to bear out OliveOyl's estimate of 10%.
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Whilst you can have anything you want in this life, you can't have everything that you want; so choose carefully.
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mandlmaunder
regular
Reged: 11/07/2007
Posts: 605
Loc: US Virgin Islands, for the mo
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The cost of maintenance is directly in proportion to your skill level and the amount of time you can dedicate to your new pride and joy.
We live on our cat fulltime and do jobs as they arise, if you can earn more in the time it would take you to fix the problem, moral dilemma. The more you can fix the safer you become and the less your costs will be.
Given the age of the boat you plan on shelling your hard earned on expect things to break a lot.
Look around the world web for boats in your price range you willbe surprised at the cost of newer boats in the US and the Caribbean, there are boats around that for the pounds sterling you are prepared to part with will come with a lot less falling to bits(even new boats fall to bits) and a lot less ware and tear.
Our approx costs are 6-9% over 10 years.Some years much less others much more
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Youth is wasted on the young
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fiveflipflops
regular
Reged: 14/01/2004
Posts: 50
Loc: Currently Caribbean
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About 5% at the moment!!!!
Purchased price 61k. Bits add on purchase 8K = 69K Value of boat. 1991 37ft Westerly Typhoon. We looked for a boat that we could afford to sail, not what we could afford to buy. So far all going to plan.
In the last 6 years sailed UK-MED-Caribbean. We do most of the work overself. Replaced the old raymarine bits in the 4 yr selling them on ebay which put 400 pounds towards the newstuff.
The figures below are for all cost less mooring and yard. This year in the caribbean will spent 200 ish pounds on moorings. Yard 5 months 750 pounds.
1 YR = 2108 3%
2 YR = 3308 4.7%
3 YR = 3112 4.5%
4 YR = 4178 6.5%
5 YR= 3433 4.97%
6 YR = 3500? 5.07%
We have a budget of 4k per year. At the moment we have 4361 pounds over from the last six years sitting in the BLOODY HELL HOW MUCH, account. I am sure at some point this will be spent on a big item that needs replacing.
This does not take into account the drop in value of the boat each year.
David and Emma
s/y fiveflipflops
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SirSnoozalot
regular
Reged: 25/05/2008
Posts: 830
Loc: East Coast UK
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Thanks everyone so far. This is really really useful stuff.
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